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

TUI Travel PLC (TT.)

  Print      Mail a friend       Annual reports

Thursday 21 October, 2010

TUI Travel PLC

Restatement of Prior Year Fin

RNS Number : 7586U
TUI Travel PLC
21 October 2010

21 October 2010

TUI Travel PLC

("TUI Travel")


Restatement of Prior Year Financial Results


On 10 August 2010, as part of its results for the third quarter and nine months ended 30 June 2010 (unaudited), TUI Travel reported that following completion of the integration of IT systems in its UK mainstream business, it had written off a number of legacy receivable balances that had built up over an extended period of time, amounting in total to £29m. This balance was reported as a separately disclosed item.


The ongoing audit for the full year ended September 2010 has highlighted a further £88m of irrecoverable balances that now need to be written off, giving a total of £117m. These have arisen as a result of failures to reconcile balances adequately in legacy systems in the retail and tour operator businesses in TUI UK. As a result, TUI Travel now believes it is appropriate to restate its results for the year ended 30 September 2009.


The adjustments to the results are non-cash in nature and have no impact on the company's cash and net debt position. As a result of process improvements during the year, the impact in 2010 has been limited to £5m, in line with the third quarter statement. Accordingly, TUI Travel remains confident that full year results for the year ended 30 September 2010 will be in line with previous guidance and that net debt will be lower than previous guidance.


The adjustments will include the following:



A reduction of underlying operating profit for the year ended 30 September 2009 of £42m from £443m to £401m, all of which relates to TUI UK.



A reduction in opening reserves at 1 October 2008 of £70m, from £2,286m to £2,216m.



As a result of the two adjustments above the separately disclosed items of £29m announced in the Q3 results will no longer be required.



A reduction in the underlying earnings per share for the year ended 30 September 2009 of 2.8p from 23.8p to 21.0p.


As part of the year end closing process, a full and detailed review of systems and processes has been conducted and TUI Travel is satisfied that the weaknesses in the systems have been rectified. TUI UK is now under a new leadership team of Johan Lundgren, MD Northern Region and Colin McKinlay, who joined on 1 October 2010 as Finance Director from Homeserve plc, where he was UK Finance Director and prior to that gained extensive experience within the travel industry.


Following discussions between Peter Long, Chief Executive and Paul Bowtell, Chief Financial Officer, Paul has decided that it is appropriate to offer his resignation and they have agreed that he will leave the Company at the end of 2010.


Commenting, Peter Long said: "It is now clear that at the time of merger there were weaknesses in the legacy systems we chose to use in the TUI UK business.  Despite the fact that this situation had built up over a number of years, Paul is behaving honourably and I am disappointed that he will be leaving the Group.  He is one of the most capable Chief Financial Officers I know and we have had an extremely good working relationship over the six years that we have been a team.  I have specifically asked Paul to remain with the business to see through the full year audit and production of our preliminary results.  I will miss working with him and wish him every success for the future. "


Current Trading


The company can confirm that the stronger recent trading trends in its last trading update have continued.


Winter 2010/11
YoY  customer booking variation %

bookings at 26 Sep

Bookings since previous trading statement

bookings at 17 Oct




Nordic Region











Preliminary Results


TUI Travel PLC will announce its preliminary results for the year ended 30 September 2010 on 2 December 2010.




Analysts and Investors

Peter Long, Chief Executive

Tel: 01293 645 714

Paul Bowtell, Chief Financial Officer

Tel: 01293 645 713

Andy Jones, Director of Finance & Investor Relations

Tel: 01293 645 795

Paul Rushton, Head of Investor Relations

Tel: 01293 645 795


Lesley Allan, Corporate Communications Director

Tel: 01293 645 774

Michelle Jeffery, Corporate Communications Manager

Tel: 01293 645 776

Michael Sandler / Kate Hough (Hudson Sandler)

Tel: 020 7796 4133


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