AGM Statement

DX (Group) PLC

23 November 2023

 

AIM:DX.

DX (Group) plc

("DX", "the Company" or "the Group")

AGM Statement

DX, a leading provider of delivery solutions, including parcel freight, secure, courier, 2-Man and logistics services, will be holding its Annual General Meeting today at 11.00 a.m., and Chairman, Mark Hammond, will make the following statement on current trading:

"As shareholders are aware, on 16 November, the Boards of DX and Transit Bidco Limited, an indirect, wholly-owned subsidiary of funds advised or managed by H.I.G. Capital LLC or its affiliates, as advised or subadvised by H.I.G. European Capital Partners LLP ("H.I.G."), reported that they had reached agreement on the terms of a recommended full cash offer by H.I.G. for the entire issued and to be issued share capital of DX.  Details of this recommended offer are now with shareholders for consideration.

"Turning to the Company's current trading performance, as announced on 3 October, when the Group reported its final results, the business secured strong levels of new business in the first quarter of the new financial year and has a good pipeline of further opportunities. Overall trading since then has continued to be in line with management expectations. In addition, DX has made very good progress operationally with its investment plans, including a significant number of new site openings, in line with its strategic objectives.

"While the current economic headwinds point to some softening of consumer-orientated volumes, the Board continues to remain encouraged about growth prospects, supported by its consistent high service level offering and the commercial opportunities available."  

Enquiries:

DX (Group) plc		T: 020 3178 6378 (c/o KTZ
Paul Ibbetson, Chief Executive Officer		Communications)
David Mulligan, Chief Financial Officer
Liberum (Nominated Adviser and Joint Broker to DX)		T: 020 3100 2000
Nick How
Panmure Gordon (UK) Limited (Joint Broker to DX)		T: 020 7886 2500
Tom Scrivens/ Sam Elder (Corporate Broking)
KTZ Communications		T: 020 3178 6378
Katie Tzouliadis/Robert Morton

About DX (Group) plc:

DX is a well-established provider of a wide range of delivery services to both business and residential addresses across the UK and Ireland. First established in 1975 as a Document Exchange service to the legal sector, DX now provides one of the widest ranges of overnight delivery services in the market, as well as logistics services. Items that DX transports range from confidential documents and valuable packages to large, awkward-to-handle freight, unsuitable for automated conveyor.

DX Freight comprises DX 1-Man, DX 2-Man and Logistics. The Division specialises in the delivery of irregular dimension and weight freight ("IDW").

DX Express comprises DX Parcels and DX Exchange and Mail. The Division specialises in the express delivery of parcels and documents.

 

END