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”).


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.


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.


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.


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.


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.


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.


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.


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.


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

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National Express (NEX)

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Friday 27 June, 2008

National Express

Trading Statement

RNS Number : 6735X
National Express Group PLC
27 June 2008

27 June 2008

National Express Group PLC

Pre-close Trading Update

National Express Group PLC ('the Group') today announces its pre-close trading update for the half year ending 30 June 2008. The Group is trading in line with management expectations, with significant year on year earnings growth expected for the half year and full year.


In the UK, the integration of our operations into a single division based in Birmingham is now complete and has delivered the anticipated annualised £11m cost savings.

Across our UK business, we expect our continued focus on providing excellent value fares to drive revenue growth and we anticipate increased interest in our products as the price of fuel encourages a switch from car to public transport as part of a broader national trend. As a percentage of our revenue, fuel does only represent 5% in trains, 14% in coach and 10% in bus. We remain confident that we can recover additional fuel costs through a combination of innovative pricing mechanisms and improved operating efficiency.

Our trains business has performed strongly in the first half of the year achieving 9% growth in passenger revenue.

Specifically, National Express East Coast continues to see excellent revenue growth of 11%. Punctuality, which we made a priority, is improving and daily performance is now regularly above 90%. Our focus on first-rate customer service, a key tool in attracting more people back to rail, is seeing positive results. The franchise plan for the first year is on track.

The relaunch of 'one' as National Express East Anglia ('NXEA') has been well received and the completion of the inner suburban train fleet refurbishment programme improved service standards for many passengers. NXEA has seen revenue growth of 6%, notwithstanding the previously reported trend of a softening of demand on Stansted Airport routes.

In 2007, we launched dot2dot, our new airport transfer service. Revenue growth in the second quarter of the year has not been as strong as anticipated, although plans are in place to maximise the growth potential over the summer period. Any increased start up costs we see will not affect our outlook for the year. 

Revenue growth in our bus business was 7%. The West Midlands saw 6% growth driven by higher patronage, fares increases and the continued strong performance of our Quality Partnership routes. In London, we have achieved a 9% increase in revenue. 

Our Coach network saw revenue growth of 5%. We continue to develop new revenue streams and the first half of this year has seen a strong performance from both our rail replacement coaching business and our special events business.

North America

In North America we have achieved like-for-like revenue growth of 10%. This growth is built on a combination of the successful 2007 bid season and organic route growth, but has also benefited recently from increased field trip revenue.

The 2008 bid season is nearing completion and we are pleased with our performance to date. Despite a bid season where less new business has been available for tender than in a normal year, we have won contracts with net annualised revenue of $15m and have enjoyed our best ever conversion season securing four new contracts. In terms of our own business, we retained over 95% of our existing contracts, again maintaining the excellent performance of recent years.

We continue to focus on the Business Transformation project which we believe will make National Express extremely competitive in both the traditional bid season as well as in respect of conversions, where we will be able to offer a quality, cost effective solution to those school Boards considering outsourcing. Overall the project is proceeding well and we are very encouraged by both employee and customer response in anticipation of our rollout, which starts in August.


We continue to enjoy 5% revenue growth in Spain, which is in line with our expectations. The integration of Continental-Auto into our Alsa operation is proceeding to plan and will be largely complete by the half year.

As the number one private operator of public transport services in Spain, we are well positioned to take advantage of the expected further liberalisation of the Spanish transport market. We believe that the positive regulatory environment enjoyed by the coach and bus industry will continue to support the growth of our business.


The Group has made a good start to 2008 and expects significant year on year earnings growth for the half year and full year.

As previously stated, the Group has all its fuel hedged for 2008 and is 47% hedged for its total requirement in 2009.

Group Finance Director

We are delighted that Jez Maiden, currently CFO of Northern Foods Plc will be joining us as Group Finance Director later in the year. Jez has a strong track record in strategic and financial planning, business development and investor relations and we look forward to welcoming him to the National Express team.

Other Information

The revenue growth figures disclosed above are the like-for-like growth in revenue achieved when comparing the five months ended 31 May 2008 to the five months ended 31 May 2007. For acquisitions and train franchises, the like-for-like adjustment restates the 2007 results to assume ownership of the business in both periods. Like-for-like revenue growth is assessed in local currency and so is not affected by changes in foreign exchange rates.

The interim results for the six months to 30 June 2008 will be announced on Thursday 31 July 2008.

- ENDS -

For further information, please contact: 

National Express Group PLC

+44 7795 267 453

Richard Bowker, Chief Executive 

Gareth Wright, Acting Group Finance Director 


+44 20 7379 5151

Neil Bennett / Suzanne Bartch / Brian Hudspith

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