H1 Trading Update

Trading over the 26 weeks ended 31 December 2022 was strong, in line with the Board’s expectations, with Group revenue approximately 15% ahead of the first half of the previous financial year

Board remains confident that DX is well-positioned to meet its FY expectations despite economic headwinds

Group financial position remains strong, with net cash at the period end of £36.4m (1 January 2022: £14.5m) and the £20m invoice discounting facility remains undrawn

Both DX Freight and DX Express contributed to revenue growth and both have improved margins on last year, with healthy net new business at each division

Depot network expansion has continued with four new depots opened in H1, and a further two new sites planned in H2 with three more relocating to larger premises

Appointment of CEO

Paul Ibbetson, Managing Director of DX Freight, has been appointed as CEO with immediate effect

Paul has over 25 years’ senior experience in freight, parcels and logistics, and has served as MD of DX Freight since November 2017

He has been instrumental in its transformation to profitability, cash generation and growth from its prior position of substantial losses. He has also been responsible for the division’s restructuring, including the sales and commercial functions

Paul is retaining responsibility for the management of DX Freight in the short-term until a new appointment is made

Prior to joining DX, Paul was a Board Director at Tuffnells for eight years, and previously worked in management roles at Target Parcels Express and Business Post

Mark Hammond, Executive Chairman, now relinquishes his executive role to become Non-executive Chairman