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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Wednesday 17 December, 2008

National Express

Trading Statement

RNS Number : 2697K
National Express Group PLC
17 December 2008

National Express - Pre-close Trading Update

National Express Group PLC ('the Group') today issues a pre-close trading update ahead of the year ending 31 December 2008.


Following strong revenue growth this year through to September, the Group has continued to perform well during the final quarter. The travel sector is not immune to the impact of the tougher consumer climate but, despite some softening in underlying revenue growth, the Group remains on target to deliver normalised profit before tax* in line with expectations for the current year.  


Underlying revenue growth in the bus business in the year to date has been robust at 6%, benefitting from our strong operational model and customer partnerships. National Express coach underlying revenue growth year to date has remained steady at 5%, with strong performance in cross country routes offsetting lower revenues on Stansted airport services. We continue to progress the exit of the Dot2Dot shuttle service, which we have scheduled for January 2009.

In line with the sector, we have seen some impact of the weakening UK economy on our rail business. Despite this, year to date underlying passenger revenue growth for National Express East Coast has been 9½% and growth in National Express East Anglia ('NXEA') has been good at 5½%. NXEA also benefits from a revenue share arrangement with the Department for Transport.

Our focus on ensuring we capture good quality information on our customers is proving extremely valuable in this economic climate, enabling us to target our marketing and promotions to generate significant value. Whilst the contribution of Gatwick Express and the resolution of outstanding commercial claims in former rail operations has benefitted 2008, these will not recur in 2009.  

Following a full review of support and back office functions across all of the UK businesses, opportunities to reduce overall staffing levels have been identified. Whilst we remain committed to investing in and delivering excellent customer service, we must manage our costs effectively. We are currently consulting with affected employees over the cost reduction proposals, which are expected to deliver annualised savings of over £15 million.  


Demand for coach travel in Spain has been steady, despite the slowdown in the Spanish economy, with underlying revenue growth in the year to date of 5%. Overall, long distance revenues have been strong, supported by a decline in some 'no frills' airline competition, and urban demand has also remained good. Although revenue in some regional services has been lower, the impact has been offset by the overall translation benefit from the strong Euro.  

The successful integration of the Continental Auto acquisition continues to support our robust market position. We have also been successful in renewing and extending a number of our franchises and in winning new franchises in competitive tenders.

North America

Year to date underlying revenue growth continues to be strong, up 8% in local currency. This has been supported by a successful contract bid season and our best ever operational start up to a new school year. Growth benefits have been offset by lower margins due to increased costs. Good progress has continued in the phased development of our Business Transformation project. With the potential for greater outsourcing of school bus contracts in light of public funding constraints, the business is well placed for the future.

Financial position

The Group is approaching the end of a period of significant investment for the future and, underpinned by a decline in capital expenditure, we are focused on delivering strong cash generation in 2009.  

We expect the adverse impact of the weakness in Sterling on the foreign exchange movement in net debt to be approximately £90 million in the second half of 2008. The Group has now removed the majority of its exposure to overseas currency debt, reflecting the reduced interest rate differentials available between currencies.


Commenting Richard Bowker, Chief Executive, said:

'National Express has had a successful year, with good revenue growth across our business.

'Looking ahead, the transport sector cannot be wholly immune from the global recession. While cautious about the economic outlook, we are taking the initiative to reduce costs across our UK operations and counteract any slowdown in growth. We are well placed for the challenges of the year ahead and will continue to focus on our customers, delivering the excellent service they expect at competitive prices.'


National Express Group PLC



Richard Bowker

Chief Executive

} +44 20 7506 4324

Jez Maiden    

Group Finance Director    


Nicole Lander

Communications Director

+ 44 121 460 8401







Neil Bennett/Suzanne Bartch/

Brian Hudspith

+44 20 7379 5151


There will be a conference call for research analysts and investors at 08:00am 17 December 2008. For details, contact Rebecca Mitchell at Maitland on +44 20 7379 5151.


* Normalised profit before tax is stated before intangible asset amortisation and exceptional items (as defined in the Report & Accounts).

† Underlying revenue growth compares the relevant year to date period for the current year with the same period for the prior year, based on the latest available management accounts periods in local currency. Acquisitions and disposals are excluded.

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