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

National Express (NEX)

  Print      Mail a friend

Wednesday 06 May, 2009

National Express

Interim Management Statement

RNS Number : 7448R
National Express Group PLC
06 May 2009


National Express Group PLC

AGM and Interim Management Statement

National Express Group PLC ('National Express' or 'the Group') is today holding its Annual General Meeting in London.  The following update on trading is provided for the first quarter, ended 31 March 2009.

Trading update

In 2008, National Express delivered strong revenue and profit growth. When we announced these results in February, we cautioned that 2009 would present many global economic challenges, from which the transport sector would not be immune. We noted that, while the majority of our businesses benefit from being less sensitive to economic changewe would nonetheless face difficult conditions, not least in our UK rail business, where the terms of our East Coast franchise were agreed in a very different economic climate in 2007.

In the first three months of 2009, market conditions were indeed challenging.  Total reported Group revenue increased by 7.9% benefiting from currency movements impacting the revenues of overseas operations.  

UK Bus and Coach performance was resilient in the first quarter with underlying* revenue growth of 4.1%.  Whave secured West Midlands-wide Partnership Agreement, enabling greater joint working with Centro and the West Midlands Integrated Passenger Authority, which is expected to lead to new and improved transport links across the region. Coach saw lower growth in the first quarter; however, we have recently seen increased passenger numbers, particularly at Easter, with holidaying in the UK clearly becoming more popular.

There was a continued slowdown in revenue growth in UK Rail in the first quarter.  Underlying revenue growth in the period on East Coast was 0.3%, while East Anglia grew 3.8and c2c 4.6%.  Performance in the East Coast franchise reflected changing consumer behaviour, with the franchise not benefiting from revenue support from the UK Department for Transport ('DfT') until late 2011. By contrast, the East Anglia franchise already benefits from revenue support and, in April, entered into a new contract with the DfT to expand capacity during the peak commuter travelling period, which is expected to be worth £180 million over the remaining franchise period.

We have achieved our target to deliver over £15 million of annual cost savings from the UK rationalisation programme announced in December 2008, of which a significant part is in the rail business, with further savings now identified for delivery later in 2009.  

In Spaintotal revenue in local currency terms was unchanged, as the benefit of small acquisitions in 2008 offset a 3.2% underlying revenue reduction in existing business, due to the impact of the economic slowdown.  However, the adverse impact is being significantly offset through a major cost reduction programme, while Easter has seen some signs of improved travel activity.

The North America school bus business continues to trade positively, with underlying revenue up 9.4 percent and an improving operating cost performance.  Despite an increased level of outsourcing enquiries, this has been a relatively slower period for new contract tendering.  The Business Transformation project continues to progress to plan.

Financial position

In our annual results, we outlined a number of 'self help' initiatives that the Group is undertaking to strengthen its balance sheet against a challenging economic backdrop.  These initiatives included:

  • a rebasing of the Company's final dividend;

  • improvements in cash managementwith a reduction in working capital;

  • ongoing cost reduction in the UK and elsewhere; and

  • a significant reduction in capital investment. 

Since the announcement of these initiatives, good progress has been made towards the goal of realising incremental cash benefits in excess of £100 million in 2009 and the Group remains on track to achieve this target.  In addition, annual benefits from cost rationalisation totalling over £40 million are expected to be delivered across the Group.

As outlined above, the performance of the Group, particularly in UK Rail, is being affected by the challenging economic environment.  As previously announced, the Group is engaged in regular discussions with the DfT which include the impact of the recession on the East Coast franchise.  

In addition, the Group's key debt covenant reverts at 30 June 2009 to a tighter, more typical level**.  The Board continues to review a range of options to accelerate the reduction of the Group's borrowings, to strengthen its financial position and to provide additional headroom around its debt covenants.  We will update shareholders once that review reaches a conclusion.

* Underlying revenue compares the current year with the prior year period on a consistent basis, including adjusting for the impact of currency, acquisitions and disposals, together with the estimated impact of advance travel and Easter.

** As noted in the 2008 results, June 2009 will see the Group's banking covenants returning to their normal level with maximum debt gearing ratio of 3.5 times EBITDA (following a relaxation for the first three half year period end tests after the Continental Auto acquisition in November 2007).


National Express Group PLC   

Jez Maiden, Group Finance Director     

020 7506 4324

Nicole Lander, Director of Communications

0121 460 8401    


Neil Bennett/Suzanne Bartch/Brian Hudspith

020 7379 5151

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