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.

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Tuesday 25 September, 2001


Trading Statement

25 September 2001

                        EMI GROUP PLC - TRADING UPDATE

LONDON, 25th SEPTEMBER 2001 - At our last trading update in July, we indicated
difficult and unpredictable music market conditions. Since then, we have seen
a marked deterioration in these conditions and our own trading in Recorded
Music, particularly in the USA and Latin America, has been weaker than

EMI Music Publishing continues to demonstrate its resilience, and is
performing well despite these challenges. It will generate an operating profit
for the first half broadly in line with last year's level of £51m.

We now expect EMI Recorded Music sales for the full year to be lower than in
the previous year, but with market share unchanged. Although the first quarter
of our financial year was steady, the second quarter saw a fall in sales, and
September is proving to be particularly difficult. As a result of lower
turnover, coupled with significant margin pressure, we now expect our first
half operating result in Recorded Music to be a small loss.

We are taking swift, decisive and wide-ranging action towards improving
operational efficiency and profitability in EMI Recorded Music. In particular,
we will:

* rationalise further the Recorded Music business following the first half
  changes in Latin America, where we have already removed approximately 100
  jobs in response to the deepening economic crisis there;

* restructure under-performing labels;

* continue to explore an exit from manufacturing and distribution. We are in
  active discussions with a number of parties, and expect to announce our
  intentions regarding these operations around the turn of the year;

* consolidate back office services in both North America and Europe.

The eventual annualised benefit of these initiatives will be approximately £
65m, with some positive impact in the current year. To cover the one-off costs
of these far-reaching measures we will create an exceptional restructuring
provision of approximately £100m. £15m will be recognised in the first half.

With the background of the current political and economic uncertainty, it is
difficult to predict our full year outcome. Given the measures to streamline
the cost base and the expected impact of a good second half release schedule,
including albums from Lenny Kravitz, Robbie Williams, Garth Brooks and Pink
Floyd, EMI Recorded Music is targeting a second half operating profit in line
with last year, while EMI Music Publishing aims to deliver a small year on
year increase. Such an outcome would represent approximately a 20% decrease in
the group's full year adjusted profit before tax.

Eric Nicoli, Chairman of EMI, said: 'We have wasted no time in addressing our
cost base in these difficult times. Notwithstanding the first half setback,
and the ongoing uncertainty in out markets, we expect a much improved
performance from Recorded Music in the second half, together with another good
contribution from Music Publishing. While not immune to external influences,
our business is fundamentally sound and we will be well placed to strengthen
our position as market conditions improve.'



Amanda Conroy      EMI Group, London                Tel: 44 20 7667 3216
Patrick Handley    Brunswick Group, London          Tel: 44 20 7404 5959

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