Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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National Express (NEX)

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Monday 16 December, 2002

National Express

Pre Close statement

National Express Group PLC
16 December 2002



For immediate announcement on 16th December 2002



                           National Express Group PLC

Pre-close trading update and withdrawal from train and tram operations in
                                   Australia



Pre-close trading



National Express Group ('the Group') today reports on trading for the twelve
months to 31 December 2002, prior to entering its close period. The Group
confirms that trading remains in line with market expectations.



Our UK bus operations made good progress despite the on-going construction work
in the centre of Birmingham which presents daily challenges for Travel West
Midlands. However, we are encouraged that a number of new stores, which will
attract patronage, will be opening towards the end of next year. A rebranding of
our Coventry operations was undertaken in early December together with improved
customer information together with additional easy-access buses.



Our UK coach division made good progress with the airport services division
experiencing good growth over the summer. We are focussed on developing  our
shorter shuttle route schedules.



The UK trains division, particularly the regional services, continued to face a
number of challenges during the second half.  Patronage growth over the period
remained static compared to the previous year excluding the effects of Potters
Bar and the ScotRail strike. We have submitted plans for a two-year extension to
our Central Trains franchise and are also preparing a two-year extension for our
Wessex franchise.  In addition, we have submitted our initial bid for the Wales
and Borders franchise and are an interested party in the Greater Anglia 
franchise.



In North America and Canada, the new school year has commenced well with work
progressing on the integration of Stock Transportation. We are focussed on
reducing costs in our public transit division.



The Group's preliminary results will be announced on 12 March 2003.



Withdrawal from train and tram operations in Australia



As reported in the interim results announcement in September, our Australian
subsidiaries have been in extensive negotiations over the past year with the
Government of the State of Victoria ('Government') regarding the future of our
train and tram operations there.



As negotiations have continued, we have become increasingly concerned at the
future viability of our tram and train operations as the financial terms of the
revised agreements under discussion have become more stringent, particularly
against the background of a declining subsidy profile.  Both parties
acknowledged that the process was taking longer than they had originally
anticipated and the Victorian election, called early in November, further
delayed the process.



After a year of negotiation, we have concluded that we are not prepared to fund
losses on these operations as we are unable, despite significant efforts by the
Victorian Government and ourselves, to reach a revised financial arrangement
with the Government without incurring an unacceptable level of operational and
financial risk from next year onwards.



In view of this we have given notice today to the Victorian Government that we
will stop providing funds to enable the train and tram subsidiaries to meet
their liabilities as and when they fall due with effect from 23 December 2002.



We are currently in discussions with the Government with a view to providing an
orderly handover of these operations in order to keep disruption to a minimum.



The one-off cost to the Group of writing down our investments in Australia is
estimated to be £135 million, including a potential £48 million cash payment to
indemnify the providers of the performance bonds for these operations and
approximately £87 million as a non-cash asset writedown which will be taken as a
charge in the Group's accounts for the current year.  Turnover for the train and
tram operations in the year to 31 December 2001 totalled £153 million with
operating profit of £9.4 million.  Turnover in the first half of this year
totalled £84.9 million with an operating loss of £2.3 million after an interim
payment of £16.5 million provided by the Government during the first half. These
operations are projected to incur significant losses in 2003 and beyond.



Our bus operations in Melbourne, Brisbane, Sydney and Perth are unaffected by
this decision.



Commenting on today's announcement Phil White, Chief Executive, said:



'Although UK rail remains challenging, progress within our UK and North American
operations continues to be good.  We are, however, very disappointed at having
to make today's announcement relating to our Australian train and tram
franchises.



Our Australian subsidiaries have been in negotiation with the Victorian
Government for more than a year in an attempt to put our train and tram
businesses on a firmer financial footing. As previously acknowledged by
Government, considerable hard work and effort have been employed on all sides.
Despite our best endeavours, our team has been unable to conclude revised terms
which are acceptable to both the Government and ourselves and, therefore, we
have decided that it is in the best interests of the Group and our shareholders
to withdraw from the Victorian rail market.  Whilst we have given the Government
notice that we are to end funding, we are committed to an orderly handover of
our train and tram operations, working alongside the Government, and will
endeavour to ensure minimal disruption  for both passengers and employees.'



                                 -  E N D S -



There will be an analyst conference call at 1000 hours on 16th December -
details are available from Financial Dynamics on 020 7269 7211/7247.


For further information, please contact:

Phil White, Chief Executive
Nicola Marsden, Group Communications Director
National Express Group PLC                                   Tel: 020 7529 2000


Steve Jacobs/Ben Foster
Financial Dynamics                                           Tel: 020 7831 3113







Notes to Editors



1.       National Express was awarded three of the five franchises on offer in
the privatisation of the Victorian transport system in June 1999:

>       The 10-year V/Line Passenger franchise, which operates rail and coach
services linking central Melbourne with destinations throughout the State of
Victoria.

>       A 15-year franchise for Bayside Trains (renamed M>Train), which operates
a network of nine rail lines serving the northern, western and south-eastern
suburbs of Melbourne.

>       A 12-year franchise for Swanston Trams (renamed M>Tram), which operates
a fleet of 275 trams across a network of 18 routes in the inner north-western
and south-eastern suburbs of Melbourne and the Central Business District.




                      This information is provided by RNS
            The company news service from the London Stock Exchange