Updates

DX Group

March 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

DX’s trading update was strong and in line. Paul Ibbetson, who as MD turned around DX Freight, is the new CEO, which should put to bed lingering governance concerns. The most encouraging aspect is that margins are rising at both divisions as supply chain and labour cost issues recede and operational improvements have kicked in. Improved volumes at DX Freight (driven by six new depots and three relocations to larger premises scheduled to open in FY’23) has assisted productivity and market share. Panmure forecasts operating (EBIT) margins to rise from 5.8% to 6.8% this year and 7.6% in ‘24, for pretax profit of £26.6m and £32.8m and eps of 3.3p and 4.0p. It says EBIT margins are still low by historical standards of c ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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DX Group

March 2023

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