We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tricorn Group Plc | LSE:TCN | London | Ordinary Share | GB0009716340 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMTCN
RNS Number : 4955A
Tricorn Group PLC
08 June 2016
8 June 2016
Tricorn Group plc
Final Results
For the year ended 31 March 2016
Tricorn Group plc ('Tricorn' or the 'Group'), (TCN.L) the AIM quoted tube manipulation specialist, announces its audited final results for the year ended 31 March 2016.
Highlights
-- Significant improvements in the USA - business is now performing well
-- Delivered circa GBP1m in efficiency gains, which coupled with new business wins, helped to mitigate the impact of weaker end markets
-- GBP1.2m of net cash from operating activities -- Net debt reduced from previous year end -- Restructuring of manufacturing operations in China progressing as planned
Financial Summary
Hot Features
Premium
2016 2015
GBP'000 GBP'000
Revenue 18,016 21,186
Operating profit* 33 176
Loss before tax* (273) (55)
Net cash from operating activities 1,222 (742)
Cash and equivalents 855 694
Net debt (2,920) (3,125)
Loss per share - basic* (0.19)p (0.50)p
* All references to operating profit, loss before tax and loss per share are for continuing operations and before restructuring costs, intangible asset amortisation and share based payment charges.
Commenting on the results and the Group's prospects, Andrew Moss, Chairman of Tricorn, said:
"We have made significant improvements in the USA and our operation there is now performing well. The Group has delivered circa GBP1m in efficiency gains in the year which, coupled with new business wins, have helped to mitigate the impact of weaker end markets. In China the restructuring of our manufacturing operations is progressing as planned and once complete we expect this business to contribute positively to overall profitability. The Board expects that whilst underlying demand will remain challenging we are well positioned to make further progress in the current year."
Enquiries:
Tricorn Group plc Tel +44 (0)1684 569956 Mike Welburn, Chief Executive www.tricorn.uk.com Phil Lee, Group Finance corporate@tricorn.uk.com Director Stockdale Securities Limited Tel + 44 (0)20 7601 6100 Tom Griffiths/Henry Willcocks
Notes to Editors:
Tricorn is a value added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide in the Energy and Transportation sectors.
Headquartered in Malvern, UK, Tricorn employs around 300 employees and has five manufacturing facilities in the UK, USA and China. It operates through three brands: Malvern Tubular Components, Maxpower Automotive and Franklin Tubular Products.
Chairman's and Chief Executive's statement
Performance in the year ended 31 March 2016
Revenue for the year at GBP18.016m was GBP3.170m lower than the previous year (2015: GBP21.186) as a result of further weakening in key end markets, particularly within the Energy division. In response the Board acted decisively to reduce costs delivering circa GBP1m of efficiency gains, which coupled with the benefit of new business wins, helped to mitigate the impact of lower volumes. Underlying operating profit for the year at GBP0.033m was GBP0.143m lower than the previous year (2015: GBP0.176m).
In the Transportation division, good progress continued to be made with the operations in both the USA and UK. The USA operation is now performing well and new business growth largely offset weaker end markets. In the UK revenue in the second half of the year was slightly ahead of the first half and, alongside the steps taken to reduce costs returned the operation to profit for the year. In China, the businesses were loss making and as market conditions in the region are less favourable than anticipated when we established these ventures, the Board has decided to combine the activities of its wholly owned facility and joint venture into a single operation.
The Energy division continued to make further improvements to operational performance but was challenged by the impact of significantly lower revenue levels as its customers experienced reduced demand from the majority of their key end markets.
Business Review
The Group operates two main business divisions focused on the transportation and energy sectors. From the Group's five manufacturing facilities, the businesses serve a global blue chip OEM customer base, many of whom have major facilities in the UK, USA, and China as well as elsewhere in the world.
With manufacturing operations now established in each of these key locations, the Group is ideally positioned to support its customers' facilities as they continue to seek to localise supply and technical support.
Transportation
The Transportation division is focused on rigid, nylon and hybrid tubular products for engines, braking systems, transportation lubrication, fuel sender sub-systems and hydraulic actuation in a variety of on and off road applications including construction, trucks and agriculture.
Revenue for the year ended 31 March 2016 was GBP12.538m (2015: GBP13.760m) and underlying operating profit increased to GBP0.043m (2015: underlying operating loss GBP0.250m).
In the USA Franklin Tubular Products made significant operational improvements with the business now profitable and performing well. Revenue for the year was broadly flat with new business growth offsetting weaker market demand.
In the UK, Maxpower Automotive started to benefit from the impact of new business growth and revenue was slightly higher in the second half of the year than the first half. The higher revenue combined with the actions taken to lower costs returned the operation to profit in the second half of the year and for the year as a whole.
In China, both the Group's wholly owned facility and joint venture were loss making and with less favourable market conditions in the region than anticipated when we established these ventures the Board has decided to combine the activities of both businesses. This significantly reduces operational gearing and concentrates the Group's manufacturing and engineering resources into a single location in Nanjing. Once the transfer is complete, which is expected to be by July 2016, the Board expects the business to contribute positively to overall profitability.
Energy
The Energy division is focused on the design and manufacture of larger tubular assemblies and fabrications for diesel engines and radiator sets. The key markets served through its customers are power generation, mining, marine and oil and gas applications.
Revenue for the year at GBP5.478m was substantially down on the previous year (2015: GBP7.426m) with customers experiencing significantly lower demand from their key markets. Additionally, a customer transferred production of an engine series from the UK to the USA. Whilst this impacted Malvern Tubular Components in the second half of the year, the Group was able to retain this business through its USA operation, once again underlining the value of its expanded manufacturing footprint. The Malvern business reduced its cost base in response to the lower demand but none the less saw a marked reduction in underlying operating profit to GBP0.098m (2015: GBP0.611m).
Financial Review
The financial year 2015/16 has been challenging, with reduced demand across key markets. As a result the Group has focused on reducing its cost base and improving its cash generation.
With the actions taken during the year the Group was able to deliver an underlying operating profit of GBP0.033m (2015: GBP0.176m) on revenues which were down 15% on the prior year.
Income Statement
Revenue for the year, at GBP18.016m was down GBP3.170m on the prior year of GBP21.186m. The Group focused on labour efficiencies and reducing material costs but gross profit was down to GBP7.264m (2015: 7.634m) on the lower revenues.
After deducting administration and distribution costs, the Group delivered an underlying operating profit of GBP0.033m compared to the prior year's underlying operating profit of GBP0.176m.
Finance costs for the year were GBP0.207m (2015: net finance income GBP0.039m) and the Group made an underlying loss before tax for the year of GBP0.273m (2015: underlying loss before tax GBP0.055m).
Following the recent announcement by the Group of the merger of its wholly owned and joint venture activities in China, a level of restructuring cost has been incurred in the year covering staff compensation costs and the run out of its property lease. Total restructuring costs for the Group in the year were GBP0.270m (2015: 0.059m). After deducting restructuring costs, intangible asset amortisation and share based payment charges, the loss before tax for the year was GBP0.760m (2015: loss before tax for continuing operations GBP0.036m).
Basic loss per share (LPS) for continuing businesses was 1.64p (2015: LPS 0.46p) and after adjusting for one-off items, the underlying LPS was 0.19p (2015: LPS 0.50p). The Group is not recommending the payment of a final dividend (2015: nil pence).
Cash Flow
The focus on cost control and working capital management resulted in the Group generating net cash from operating activities of GBP1.222m (2015: net cash outflow GBP0.742m). Capital expenditure for the year was GBP0.781m (2015: GBP0.312m) as the Group invested, particularly in its UK facilities, on the back of recent contract wins. As a result 65% of the Group's capital investment in the year related to new business.
At 31 March 2016 the Group had reduced net debt to GBP2.920m (2015: GBP3.125m). Cash and cash equivalents were GBP0.855m (2015: GBP0.694m) and gearing was 48.5% (2015: 48.6%).
The Group uses short term borrowings to fund its operating activities, with selected capital additions and larger projects being financed by lease finance arrangements. At the year end the Group did not have any term debt in place.
Balance Sheet
Total assets of the Group as at 31 March 2016 were GBP12.363m, which was a reduction of GBP1.006m on the prior year with net working capital in the year reducing to GBP3.374m (2015: GBP4.539m).
On translation of its overseas assets and liabilities the Group made an exchange gain of GBP0.052m (2015: gain GBP0.281m). This is a non-cash movement which is not hedged and is treated as a movement in other comprehensive income. As a result, the translation reserve in shareholders' funds now shows a GBP0.107m surplus (2015: surplus GBP0.55m).
Outlook
We have made significant improvements in the USA and our operation there is now performing well. The Group has delivered circa GBP1m in efficiency gains in the year which, coupled with new business wins, have helped to mitigate the impact of weaker end markets. In China the restructuring of our manufacturing operations is progressing as planned and once complete we expect this business to contribute positively to overall profitability. The Board expects that whilst underlying demand will remain challenging we are well positioned to make further progress in the current year.
Andrew Moss Mike Welburn Chairman Chief Executive
Group income statement
For year ended 31 March 2016
All of the activities of the Group are classed as continuing.
Note
2016 2016 2016 2015 2015 2015
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Underlying Non-underlying Group Underlying Non-underlying Group
Revenue 3 18,016 - 18,016 21,186 - 21,186
Cost of sales (10,752) - (10,752) (13,552) - (13,552)
---------- -------------- ---------- ------------ -------------- ----------
Gross profit 7,264 - 7,264 7,634 - 7,634
Distribution
costs (969) - (969) (1,082) - (1,082)
Administration
costs
- General administration
costs (6,262) - (6,262) (6,376) - (6,376)
- Restructuring
costs - (270) (270) - (59) (59)
- Intangible
asset amortisation - (158) (158) - (78) (78)
- Share based
payment charge - (59) (59) - (58) (58)
Total administration
costs (6,262) (487) (6,749) (6,376) (195) (6,571)
---------- -------------- ---------- ------------ -------------- ----------
Operating profit/(loss) 3 33 (487) (454) 176 (195) (19)
---------- -------------- ---------- ------------ -------------- ----------
Share of loss
from joint venture (99) - (99) (56) - (56)
Finance costs (207) - (207) (175) 214 39
---------- -------------- ---------- ------------ -------------- ----------
(Loss)/profit
before tax 3 (273) (487) (760) (55) 19 (36)
Income tax credit/(expense) 160 48 208 (113) (4) (117)
---------- -------------- ---------- ------------ -------------- ----------
(Loss)/profit
after tax from
continuing operations (113) (439) (552) (168) 15 (153)
Loss for the
year attributable
to discontinued
operations - - - - (592) (592)
========== ============== ========== ============ ============== ==========
Attributable
to:
Equity holders
of the parent
company (113) (439) (552) (168) (577) (745)
========== ============== ========== ============ ============== ==========
Continuing Operations
Earnings per
share:
Basic loss per
share 4 (1.64)p (0.46)p
Diluted loss
per shares 4 (1.64)p (0.46)p
Group statement of comprehensive income
For year ended 31 March 2016
2016 2015
GBP'000 GBP'000
Loss for the year (552) (745)
Other comprehensive income
Items that will subsequently be
reclassified to profit or loss
Foreign exchange translation differences 52 281
Total comprehensive loss attributable
to equity holders of the parent (500) (464)
========= =========
Group statement of changes in equity
For year ended 31 March 2016
Share Profit
based and
Share Share Merger Trans-lation payment loss
Capital premium reserve reserve reserve account Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
April 2014 3,349 1,692 1,388 (226) 343 290 6,836
Share based
payment charge - - - - 58 - 58
Total Transactions
with owners - - - - 58 - 58
Loss and total
comprehensive
expense - - - 281 - (745) (464)
--------- -------- -------- ------------ --------- --------- ---------
Balance at 31
March 2015 3,349 1,692 1,388 55 401 (455) 6,430
Issue of new
shares 30 - - - - - 30
Share based
payment charge - - - - 59 - 59
Write back of
share based
reserve - - - - (160) 160 -
Total transactions
with owners 30 - - - (101) 160 89
Loss and Total
Comprehensive
expense - - - 52 (552) (500)
--------- -------- -------- ------------ --------- --------- ---------
Balance at 31
March 2016 3,379 1,692 1,388 107 300 (847) 6,019
========= ======== ======== ============ ========= ========= =========
Group statement of financial position
At 31 March 2016
2016 2015
GBP'000 GBP'000
Assets
Non current
Goodwill 391 391
Intangible assets 500 467
Property, plant and equipment 3,796 4,100
Investment in joint venture 216 315
--------- ---------
4,903 5,273
Current
Inventories 2,258 2,514
Trade and other receivables 3,550 4,872
Cash and cash equivalents 855 694
Corporation tax 32 16
--------- ---------
6,695 8,096
Assets held in disposal group classified as held for sale 765 -
Total assets 12,363 13,369
========= =========
Liabilities
Current
Trade and other payables (2,434) (2,847)
Borrowings (3,677) (3,808)
Corporation tax - (114)
(6,111) (6,769)
Non-current
Borrowings (98) (11)
Deferred tax (135) (159)
--------- ---------
(233) (170)
Total liabilities (6,344) (6,939)
Net assets 6,019 6,430
========= =========
Equity attributable to owners of the parent
Share capital 3,379 3,349
Share premium account 1,692 1,692
Merger reserve 1,388 1,388
Translation reserve 107 55
Share based payment reserve 300 401
Profit and loss account (847) (455)
Total equity 6,019 6,430
========= =========
Group statement of cash flows
For year ended 31 March 2016
2016 2015
GBP'000 GBP'000
Cash flows from operating activities
Loss after taxation from continuing operations (552) (153)
Adjustment for:
- Depreciation 704 659
- Net finance costs/(income) in income statement 207 (39)
- Amortisation charge 158 78
- Share based payment charge 59 58
- Share of joint venture operating losses 99 56
- Taxation credit/(expense) recognised in income statement (208) 117
- Decrease in trade and other receivables 1,329 267
- Decrease in trade payables and other payables (414) (1,249)
- Increase in inventories (19) (134)
------- -------
Cash generated/(absorbed) by continuing operations 1,363 (340)
Cash absorbed by discontinued operations - (243)
Interest paid (207) (159)
Income taxes paid 66 -
Net cash generated/(absorbed) by operating activities 1,222 (742)
======= =======
Cash flows from investing activities
Sale of operations - 1,137
Purchase of plant and equipment - continuing operations (629) (312)
Purchase of plant and equipment - discontinued operations - (27)
Purchase of intangible assets (192) -
Interest received - 214
Net cash used in investing activities (821) 1,012
======= =======
Cash flows from financing activities
Issue of ordinary share capital 30 -
Movement in short term borrowings (201) (674)
Payment of finance lease liabilities - continuing operations (69) (72)
Payment of finance lease liabilities - discontinued operations - (114)
------- -------
Net cash used in financing activities (240) (860)
Net increase/(decrease) in cash and cash equivalents 161 (590)
Cash and cash equivalents at beginning of year 694 1,284
------- -------
Cash and cash equivalents at end of year 855 694
======= =======
1 General information
Tricorn Group plc and subsidiaries' (the 'Group') principal activities comprise high precision tube manipulation and systems engineering.
The Group's customer base includes major blue chip companies with world-wide activities in key market sectors, including Power Generation, Oil & Gas, Off Highway, Commercial Vehicles, Agriculture and Automotive.
Tricorn Group plc is the Group's ultimate parent company. It is incorporated and domiciled in the United Kingdom. The address of Tricorn Group plc's registered office, which is also its principal place of business, is Spring Lane, Malvern, Worcestershire, WR14 1DA. Tricorn Group plc's shares are quoted on the Alternative Investment Market of the London Stock Exchange.
The consolidated financial statements have been approved for issue by the Board of Directors on 7 June 2016. Amendments to the financial statements are not permitted after they have been approved.
The financial information set out in this final results announcement does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The group income statement, statement of comprehensive income, the group statement of changes in equity, the group statement of financial position, the group statement of cash flows and the associated notes for the year ended 31 March 2016 have been extracted from the Group's financial statements upon which the auditor's opinion is unqualified and does not include any statement under Section 498 of the Companies Act 2006. The statutory accounts for the year ended 31 March 2016 will be delivered to the Registrar of Companies following the Group's Annual General Meeting.
2 Accounting policies
Basis of preparation
This financial information has been prepared under the required measurement bases specified under International Financial Reporting Standards (IFRS) and in accordance with applicable IFRS as adopted by the European Union and IFRS as issued by the International Accounting Standards Board.
The Group distinguishes between underlying and non-underlying items in its Consolidated Income Statement. Non-underlying items are material items which arise from unusual non-recurring or non-trading events. They are disclosed on the face of the Consolidated Income Statement where in the opinion of the Directors such disclosure is necessary in order to fairly present the results for the period. Non-underlying items comprise exceptional costs of Group restructuring, intangible assets amortisation and share based payment charges.
3 Segmental reporting
The Group operates two main business segments:
-- Energy: manipulated tubular assemblies for use in power generation, oil and gas and marine sectors.
-- Transportation: ferrous, non-ferrous and nylon material tubular assemblies for use in on and off-highway applications.
3 Segmental reporting (continued)
The financial information detailed below is frequently reviewed by the Chief Operating Decision maker.
Year ended 31 March 2016 Energy Transport-ation Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000
Revenue
- from external customers 5,478 12,538 - 18,016
- from other segments 329 191 (520) -
Segment revenues 5,807 12,729 (520) 18,016
Underlying operating profit/(loss)* 98 43 (108) 33
Restructuring charges (32) (225) (13) (270)
Intangible asset amortisation - - (158) (158)
Share based payment charge - - (59) (59)
Operating Profit/(loss) 66 (182) (338) (454)
Share of loss from joint venture - - (99) (99)
Net finance (costs)/income (35) (125) (47) (207)
---------- ------------------ ------------- ----------
Profit/(loss) before tax 31 (307) (484) (760)
---------- ------------------ ------------- ----------
Other segment information:
Segmental assets 2,573 9,137 653 12,363
Capital expenditure 251 529 1 781
Depreciation 271 431 2 704
*- Before intangible asset amortisation, share based payment charges and restructuring costs
3 Segmental reporting (continued)
Year ended 31 March 2015 Energy Transport-ation Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000
Revenue
- from external customers 7,426 13,760 - 21,186
- from other segments - - - -
Segment revenues 7,426 13,760 - 21,186
Underlying operating profit* 611 (250) (185) 176
Restructuring charges - (59) - (59)
Intangible asset amortisation - - (78) (78)
Share based payment charge - - (58) (58)
Operating profit/ (loss) 611 (309) (321) (19)
Share of loss from joint venture - - (56) (56)
Net finance costs (44) (128) 211 39
-------- ---------------- ------------ --------
Loss before tax 567 (437) (166) (36)
-------- ---------------- ------------ --------
Other segment information:
Segmental assets 3,513 8,907 949 13,369
Capital expenditure 182 120 1 303
Depreciation 226 431 2 659
*- Before intangible asset amortisation, share based payment charges and restructuring costs.
The Group's revenue from external customers (by destination) and its geographic allocation of total assets may be summarised as follows:
Year ended Year ended
31 March 2016 31 March 2015
Revenue Assets Revenue Assets
GBP'000 GBP'000 GBP'000 GBP'000
United Kingdom 7,805 6,583 10,875 6,834
Europe 1,109 - 1,231 -
Rest of World 9,102 5,780 9,080 6,535
-------- -------- -------- --------
18,016 12,363 21,186 13,369
======== ======== ======== ========
No single customer accounts for more than 10% of revenue.
4 Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below:
31 March 2016
Weighted average
Loss number of Loss per
shares share
GBP'000 Number '000 Pence
Basic loss per share
- continuing operations (552) 33,646 (1.64)
------- ---------------- ----------
Dilutive shares -
Diluted loss per share
- continuing operations (552) 33,646 (1.64)
------- ---------------- ----------
31 March 2015
Weighted average Loss per
Loss number of Share
shares
GBP'000 Number '000 Pence
Basic loss per share
- continuing operations (153) 33,495 (0.46)
------- ---------------- --------
Dilutive shares -
Diluted loss per share
- continuing operations (153) 33,495 (0.46)
------- ---------------- --------
31 March 2015
Weighted average Earnings
Loss number of per
shares Share
GBP'000 Number '000 Pence
Basic loss per share
- discontinued operations (592) 33,495 (1.77)
------- ---------------- --------
Dilutive shares -
Diluted loss per share
- discontinued operations (592) 33,495 (1.77)
------- ---------------- --------
The directors consider that the following adjusted earnings per share calculation is a more appropriate reflection of the Group performance.
4 Earnings per share (continued)
31 March 2016
Weighted
average
number
Loss of Loss per
shares share
GBP'000 Number Pence
'000
Basic loss per share
- continuing operations (552) 33,646 (1.64)
-------------- --------- -----------
Restructuring costs 270
Amortisation of intangible
asset (incl deferred
tax) 158
Share based payment charge 59
Adjusted loss per share (65) 33,646 (0.19)
-------------- --------- -----------
Dilutive shares -
Diluted adjusted loss
per share (65) 33,646 (0.19)
-------------- --------- -----------
31 March 2015
Weighted
average
number
of
Loss share Loss per
share
GBP'000 Number Pence
'000
Basic loss per share
- continuing operations (153) 33,495 (0.46)
-------------- --------- -------------
Restructuring costs 59
Amortisation of intangible
asset (incl deferred
tax) 82
Share based payment charge 58
Other income (214)
Adjusted loss per share (168) 33,495 (0.50)
-------------- --------- -------------
Dilutive shares -
Diluted adjusted loss
per share (168) 33,495 (0.50)
-------------- --------- -------------
There is no dilution to the basic or adjusted loss per share in 2016 and 2015 owing to a loss being reported in each year.
5 Business disposals
On 31 March 2016, the Group announced its intention to merge its facilities in China. This would involve the closure of its 100% owned facility, Maxpower Automotive Manufacturing Components (Wuxi) Limited and the transfer of all manufacturing activities to its joint venture, Minguang-Tricorn Tubular Products Limited, based in Nanjing. Tricorn Group plc would use the assets transferred from the Wuxi business as additional equity in the enlarged joint venture and the transaction is expected to complete in July 2016. A summary of these assets as at 31 March 2016 is shown below:-
GBP'000
Net assets
Plant & equipment 490
Inventories 275
Total assets 765
---------
The above assets are separately identified on the Group's consolidated balance sheet.
The Group income statement shows a loss from discontinued operations of GBP0.592m for the year ended 31 March 2015, in respect of the disposal of the aerospace business. There are no discontinued operations in the year ended 31 March 2016.
6 Dividend
The Group is not recommending the payment of a final dividend (2015: Nil pence).
7 Availability
Copies of this announcement will be available from the Company's registered office, Spring Lane, Malvern, Worcestershire, WR14 1DA, and on its website, www.tricorn.uk.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BLGDLLGGBGLR
(END) Dow Jones Newswires
June 08, 2016 02:00 ET (06:00 GMT)
1 Year Tricorn Chart |
1 Month Tricorn Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
