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


  Print      Mail a friend       Annual reports

Wednesday 29 June, 2005


Response to Ofcom

29 June 2005

29 June 2005

         Ofcom determination of financial terms for Channel 3 licences
                                ITV plc response

ITV plc welcomes the publication this morning of the financial terms set by
Ofcom with respect to each of its regional Channel 3 licences and GMTV.

Under the new terms for ITV plc's 12 licences (including GMTV), it is estimated
that payments for 2005 will be less than £80 million, a fall of £135 million
compared to total 2004 payments of £215 million.

The new terms also provide for further significant reductions in payments beyond
2005.  Licence payments are comprised of a fixed cash sum and variable payments
based on analogue advertising revenues.  Under the new terms, the annual cash
sum for ITV plc's licences (including GMTV) will fall from more than £70 million
in 2004 to £4 million from 2005.  Around 95% of 2005 payments will be comprised
of variable payments, which will reduce progressively with digital take up.  At
digital switchover, variable payments will fall to zero and total ITV plc
licence payments will be £4 million (in 2005 terms).

The new terms will also provide greater certainty in a number of key areas:

  • PQR payments will continue to be based on the proportion of UK homes which
    are analogue, not the proportion of viewing.
  • No PQR payments will be required with respect to ITV1 revenues from DTT
  • No PQR payments will be required with respect to ITV1 revenues from the 3%
    of UK homes with analogue cable.

Commenting on the new financial terms, ITV plc Chief Executive Charles Allen

'These terms mean a very significant reduction in licence payments for ITV plc
this year, with further steady reductions to come.

'Across ITV1, ITV2, ITV3, ITV4 and the ITV News Channel, ITV will invest around
£1 billion in high quality programming this year.  It is critical that ITV has
the firepower to sustain this investment and take forward its digital strategy.

'The last six months have seen the successful completion of the Ofcom PSB review
and now the review of financial terms.  But the modernisation of ITV regulation
is not complete, with a number of important issues still to be addressed.

'From BBC Charter renewal, Ofcom's review of the advertising market, the review
of the European Television Without Frontiers Directive, the future regulation of
new media platforms and the development of a new funding model for commercial
PSB, ITV plc looks forward to working with Ofcom and Government on the important
regulatory challenges which remain as we enter the digital age.'


1.        Licence payments are paid by Channel 3 licensees (ITV1 and GMTV),
Channel 5 and Teletext.  None of the channels operated by the BBC, Channel 4 and
BSkyB make any licence payments.

2.        Licence payments consist of annual 'cash bid' payments and variable
payments based on a percentage of qualifying revenue ('PQR') set for each
licence.  The cash bid is fixed in real terms.  PQR payments are paid only with
respect to revenues for analogue-only homes and therefore decline progressively
with digital take-up.  Ofcom's latest published figures indicate that less than
35% of UK homes are analogue terrestrial only.

3.        ITV plc's total payments for 2004 of £215 million include £204 million
licence payments and costs for ITV plc's regional Channel 3 licences, with the
balance made up of GMTV licence payments.  Ofcom reviewed ITV plc financial
terms following an application in December 2004.  The new terms will be
backdated to apply for the full calendar year 2005 and will run until the end of

4.        The review of financial terms involved the regulator assessing what
would have been bid for the licences in a 'hypothetical auction'.  The exclusive
focus was the Channel 3 (ITV1) licences, as opposed to ITV2 and other ITV
channels.  The valuation proceeded on the basis of each licence held in
isolation as a 'stand alone' business.  Benefits to ITV plc of holding the
licences in common ownership, which might have served to increase licence
payments, were stripped out of the valuation.

5.        Under the previous ITV1 licence payments, the regulator sought to
collect 75% of total payments over the licence period via PQR and 25% via cash
bids.  For those licences making PQR payments under the new terms, Ofcom has
increased the weighting towards PQR.  ITV plc licence payments will thus decline
more steeply to a lower cash bid base.  For any given level of 2005 payments,
licensees would expect to pay significantly less overall on a higher PQR
weighting.  The majority of analysts have forecast 2005 ITV plc payments based
on a 75% PQR weighting.

6.        Under the previous terms, the regulator collected PQR payments on
analogue revenues, estimated on the basis of the proportion of UK homes that are
analogue only.  However the regulator reserved the right to move to a collection
based on the proportion of analogue viewing, which may have led to higher
payments.  The new terms assume PQR payments over the licence period based on
the proportion of analogue terrestrial only homes, not viewing.

7.        Ofcom had previously stated that it regarded digital terrestrial
revenues as 'qualifying revenues' for the purposes of the review of financial
terms and that this might lead to PQR payments being made with respect to such
revenues following the review.  Ofcom has now confirmed that no PQR payments
will be payable with respect to DTT revenues for any ITV plc licensee for the
duration of the licence period.

8.        Under the previous terms, PQR payments were made with respect to
revenues raised in analogue cable homes.  Under the new terms, PQR payments will
no longer be payable for analogue cable homes.  According to Ofcom's latest
published figures, around 3% of UK homes are analogue cable.

9.        Estimates for 2005 licence payments and associated savings under the
new terms are based on third party forecasts for multi-channel penetration and
for ITV1 advertising revenues.

10.    ITV plc estimates that the average of recent market estimates for the
reduction in ITV plc 2005 payments was around £95 million, with some forecasting
a reduction of only £60 million.


ITV                                  Tel: 020 7620 1620
Media - Brigitte Trafford
Analysts - Georgina Blackburn

Citigate Dewe Rogerson               Tel: 020 7638 9571
Simon Rigby

                      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