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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National Express (NEX)

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Monday 21 December, 2009

National Express

Pre Close Trading Statement

RNS Number : 4471E
National Express Group PLC
21 December 2009

National Express Group PLC

Pre Close Statement

National Express Group PLC ("National Express" or "the Group"), the international public transport operator, today releases a pre-close trading update ahead of the year ending 31 December 2009.


Trading has continued in line with the trends reported in the third quarter Interim Management Statement on 22 October 2009, with full year profit expected to be consistent with the previous outlook.

Overall, the underlying revenue* trend has stabilised in the fourth quarter, in line with the previously reported rate. Both the UK and Spain continue to deliver a strong operating performance, with cost efficiencies offsetting areas of revenue weakness. Action in North America will start to address continued underperformance in operational cost management, while revenue has declined as expected on previous lower contract renewals.

During the fourth quarter, the Group has successfully delivered its key objectives:

We have successfully completed a strongly supported rights issue to achieve a more robust capital structure and significantly reduce debt to an appropriate level;

We have resolved our outstanding rail issues, by completing the exit from the loss-making East Coast franchise in November 2009 and with the UK government indicating that the Group will continue to operate its remaining two rail franchises to their normal termination dates in 2011**;

We have appointed Dean Finch as Group Chief Executive, to focus on delivering our future strategy; driving cost efficiency, maximising cash generation and selectively growing the business where value is enhanced.

These developments have built on our earlier success, with annualised cost savings of £50 million secured in 2009 and strong organic cash generation reducing underlying debt.


UK Coach has returned to underlying revenue growth, of 4%, in the fourth quarter, with successful marketing and yield management offering even better value for our customers. Our new Birmingham coach station has opened for business, delivering a major improvement in customer experience. UK Bus underlying revenue growth has remained resilient at 2% year to date, despite the ongoing impact of higher regional unemployment. Fares are being held, to support customer retention and encourage travel, and we have optimised route coverage to protect profitability. In Rail, reduced demand in East Anglia continues to be offset through revenue support. The final element of the 2009 UK cost reduction programme has been announced, to deliver the Group's full £50 million of annualised savings, and placing the UK business in a stronger position for 2010.

Encouragingly, in Spain the rate of underlying revenue decline has improved to 5%, although economic conditions remain challenging. Urban operations have been relatively stable, while there are signs of improvement in regional travel revenue. In long distance travel, operating kilometres have been reduced to match lower demand. Extensions of several concessions have been secured for a period of 10 years, reflecting a commitment by regional authorities to bus transport as a more efficient and sustainable solution.

As expected, revenue in North America has declined with the start of the new school year, reflecting previous lower contract renewals. Performance in managing costs, particularly from double-running in the centralisation of operations, has been disappointing, impacting margin. This will benefit from a stronger management action plan to be rolled out in 2010, supported by tailoring of the Business Transformation programme to optimise cost and benefit.

Commenting on the statement, Executive Chairman, John Devaney, said:

"This has been a challenging year for National Express but, as it draws to a close, I am pleased that we have tackled and resolved our significant issues. We have eliminated the loss-making elements of our rail business and restored our balance sheet through a well-supported rights issue. National Express will enter 2010 on a sound basis, enabling our new Group Chief Executive Dean Finch and the team to focus on improving the performance of our market-leading businesses and delivering shareholder value."


National Express Group PLC

Jez Maiden, Group Finance Director

020 7506 4324

Nicole Lander, Director of Communications

0121 460 8401


Neil Bennett/George Hudson

020 7379 5151


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

** The UK Department for Transport said in an announcement on 26 November 2009 that its "objectives are best served by terminating NXEA's franchise in 2011". The NXEA and c2c franchises are scheduled for normal termination in March and May 2011 respectively.

This information is provided by RNS
The company news service from the London Stock Exchange

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