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;
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  • 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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Vardy(Reg) PLC (VDY)

  Print      Mail a friend       Annual reports

Wednesday 22 September, 2004

Vardy(Reg) PLC

AGM Statement

Vardy(Reg) PLC
22 September 2004

22 September 2004

                          Reg Vardy plc ("Reg Vardy")

                                AGM Statement

Reg Vardy plc is today providing the following update on current trading at its
Annual General Meeting:

"New vehicle registrations in the United Kingdom in the first quarter of 2004
had been at record levels, with a peak in March.  We reported in July that
retail registrations had declined year on year from April to June.  It is clear
that many retail customers brought forward their purchases to March, the month
of the registration letter change. Retail sales, particularly of small cars,
where Reg Vardy has a strong market share, have continued to fall year on year
in the subsequent period to August.  The market to date for the month of
September is ahead overall with retail registrations broadly similar to last
year's levels.  The final week of the month remains crucial in terms of overall
registrations. These market conditions have affected our performance in the
first few months of the financial year.

Further as we enter the fourth year of the bi-annual registration change, March
is becoming increasingly dominant and this will affect the seasonality of the
Group's profitability.

The Group, which now has 93 dealerships, undertook the acquisition of 24
businesses over the last eighteen months.  Reg Vardy's strategy is to purchase
under-performing dealerships, paying little or no goodwill for them.  The Group
has proved that it is able to significantly improve the returns from these
dealerships using its management and marketing formulae, particularly in regard
to increasing sales of used vehicles. We have previously stated that full
assimilation of new dealerships takes between three and four years to complete,
especially where reorganisations into market areas are required.  Overall
margins have been diluted in the short term but should build going forward as
the new dealerships reach maturity.

The Group's strategy of delivering enhanced shareholder value through
acquisition and organic growth is supplemented by an ongoing share buy back
programme.  This approach is underpinned by strong operating cashflows and
significant balance sheet strength, which will be further enhanced by the
receipt of the VAT claim and proceeds from the previously disclosed property

Whilst we are cautious about the new retail car market in the current year, we
are pleased to report good performances from our fleet sales, contract hire,
used vehicle and aftermarket service businesses.  This, together with the widely
held view that interest rates may have or soon will reach their peak, means that
we remain optimistic of building significant shareholder value in the medium


For further information:

Sir Peter Vardy, Chief Executive, Reg Vardy plc                 0191 525 3000
Robert Forrester, Finance Director, Reg Vardy plc               0191 525 3000
Jonathon Brill/Billy Clegg, Financial Dynamics                  020 7269 7157

                      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