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

Mecom Group PLC (MEC)

  Print      Mail a friend       Annual reports

Thursday 12 January, 2012

Mecom Group PLC

Trading Statement

RNS Number : 4222V
Mecom Group PLC
12 January 2012

12th January 2012

Mecom Group plc

Pre-close trading update

The Board of Mecom Group plc ("Mecom" or the "Group"), a leading European  consumer publishing company, issues the following trading update for the year ended 31st December 2011, in advance of its results presentation scheduled for 14th March 2012.

Trading highlights

Full-year results and year-end net debt for the Group are expected to show some improvement on the guidance given in the 20th October 2011 Interim Management Statement.

Key trading highlights of the year were as follows:

·    EBITDA in the second half of 2011, adjusted to exclude the Polish Presspublica operations disposed of during the year, was approximately €5 million lower than in the second half of 2010, resulting in a preliminary estimate of full year EBITDA of approximately €144 million (2010: €151 million).


·    During the final quarter of the year, advertising revenue declines continued across the Group, reflecting continuing turbulent economic conditions and lack of consumer confidence.  Compared with the same quarter in 2010, advertising revenues fell by 12 per cent, 5 per cent, 5 per cent and 18 per cent, respectively, in the Netherlands, Denmark, Norway and Poland. Over the full year, advertising revenues fell by 9 per cent in the Netherlands, were flat in Denmark and Norway and fell by 11 per cent in Poland.


·    Circulation revenue in 2011 was broadly in line with 2010. The Group continues to benefit from the relative stability afforded by having a subscriber base which accounts for more than 80 per cent of total circulation revenue, and was able to increase cover and subscription prices to offset modestly declining volumes.


·    Total Group revenue remained resilient, being down 1 per cent in 2011, as declines in advertising were offset by growth in consumer sales, including Sweetdeal, and distribution revenues (including the effect of the collaboration with Telegraaf Media Groep in the Netherlands).


·    Total operating costs in 2011 were lower by approximately 1 per cent for the full year, compared to 2010.


·     Preliminary figures indicate that earnings per share for 2011 will be approximately 45 euro cents per share, including the benefits of reduced depreciation and finance costs.


·     Closing net debt was approximately €260 million, €10 million below the €270m indicated in the 20th October 2011 Interim Management Statement. This represents a year-on-year reduction in net debt of €51 million (16 per cent), resulting in a closing net debt to EBITDA ratio of 1.8 times.





The final quarter of 2011 has further highlighted the market pressure that is being exerted on print advertising revenues. The Board expects further declines in total advertising revenue in 2012, with strong growth in digital advertising partially mitigating the pressure on print.

The Group expects circulation revenue to remain broadly flat as further price increases are implemented in 2012 to offset relatively low levels of volume decline.

The previously advised benefits of the Group's I.T. outsourcing project will be realised in 2012 and this, along with further initiatives to be outlined in the Group's strategy update on 24th January 2012, is expected to lead to further cost reductions.

Effect of disposals

On 5th December 2011, the Group announced that it had agreed to sell its 100 per cent interest in Edda Media AS ("Edda Media") to A-Pressen AS. Adjusting for the impact of the disposal of Edda Media (including the effect of the disposal on intra-group recharges), and of the disposal of Presspublica already taken into account, the Group expects preliminary EBITDA from ongoing operations for 2011 to be approximately €114 million.

The disposals of Presspublica and Edda Media have a dilutive effect on adjusted earnings per share. Discontinued operations are expected to contribute approximately 13 euro cents per share to 2011 earnings per share, with the impact of this expected to be partially offset in 2012 by a decrease in finance costs resulting from the reduction in net debt.

Cash flow and net debt

The Group expects the Edda Media disposal to complete in the first quarter of 2012, with a consequent reduction of circa €190 million in the Group's net debt. The Group's expectations on 2012 closing net debt will also be influenced by the strategic review which will be presented to investors on 24th January 2012. Further guidance will be provided then.



The Board intends to continue the dividend policy, started in 2011, of maintaining dividends at a level where they are approximately three times covered by earnings per share. For the final dividend in respect of 2011 this will be based on total earnings for 2011, including earnings related to the disposed Edda Media and Presspublica operations. Thereafter, dividend payments will be based on earnings per share from continuing operations, within the parameters indicated above.


As part of its review of the Group's capital structure, including the initiation of discussions with potential lenders regarding a refinancing of the Group's bank borrowings, the Board will consider a return of capital to shareholders from part of the proceeds of the Edda Media disposal.



Mecom Group plc                                                             020 7925 7200

Tom Toumazis, Chief Executive Officer

Henry Davies, Group Finance Director


Pendomer                                                                            020 3603 5221 

Ben Foster                                                                            07776 240 806


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