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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TakeTwo Interactive Software Inc | NASDAQ:TTWO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.81 | 1.96% | 145.88 | 141.16 | 147.89 | 146.28 | 143.95 | 144.42 | 1,075,139 | 01:00:00 |
GAAP Net revenue grew 34% to $418.2 million
GAAP Net income increased to $0.56 per diluted share
Net Sales grew 28% to $348.3 million
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported strong results for its fiscal first quarter 2018, ended June 30, 2017. In addition, the Company provided its initial financial outlook for its fiscal second quarter ending September 30, 2017, and updated its financial outlook for its fiscal year ending March 31, 2018.
Fiscal First Quarter 2018 GAAP Financial Highlights
Net revenue grew 34% to $418.2 million, as compared to $311.6 million in last year’s fiscal first quarter. The largest contributors to net revenue in fiscal first quarter 2018 were NBA® 2K17, Grand Theft Auto V® and Grand Theft Auto Online, WWE® 2K17 and WWE SuperCard, and Mafia III.
Digitally-delivered net revenue grew 56% to $268.2 million, as compared to $172.1 million in last year’s fiscal first quarter. Recurrent consumer spending (virtual currency, downloadable add-on content and microtransactions) grew 72% year-over-year and accounted for 63% of digitally-delivered net revenue, or 41% of total net revenue. The largest contributors to digitally-delivered net revenue in fiscal first quarter 2018 were Grand Theft Auto Online and Grand Theft Auto V, NBA 2K17, and WWE SuperCard and WWE 2K17.
Net income increased to $60.3 million, or $0.56 per diluted share, as compared to net loss of $38.6 million, or $0.46 per diluted share, for the comparable period last year.
As of June 30, 2017, the Company had cash and short-term investments of $1.281 billion.
The following data, together with a management reporting tax rate of 22%, are used internally by the Company’s management and Board of Directors to adjust the Company’s GAAP financial results in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
Three Months Ended June 30, 2017 Financial Data $ in thousandsStatement of Operations
Change in deferred net revenue and related cost of goods sold
Stock-based compensation
Non-cash amounts related to convertible notes
Acquisition related expenses
Amortization of intangible assets
Business reorganization excluding stock-based compensation
Net revenue $ 418,216 (69,911 ) Cost of goods sold 194,569 (40,291 ) (3,481 ) (4,242 ) Gross profit 223,647 (29,620 ) 3,481 4,242 Total operating expenses 173,428 (20,590 ) (1) (18 ) (3,951 ) (8,178 ) Income from operations 50,219 (29,620 ) 24,071 18 8,193 8,178 Interest and other, net (2,808 ) 4,134 Income before income taxes 47,411 (29,620 ) 24,071 4,134 18 8,193 8,178 1) Includes $2,421 of stock-based compensation related to business reorganization.In order to calculate net income per diluted share for management reporting purposes, the Company uses its fully diluted share count of 118.8 million and adds back to net income the interest expense, net of tax, on the convertible notes of $0.4 million.
Operational Metric – Net Sales
Starting with fiscal first quarter 2018, Take-Two has replaced Bookings with Net Sales as an operational metric. The Company has made this change in order to increase transparency and to be consistent with operational metrics provided by its peers. Net Sales is defined as the net amount of products and services sold digitally or sold-in physically during the period. Unlike Bookings, Net Sales includes licensing fees, merchandise, in-game advertising, strategy guides and publisher incentives.
During fiscal first quarter 2018, total Net Sales grew 28% to $348.3 million, as compared to $272.6 million during last year’s fiscal first quarter. The largest contributors to Net Sales were Grand Theft Auto Online and Grand Theft Auto V, NBA 2K17, Dragon City and Monster Legends, WWE 2K17 and WWE SuperCard, Mafia III, and Sid Meier’s Civilization VI. Catalog accounted for $326.2 million of Net Sales led by Grand Theft Auto and NBA 2K. Digitally-delivered Net Sales grew 47% to $280.9 million, as compared to $191.2 million in last year’s fiscal first quarter, led by Grand Theft Auto Online and Grand Theft Auto V, NBA 2K17, Monster Legends and Dragon City, WWE SuperCard and WWE 2K17, and Mafia III. Net Sales from recurrent consumer spending grew 71% year-over-year and accounted for 72% of digitally-delivered Net Sales, or 58% of total Net Sales.
Management Comments
“Fiscal 2018 is off to an excellent start, with our business’s positive momentum continuing to exceed our expectations in the first quarter,” said Strauss Zelnick, Chairman and CEO of Take-Two. “We delivered growth in both Net Sales and net revenue, as well as margin expansion. Our results were led by the ongoing extraordinary performance of Grand Theft Auto V and Grand Theft Auto Online, strong demand for NBA 2K17 – which is now our highest-selling sports title ever – and increased recurrent consumer spending.
“As a result of our stronger-than-expected first quarter operating results and improved outlook for the remainder of the year, we are increasing our fiscal 2018 outlook for Net Sales and net cash provided by operating activities. Looking ahead, we expect fiscal 2019 to be a record year for Net Sales and net cash provided by operating activities led by the launches of Rockstar Games’ Red Dead Redemption 2 and a highly anticipated new title from one of 2K’s biggest franchises. We have a robust development pipeline and are better positioned than ever for long-term growth and margin expansion.”
Business and Product Highlights
Since April 1, 2017:
Take-Two:
*Game became available through Steam Early Access in March 2013, and launched in April 2015.
**Metacritic score for PC as of July 31, 2017.
***Steam user score as of July 31, 2017.
Rockstar Games:
2K:
Financial Outlook for Fiscal 2018
Take-Two is providing its initial financial outlook for its fiscal second quarter ending September 30, 2017, and updating its financial outlook for its fiscal year ending March 31, 2018, as follows:
Second Quarter Ending September 30, 2017
The Company is also providing selected data and its management reporting tax rate of 22% that are used internally by its management and Board of Directors to adjust the Company’s GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
Three Months Ending September 30, 2017 Financial Data $ in millionsGAAP outlook (2)
Change in deferred net revenue and related cost of goods sold
Stock-based compensation (3)
Non-cash amounts related to convertible notes
Amortization of intangible assets
Net revenue $400 to $450 $65 Cost of goods sold $194 to $222 $22 ($8) ($4) Operating Expenses $185 to $195 ($18) ($4) Interest and other, net $2 ($3) Income (loss) before income taxes $19 to $31 $43 $26 $3 $8Fiscal Year Ending March 31, 2018
As a result of its better-than-expected fiscal first quarter 2018 operating performance and improved outlook for the remainder of the fiscal year, Take-Two is increasing its fiscal year 2018 outlook for Net Sales and net cash provided by operating activities. In addition, due to the continued success of Grand Theft Auto Online and other factors, the Company has determined that it is necessary to extend the life of Grand Theft Auto V and Grand Theft Auto Online for purposes of calculating deferrals. As a result, and also due to higher expected internal royalties driven by the strong performance of Grand Theft Auto V and Grand Theft Auto Online, the Company is reducing its outlook for GAAP net revenue and GAAP net income.
The Company is also providing selected data and its management reporting tax rate of 22% that are used internally by its management and Board of Directors to adjust the Company’s GAAP financial outlook in order to facilitate comparison of its operating performance between periods and to better understand its core business and future outlook:
Twelve Months Ending March 31, 2018 Financial Data $ in millionsGAAP outlook (2)
Change in deferred net revenue and related cost of goods sold
Stock-based compensation (3)
Non-cash amounts related to convertible notes
Amortization of intangible assets
Business reorganization excluding stock-based compensation
Net revenue $1,620 to $1,720 $30 Cost of goods sold $732 to $781 ($13 ) ($21 ) ($18 ) Operating Expenses $770 to $790($74
) (5)
($16 ) ($8 ) Interest and other, net $9 ($14 ) Income (loss) before income taxes $109 to $141 $43 $95 $14 $34 $8 1) For the fiscal second quarter ending September 30, 2017, the Company’s fully diluted share count used for management reporting purposes is expected to be 120.3 million, which includes 109.0 million basic shares, 0.9 million participating shares and 10.4 million shares representing the potential dilution from convertible notes. The interest expense, net of tax, on the convertible notes, which is added back to net income to calculate diluted net income per share for management reporting purposes is $0.4 million. Take-Two’s GAAP net income per diluted share outlook is calculated using a diluted share count of 109.9 million (basic shares plus participating shares), because using the “if-converted” method and the Company’s fully diluted share count of 120.3 million would have been anti-dilutive. 2) The individual components of the financial outlook may not foot to the totals as the Company does not expect actual results for every component to be at the low end or high end of the outlook range simultaneously. 3) The Company's stock-based compensation expense for the periods above includes the cost of approximately 0.6 million restricted stock units previously granted to ZelnickMedia that are subject to variable accounting. Actual expense to be recorded in connection with these shares is dependent upon several factors, including future changes in Take-Two's stock price. 4) For the fiscal year ending March 31, 2018, the Company’s fully diluted share count used for management reporting purposes is expected to be 121.9 million, which includes 110.9 million basic shares, 0.8 million participating shares and 10.2 million shares representing the potential dilution from convertible notes. The interest expense, net of tax, on the convertible notes, which is added back to net income to calculate diluted net income per share for management reporting purposes is $1.8 million. Take-Two’s GAAP net income per diluted share outlook is calculated using a diluted share count of 111.8 million (basic shares plus participating shares), because using the “if-converted” method and the Company’s fully diluted share count of 121.9 million would have been anti-dilutive. 5) Includes $2.4 million of stock-based compensation related to business reorganization.Key assumptions and dependencies underlying the Company’s financial outlook include: the timely delivery of the titles included in this financial outlook; continued consumer acceptance of the Xbox One and PlayStation 4; the ability to develop and publish products that capture market share for these new-generation systems while continuing to leverage opportunities on the Xbox 360, PlayStation 3 and PC; and stable foreign exchange rates. See also “Cautionary Note Regarding Forward Looking Statements” below.
Product Releases
The following titles were released since April 1, 2017:
Label
Title
Platforms
Release Date
2KMafia III: Stones Unturned (DLC)
PS4, Xbox One, PC May 30, 2017 2KMafia III: Sign of the Times (DLC)
PS4, Xbox One, PC July 25, 2017Take-Two's lineup of future titles announced to date includes:
Label
Title
Platforms
Release Date
2KXCOM 2: War of the Chosen (DLC)
PS4, Xbox One, PC August 29, 2017 2KNBA 2K18
PS4, PS3, Xbox One, Xbox 360, Switch (digital), PC September 19, 2017 2KWWE 2K18
PS4, Xbox One October 17, 2017 2KNBA 2K18
Switch (physical) Fall 2017 2KWWE 2K18
Switch Fall 2017 Take-TwoKerbal Space Program: Making History Expansion
PC Calendar 2017 Rockstar GamesRed Dead Redemption 2
PS4, Xbox One Spring 2018Conference Call
Take-Two will host a conference call today at 4:30 p.m. Eastern Time to review these results and discuss other topics. The call can be accessed by dialing (877) 407-0984 or (201) 689-8577. A live listen-only webcast of the call will be available by visiting http://ir.take2games.com and a replay will be available following the call at the same location.
Final Results
The financial results discussed herein are presented on a preliminary basis; final data will be included in Take-Two’s Quarterly Report on Form 10-Q for the period ended June 30, 2017.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher and marketer of interactive entertainment for consumers around the globe. The Company develops and publishes products principally through its two wholly-owned labels Rockstar Games and 2K. Our products are designed for console systems and personal computers, including smartphones and tablets, and are delivered through physical retail, digital download, online platforms and cloud streaming services. The Company’s common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at http://www.take2games.com.
All trademarks and copyrights contained herein are the property of their respective holders.
Cautionary Note Regarding Forward-Looking Statements
The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws and may be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "potential," "predicts," "projects," "seeks," “should,” "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for the Company's future business and financial performance. Such forward-looking statements are based on the current beliefs of our management as well as assumptions made by and information currently available to them, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may vary materially from these forward-looking statements based on a variety of risks and uncertainties including: our dependence on key management and product development personnel, our dependence on our Grand Theft Auto products and our ability to develop other hit titles, the timely release and significant market acceptance of our games, the ability to maintain acceptable pricing levels on our games, and risks associated with international operations. Other important factors and information are contained in the Company's most recent Annual Report on Form 10-K, including the risks summarized in the section entitled "Risk Factors," the Company’s most recent Quarterly Report on Form 10-Q, and the Company's other periodic filings with the SEC, which can be accessed at www.take2games.com. All forward-looking statements are qualified by these cautionary statements and apply only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three months ended June 30, 2017 2016 Net revenue $ 418,216 $ 311,552 Cost of goods sold: Internal royalties 77,704 59,673 Software development costs and royalties 43,629 63,659 Product costs 44,069 44,979 Licenses 29,167 23,069 Total cost of goods sold 194,569 191,380 Gross profit 223,647 120,172 General and administrative 60,603 46,743 Selling and marketing 52,214 71,134 Research and development 42,269 33,900 Business reorganization 10,599 - Depreciation and amortization 7,743 7,378 Total operating expenses 173,428 159,155 Income (loss) from operations 50,219 (38,983 ) Interest and other, net (2,808 ) (4,506 ) Gain on long-term investments, net - 1,350 Income (loss) before income taxes 47,411 (42,139 ) Benefit from income taxes 12,865 3,572 Net income (loss) $ 60,276 $ (38,567 ) Earnings (loss) per share: Basic earnings (loss) per share $ 0.57 $ (0.46 ) Diluted earnings (loss) per share $ 0.56 $ (0.46 ) Weighted average shares outstanding: Basic 104,465 84,588 Diluted 117,753 84,588 Computation of Basic EPS: Net income (loss) $ 60,276 $ (38,567 ) Less: net income allocated to participating securities (588 ) - Net loss for basic and diluted EPS calculation $ 59,688 $ (38,567 ) Weighted average shares outstanding - basic 105,494 84,588 Less: weighted average participating shares outstanding (1,029 ) - Weighted average common shares outstanding - basic 104,465 84,588 Basic earnings (loss) per share $ 0.57 $ (0.46 ) Computation of Diluted EPS: Net income (loss) $ 60,276 $ (38,567 ) Less: net income allocated to participating securities (522 ) - Add: interest expense, net of tax, on Convertible Notes 5,750 - Net income (loss) for diluted EPS calculation $ 65,504 $ (38,567 ) Weighted average common shares outstanding - basic 105,494 84,588 Add: dilutive effect of common stock equivalents 13,288 - Total weighted average shares outstanding - diluted 118,782 84,588 Less: weighted average participating shares outstanding (1,029 ) - Weighted average common shares outstanding - diluted 117,753 84,588 Diluted earnings (loss) per share $ 0.56 $ (0.46 ) TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) June 30, March 31, 2017 2017 ASSETS Current assets: Cash and cash equivalents $ 828,112 $ 943,396 Short-term investments 452,949 448,932 Restricted cash 406,336 337,818Accounts receivable, net of allowances of $52,262 and $66,483 at June 30, 2017 and March 30, 2017, respectively
229,197 219,558 Inventory 11,636 16,323 Software development costs and licenses 20,181 41,721 Deferred cost of goods sold 79,902 127,901 Prepaid expenses and other 84,823 59,593 Total current assets 2,113,136 2,195,242 Fixed assets, net 76,613 67,300 Software development costs and licenses, net of current portion 462,877 381,910 Deferred cost of goods sold, net of current portion 17,021 - Goodwill 369,622 359,115 Other intangibles, net 133,330 110,262 Other assets 46,971 35,325 Total assets $ 3,219,570 $ 3,149,154 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 36,934 $ 31,892 Accrued expenses and other current liabilities 809,685 750,875 Deferred revenue 619,439 903,125 Total current liabilities 1,466,058 1,685,892 Long-term debt 212,864 251,929 Non-current deferred revenue 231,526 10,406 Other long-term liabilities 209,367 197,199 Total liabilities 2,119,815 2,145,426 Stockholders' equity: Preferred stock, $.01 par value, 5,000 shares authorized - - Common stock, $.01 par value, 200,000 shares authorized; 123,027 and 119,813 shares issued and 105,835 and 102,621 outstanding at June 30, 2017 and March 31, 2017, respectively 1,230 1,198 Additional paid-in capital 1,479,143 1,452,754 Treasury stock, at cost; 17,192 common shares at June 30, 2017 and March 31, 2017, respectively (303,388 ) (303,388 ) Accumulated deficit (39,648 ) (99,694 ) Accumulated other comprehensive loss (37,582 ) (47,142 ) Total stockholders' equity 1,099,755 1,003,728 Total liabilities and stockholders' equity $ 3,219,570 $ 3,149,154 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three months ended June 30, 2017 2016 Operating activities: Net income (loss) $ 60,276 $ (38,567 ) Adjustments to reconcile net loss to net cash provided by operating activities: Amortization and impairment of software development costs and licenses 18,206 41,034 Depreciation and amortization 7,743 7,378 Amortization and impairment of intellectual property 8,181 - Stock-based compensation 24,071 15,100 Amortization of discount on Convertible Notes 5,237 6,098 Gain on conversions of Convertible Notes (1,103 ) - Amortization of debt issuance costs 188 381 Other, net (9,669 ) (3,171 ) Changes in assets and liabilities: Restricted cash (68,518 ) (57,335 ) Accounts receivable (9,294 ) 28,226 Inventory 5,451 2,696 Software development costs and licenses (71,829 ) (62,392 ) Prepaid expenses and other assets (23,199 ) (3,867 ) Deferred revenue (67,883 ) (36,446 ) Deferred cost of goods sold 32,233 17,223 Accounts payable, accrued expenses and other liabilities 71,281 36,394 Net cash used in operating activities (18,628 ) (47,248 ) Investing activities: Change in bank time deposits (24,999 ) 78,691 Proceeds from available-for-sale securities 45,705 29,795 Purchases of available-for-sale securities (33,158 ) (30,836 ) Purchases of fixed assets (16,092 ) (4,230 ) Purchases of commercial paper (7,989 ) - Proceeds from commercial paper 16,500 - Proceeds from sale of long-term investments - 1,350 Purchase of long-term investments - (1,885 ) Asset acquisition (25,381 ) - Net cash (used in) provided by investing activities (45,415 ) 72,885 Financing activities: Excess tax benefit from stock-based compensation - 887 Tax payment related to net share settlements on restricted stock awards (57,689 ) (25,166 ) Net cash used in financing activities (57,689 ) (24,279 ) Effects of foreign exchange rates on cash and cash equivalents 6,448 (3,772 ) Net decrease in cash and cash equivalents (115,284 ) (2,414 ) Cash and cash equivalents, beginning of year 943,396 798,742 Cash and cash equivalents, end of period $ 828,112 $ 796,328 TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES Net Revenue and Net Sales by Geographic Region, Distribution Channel, and Platform Mix (in thousands)Three Months Ended June 30, 2017
Three Months EndedJune 30, 2016
Amount % of Total Amount % of Total Net revenue by geographic region United States $ 258,260 62 % $ 193,101 62 % International 159,956 38 % 118,451 38 % Total net revenue 418,216 100 % 311,552 100 % Net sales by geographic region United States $ 199,871 57 % $ 143,240 53 % International 148,434 43 % 129,316 47 % Total net sales $ 348,305 100 % $ 272,556 100 % Three Months EndedJune 30, 2017
Three Months EndedJune 30, 2016
Amount % of Total Amount % of Total Net revenue by distribution channel Digital online $ 268,235 64 % $ 172,078 55 % Physical retail and other 149,981 36 % 139,474 45 % Total net revenue 418,216 100 % 311,552 100 % Net sales by distribution channel Digital online $ 280,914 81 % $ 191,164 70 % Physical retail and other 67,391 19 % 81,392 30 % Total net sales $ 348,305 100 % $ 272,556 100 % Three Months EndedJune 30, 2017
Three Months EndedJune 30, 2016
Amount % of Total Amount % of Total Net revenue by platform mix Console $ 344,917 82 % $ 254,026 82 % PC and other 73,299 18 % 57,526 18 % Total net revenue 418,216 100 % 311,552 100 % Net sales by platform mix Console $ 265,750 76 % $ 213,845 78 % PC and other 82,555 24 % 58,711 22 % Total net sales $ 348,305 100 % $ 272,556 100 % TAKE-TWO INTERACTIVE SOFTWARE, INC. and SUBSIDIARIES ADDITIONAL DATA (in thousands) Three Months Ended June 30, 2017 Net RevenueCost of Goods Sold- Internal Royalties
Cost of Goods Sold- Software Development Costs and Royalties
Cost of Goods Sold- Product Costs
Cost of Goods Sold- Licenses
General and Administrative
As reported $ 418,216 $ 77,704 $ 43,629 $ 44,069 $ 29,167 $ 60,603 Net effect from deferral and related cost of goods sold (69,911 ) (7,654 ) (17,806 ) (14,831 ) Stock-based compensation (3,481 ) (13,120 ) Amortization of intangibles (4,242 ) Acquisition related expenses (18 ) Three Months Ended June 30, 2017Selling and Marketing
Research and Development
Business Reorganization
Depreciation and Amortization
Interest and Other, net
As reported $ 52,214 $ 42,269 $ 10,599 $ 7,743 $ (2,808 ) Stock-based compensation (2,585 ) (2,464 ) (2,421 ) Non-cash amortization of discount on Convertible Notes 5,237 Non-cash (gain) loss on redemption of Convertible Notes (1,103 ) Amortization of intangibles (2,308 ) (1,523 ) (120 ) Impact of business reorganization (8,178 ) Three Months Ended June 30, 2016 Net RevenueCost of Goods Sold- Internal Royalties
Cost of Goods Sold- Software Development Costs and Royalties
Cost of Goods Sold- Product Costs
Cost of Goods Sold- Licenses
General and Administrative
As reported $ 311,552 $ 59,673 $ 63,659 $ 44,979 $ 23,069 $ 46,743 Net effect from deferral and related cost of goods sold (38,996 ) (2,727 ) (8,889 ) (13,007 ) (6,705 ) Stock-based compensation (4,386 ) Three Months Ended June 30, 2016Selling and Marketing
Research and Development
Depreciation and Amortization
Interest and Other, net
Gain on long-term investments
As reported $ 71,134 $ 33,900 $ 7,378 $ (4,506 ) $ 1,350 Stock-based compensation (2,549 ) (1,459 ) Non-cash amortization of discount on Convertible Notes 6,099 Impact of business reorganization Proceeds from sale of long-term investments (1,350 )
View source version on businesswire.com: http://www.businesswire.com/news/home/20170802006214/en/
Take-Two Interactive Software, Inc.Investor Relations:Henry A. Diamond, 646-536-3005Senior Vice PresidentInvestor Relations & Corporate CommunicationsHenry.Diamond@take2games.comorCorporate Press:Alan Lewis, 646-536-2983Vice PresidentCorporate Communications & Public AffairsAlan.Lewis@take2games.com
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