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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Tuesday 29 June, 2010

National Express

Trading Statement

RNS Number : 3839O
National Express Group PLC
29 June 2010


National Express Group PLC

Pre-close Statement for the first half ending 30 June 2010


National Express Group PLC ("National Express" or the "Group"), a leading international public transport group, operates bus and coach services across the UK, continental Europe/North Africa and North America, together with rail services in the UK.


National Express updates on trading for the first half year ending 30 June 2010, ahead of its Half Year Results which are scheduled to be announced on 29 July 2010.


Trading has continued in line with expectations through the second quarter of the year, building on the good start to 2010 reported in the first quarter interim management statement released on 5 May 2010. Revenue trends have been resilient, whilst progress on cost saving programmes and delivery of a stronger operational focus across the business has accelerated. As a result, 2010 first half normalised1 profit before tax is expected to show good progress over the prior year.


Spain continues to see an improving revenue trend in its long term concessions, with underlying2 passenger revenue in the first half expected to be broadly flat on 2009. Margin has improved with the benefit of network efficiency from a reduction in kilometres operated, whilst leveraging the flexible cost base. Recent reductions in services and investment by the domestic rail operator are expected to benefit our business going forward.


Overall UK profitability continues to benefit from an improved margin in Rail, following the removal of the loss-making franchise last year. In UK Bus, reduced operating mileage is driving improved network efficiency and underlying revenue is only marginally lower year-on-year. The bus margin improvement plan is now underway, with a package of fare changes, targeted fleet investment, measures to reduce driver wage costs and consultation on reducing depot capacity all in progress. These measures are expected to start to benefit margin in the second half of this year.

Underlying revenue in Coach3 has grown 3 per cent year-on-year, benefiting from strong Easter and May holiday travel. First half margin will be affected by an increase in investment in marketing and new operations and services. In Rail, we welcome the government's review of franchising policy. The cancellation of the reletting process for our current franchises enables us to explore opportunities to continue to deliver our industry-leading rail performance beyond early 2011.

North America

In North America, the outlook for underlying revenue growth remains strong with over 1,600 new routes now secured for the new school year beginning in August/September 2010, giving a net addition of almost 750 routes after contract losses. With no erosion of bidding margin, this reflects the quality of service we deliver through our long-term customer relationships. Following refocusing of the previous transformation programme, over US$20 million of annual cost efficiencies have been identified, with the balance of our targeted US$40 million savings programme identified from fleet and scheduling optimisation plans. Initial delivery of actions is already improving margin, despite higher insurance and depreciation costs.

Financing and fuel hedging

Following the successful issue of our £225 million 10 year Sterling bond earlier in June, the Group has now received commitments from its core banking group to provide a committed unsecured £500 million revolving credit facility through to 2014, which is expected to close in July 2010, subject to final documentation. This would replace the current £800 million facility, allowing the Group to complete its refinancing ahead of schedule.

Of our hedgeable fuel consumption of 222 million litres, we are fully hedged for 2010 at an average price of 39 pence per litre, almost 90% hedged for 2011 at 41 pence and 35% hedged for 2012 at 42 pence, compared to an average price of 50 pence in 2009. This significantly reduces our shorter term exposure to oil price movements.


Commenting, Dean Finch, National Express Group Chief Executive, said:

"With fundamentally strong businesses across the Group, National Express now has a greater operational focus. The initiatives we have put in place will progressively improve our performance from the second half year onwards, driving earnings and cash generation."




National Express Group PLC


Jez Maiden, Group Finance Director

0121 460 8657

Nicole Lander, Group Director of Communications

0121 460 8401





Neil Bennett / George Hudson

020 7379 5151




1Normalised profit before tax is measured for continuing operations before goodwill impairment, intangible amortisation and exceptional items

2Underlying revenue compares the current year with the prior year on a consistent basis, after adjusting for the impact of currency, acquisitions and disposals

3Express coach operation

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