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 [email protected] in the first instance.

 Information  X 
Enter a valid email address

NetServices PLC (ACM)

  Print      Mail a friend       Annual reports

Wednesday 13 September, 2006

NetServices PLC

Pre-Close Trading Update

NetServices PLC
13 September 2006

FOR IMMEDIATE RELEASE                                        13 SEPTEMBER 2006

                                NETSERVICES PLC

                            Pre-Close Trading Update

Further to the Company's announcement on 31 August that it expected that the
loss for the year would be significantly greater than market expectations this
announcement is by way of a further update before the Company enters a close

Un-audited Results for the year ended 31 August 2006

The results for the year to 31 August 2006 are expected to be turnover of not
less than £16m (2005: £11.1m) which will lead to an EBITDA loss of approximately
£2.3m resulting in an expected loss before tax of £3m.

The launch of Voice4IP was delayed to enable us to modify the product set in
light of feedback from beta test customers and demand from our target reseller
base. In the second half we have successfully contracted 8 new Voice4IP
resellers and are beginning to generate fee paying customers. Reported turnover
for the period will be £160k. The delayed launch together with the cost of
investment in staff and of the retaining the DataStream network acquired with
WAN Services Ltd as a platform for Voice4IP, will contribute approximately £1.3m
of the EBITDA loss referred to above.

In 2006 we have also initiated a marketing drive aimed at CPS resellers who, we
expect, will have to diversify their business models to sell VOIP solutions in
the future. This investment has cost approximately £170k between January and the
year end and we have acquired 6 new CPS resellers.

The EBITDA loss referred to above includes an exceptional bad debt charge in
respect of wholesale resellers of approximately £750k (2005: £111k). £225k of
this was included in our half year results announced in May. The 'free'
broadband season arising immediately after our IPO has destroyed more reseller
businesses than anyone in the sector appears to have anticipated, ourselves
included. We believe there may be scope for recovery of some of the bad debt
provisions in the future but cannot place reliance or expectation on this at
this time.

Furthermore during the year our wholesale business consumed a disproportionate
amount of management resource. Following the restructuring and the introduction
of new approaches to credit and fair usage of the network we are now confident
that it is now generating a positive contribution and cash flow to the Group.
However we continue to explore the strategic options available to us as the
provision of content and solutions via DSL begins to take shape in the market.

The result for the year also includes £200k of costs associated with the founder
of the business which ceased in March and redundancy charges of £100k incurred
in June when we restructured the business to incorporate Voice4IP within the
trading business and 17 staff left the Group. This will result in annualised
savings in basic salaries of £500k.

The acquisition of WAN Services Ltd in May 2005 brought a new sales team which
we further developed to take advantage of the more complex solutions market and
to prepare for the launch of Voice4IP. The first year of operating such a team
has proven a costly investment and the new customer take up has been slower than
anticipated, although in August we have acquired more than £500k of annualised
new business at margins in excess of 30%. Management had targeted a monthly
revenue run rate at 1 September 2006 of £2.5m whereas the actual current monthly
rate is only £1.5m.

Board Changes

David Garner was appointed Sales Director in September 2005. This role is being
divided and David has agreed to assume direct responsibility for our major
customer accounts with immediate effect. Phil Wedgwood who until July was MD of
Voice4IP Ltd has assumed responsibility for sales management and administration
and will join the Board.


Our strategy remains focused on leveraging our network to take advantage of
opportunities in the more lucrative converging voice and data markets. We have
started this new financial year with annualised revenues of £18m and we have
launched new products and bundled solutions with higher margins than were
achieved in 2005/06. Whilst we have confidence these new products will create
profitable growth our short term focus is on achieving profit and positive cash

In March the Company raised approximately £4m net of costs which has been used
to fund much of the above. At the year end we had net cash of £1.3m. We
restructured and reduced our cost base in July and anticipate being EBITDA
positive from October 2006 and to be cash flow positive from the beginning of

We will provide a further update on trading and progress at the time of
publication of the Company's audited results in early November.

For further information, please contact:

NetServices plc                                       Tel No: 0870 753 0900
Mark Vickers, Chief Executive
Steven Hartley, Finance Director

Buchanan Communications                               Tel No: 020 7466 5000
Lisa Baderoon

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

a d v e r t i s e m e n t