Ron retires with the good wishes of the Board and colleagues after joining DX as Chairman five years ago to help lead the successful turnaround of DX, leaving the Group in a strong position. Mark’s appointment is immediate and his position will be an executive one until the appointment of a Chief Executive Officer, at which point it will revert to being a non-executive role.

Mark Hammond, aged 54 years, has over 25 years’ commercial and financial experience across finance, investment and commerce and has been a member of the Institute of Chartered Accountants of Scotland since 1991. He was co-founder and manager of a private equity fund, Caird Capital LLP, having previously worked for Bank of Scotland Corporate as Head of Integrated Finance. He is currently Senior Independent Director of Genuit Group plc, the listed provider of sustainable water, climate and ventilation management solutions to the construction industry, and a Non-executive Director of Chaffin Holdings Limited, which provides arboricultural services. He was previously a Non-executive Director of Tuffnells Parcel Express Limited, until its successful sale to Connect Group plc and a Non-executive Director of David Lloyd Leisure Group Limited, a leading European fitness business.

Jon Kempster, Senior Independent Director of DX (Group) plc, said,

Ron has been a key member of the Board over the last five years and contributed to the Group’s successful recovery since 2017, helping to set the turnaround strategy and path to profitable growth. He retires with the Board’s grateful thanks and very best wishes. We are delighted to welcome Mark to the Board as Executive Chairman. His appointment is an important step as we progress plans for the Group’s future growth and development to the benefit of all shareholders.

Delivering the numbers at DX

DX Delivery group reports full-year results reaching seven-year high

Group well-positioned for further progress

DX, has this week (Nov 15th) reported financial results significantly ahead of management expectations for its financial year ended 2 July 2022, with continued strong progress in its growth strategy.

· Group revenue increased 12% to £428.2m and adjusted PBT increased 68% to £20.2m, both seven-year highs

· The results were driven primarily by a strong performance at DX Freight, with DX Express also improving

· Group operating margin improved to 5.8% (2021: 4.3%), making further progress towards DX’s target of 7.5%-10%

· DX Freight revenue increased 15% to £256.9m and operating profit increased 36% to £31.1m – growth was primarily driven by growth in the division’s 1-Man service, with high customer service levels supporting new business wins and customer retention

· DX Express returned to growth, with revenue up 8% to £171.3m and operating profit up 17% to £14.5m – growth from the Parcels service outweighed the expected decline in the Document Exchange, with service levels and capacity in both operations benefitting from the separation of their networks

· Both divisions benefitted from the launch of DX’s three-year £20m-£25m capital expenditure programme, which is investing in sites, equipment and IT systems to support growth and margin expansion

· DX’s proposed return to the dividend list, with 1.5p per share targeted for FY23, signals the Board’s confidence in DX’s growth prospects

Ron Series, then Executive Chairman of DX (Group) plc, commented:

These are excellent results in a year of challenges for the Group. Both revenue and adjusted pre-tax profit reached seven-year highs. The significant progress the Group has made reflects a well-executed growth strategy, underpinned by the major investment we have made in the business over recent years. The Group has a very strong balance sheet, with net cash of £27 million. We believe that DX remains very well-positioned to achieve its growth objectives in the current financial year and beyond despite the economic uncertainties.