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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CACI International Inc | NYSE:CACI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.02 | 0.69% | 442.85 | 442.85 | 442.85 | 442.85 | 1,364 | 14:31:04 |
Revenues of $1.7 billion, 10% YoY growth
Net income of $100.7 million and Diluted EPS of $4.33
Adjusted EBITDA of $191.8 million and Adjusted EBITDA Margin of 11.0%
Adjusted net income of $114.5 million and Adjusted diluted EPS of $4.92
Raising Fiscal Year 2023 guidance for Revenue, Adjusted Net Income, and Adjusted EPS
CACI International Inc (NYSE: CACI), a leading provider of expertise and technology to government enterprise and mission customers, announced results today for its fiscal third quarter ended March 31, 2023.
John Mengucci, CACI President and Chief Executive Officer, said, “Our third quarter results demonstrate the continued successful execution of our strategy. We delivered double-digit revenue growth, strong profitability, and solid cash flow. CACI is winning and executing in the marketplace with differentiated Technology and Expertise, growing our backlog, and pursuing a strong pipeline of additional opportunities. Given our year-to-date performance and strong position, we are raising our fiscal year 2023 revenue and earnings guidance.”
Third Quarter Results
Three Months Ended
(in millions, except earnings per share and DSO)
3/31/2023
3/31/2022
% Change
Revenues
$
1,744.3
$
1,584.0
10.1
%
Income from operations
$
155.0
$
125.4
23.7
%
Net income
$
100.7
$
95.4
5.6
%
Adjusted net income, a non-GAAP measure1
$
114.5
$
109.6
4.4
%
Diluted earnings per share
$
4.33
$
4.04
7.2
%
Adjusted diluted earnings per share, a non-GAAP measure1
$
4.92
$
4.64
6.0
%
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure1
$
191.8
$
161.5
18.8
%
Net cash provided by operating activities excluding MARPA1
$
56.1
$
314.1
-82.1
%
Free cash flow, a non-GAAP measure1
$
41.0
$
296.9
-86.2
%
Days sales outstanding (DSO)2
53
51
(1)
This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.
(2) The DSO calculations for three months ended March 31, 2023 and 2022 exclude the impact of the Company’s Master Accounts Receivable Purchase Agreement (MARPA), which was 6 days and 8 days, respectively.Revenues in the third quarter of fiscal year 2023 increased 10 percent year-over-year, driven entirely by organic growth. The increase in income from operations was driven by higher revenue and gross profit. Diluted earnings per share and adjusted diluted earnings per share increased due to higher operating income, partially offset by higher interest expense and a higher tax rate. Net cash provided by operating activities excluding MARPA and free cash flow decreased primarily as a result of tax benefits from method changes in the year ago quarter.
Third Quarter Contract Awards
Contract awards in the third quarter totaled $1.1 billion, with approximately 50 percent for new business to CACI. Awards exclude ceiling values of multi-award, indefinite delivery, indefinite quantity (IDIQ) contracts. Some notable awards during the quarter were:
Total backlog as of March 31, 2023 was $25.3 billion compared with $23.5 billion a year ago, an increase of 8 percent. Funded backlog as of March 31, 2023 was $3.4 billion compared with $2.8 billion a year ago, an increase of 21 percent.
Additional Highlights
Fiscal Year 2023 Guidance
The table below summarizes our fiscal year 2023 guidance and represents our views as of April 26, 2023. Free cash flow guidance reflects the delay of a $40 million tax refund related to the previously-disclosed tax method changes.
(in millions, except earnings per share)
Fiscal Year 2023
Current Guidance
Prior Guidance
Revenues
$6,675 - $6,750
$6,475 - $6,675
Adjusted net income, a non-GAAP measure1
$425 - $440
$420 - $440
Adjusted diluted earnings per share, a non-GAAP measure1
$18.09 - $18.72
$17.65 - $18.49
Diluted weighted average shares
23.5
23.8
Free cash flow, a non-GAAP measure2
at least $280
at least $320
(1)
Adjusted net income and adjusted diluted earnings per share are defined as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact. This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.
(2)
Free cash flow is defined as net cash provided by operating activities excluding MARPA, less payments for capital expenditures (capex). This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. Fiscal year 2023 free cash flow guidance assumes $95 million in tax payments related to Section 174 of the Tax Cuts and Jobs Act of 2017. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.
Conference Call Information
We have scheduled a conference call for 8:00 AM Eastern Time Thursday, April 27, 2023 during which members of our senior management will be making a brief presentation focusing on third quarter results and operating trends, followed by a question-and-answer session. You can listen to the webcast and view the accompanying exhibits on CACI’s investor relations website at http://investor.caci.com/events/default.aspx at the scheduled time. A replay of the call will also be available on CACI’s investor relations website at http://investor.caci.com/.
About CACI
CACI’s approximately 22,000 talented employees are vigilant in providing the unique expertise and distinctive technology that address our customers’ greatest enterprise and mission challenges. Our culture of good character, innovation, and excellence drives our success and earns us recognition as a Fortune World's Most Admired Company. As a member of the Fortune 1000 Largest Companies, the Russell 1000 Index, and the S&P MidCap 400 Index, we consistently deliver strong shareholder value. Visit us at www.caci.com.
There are statements made herein that do not address historical facts and, therefore, could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to risk factors that could cause actual results to be materially different from anticipated results. These risk factors include, but are not limited to, the following: our reliance on U.S. government contracts, which includes general risk around the government contract procurement process (such as bid protest, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; significant delays or reductions in appropriations for our programs and broader changes in U.S. government funding and spending patterns; legislation that amends or changes discretionary spending levels or budget priorities, such as for homeland security or to address global pandemics like COVID-19; legal, regulatory, and political change from successive presidential administrations that could result in economic uncertainty; changes in U.S. federal agencies, current agreements with other nations, foreign events, or any other events which may affect the global economy, including the impact of global pandemics like COVID-19; the results of government audits and reviews conducted by the Defense Contract Audit Agency, the Defense Contract Management Agency, or other governmental entities with cognizant oversight; competitive factors such as pricing pressures and/or competition to hire and retain employees (particularly those with security clearances); failure to achieve contract awards in connection with re-competes for present business and/or competition for new business; regional and national economic conditions in the United States and globally, including but not limited to: terrorist activities or war, changes in interest rates, currency fluctuations, significant fluctuations in the equity markets, and market speculation regarding our continued independence; our ability to meet contractual performance obligations, including technologically complex obligations dependent on factors not wholly within our control; limited access to certain facilities required for us to perform our work, including during a global pandemic like COVID-19; changes in tax law, the interpretation of associated rules and regulations, or any other events impacting our effective tax rate; changes in technology; the potential impact of the announcement or consummation of a proposed transaction and our ability to successfully integrate the operations of our recent and any future acquisitions; our ability to achieve the objectives of near term or long-term business plans; the effects of health epidemics, pandemics and similar outbreaks may have material adverse effects on our business, financial position, results of operations and/or cash flows; and other risks described in our Securities and Exchange Commission filings.
CACI International Inc
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months Ended
Nine Months Ended
3/31/2023
3/31/2022
% Change
3/31/2023
3/31/2022
% Change
Revenues
$
1,744,270
$
1,583,980
10.1
%
$
4,999,445
$
4,560,656
9.6
%
Costs of revenues:
Direct costs
1,143,781
1,022,181
11.9
%
3,293,867
2,970,370
10.9
%
Indirect costs and selling expenses
410,235
402,227
2.0
%
1,180,619
1,114,310
6.0
%
Depreciation and amortization
35,220
34,216
2.9
%
106,255
99,484
6.8
%
Total costs of revenues:
1,589,236
1,458,624
9.0
%
4,580,741
4,184,164
9.5
%
Income from operations
155,034
125,356
23.7
%
418,704
376,492
11.2
%
Interest expense and other, net
23,570
9,084
159.5
%
59,705
30,491
95.8
%
Income before income taxes
131,464
116,272
13.1
%
358,999
346,001
3.8
%
Income taxes
30,722
20,855
47.3
%
82,031
72,176
13.7
%
Net income
$
100,742
$
95,417
5.6
%
$
276,968
$
273,825
1.1
%
Basic earnings per share
$
4.37
$
4.08
7.1
%
$
11.87
$
11.67
1.7
%
Diluted earnings per share
$
4.33
$
4.04
7.2
%
$
11.76
$
11.56
1.7
%
Weighted average shares used in per share computations:
Basic
23,055
23,409
-1.5
%
23,329
23,457
-0.5
%
Diluted
23,277
23,616
-1.4
%
23,546
23,687
-0.6
%
CACI International Inc
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
3/31/2023
6/30/2022
ASSETS
Current assets:
Cash and cash equivalents
$
106,789
$
114,804
Accounts receivable, net
1,004,733
926,144
Prepaid expenses and other current assets
197,120
168,690
Total current assets
1,308,642
1,209,638
Goodwill
4,066,260
4,058,291
Intangible assets, net
524,445
581,385
Property, plant and equipment, net
197,549
205,622
Operating lease right-of-use assets
285,746
317,359
Supplemental retirement savings plan assets
96,434
96,114
Accounts receivable, long-term
12,653
10,199
Other long-term assets
159,827
150,823
Total assets
$
6,651,556
$
6,629,431
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
38,281
$
30,625
Accounts payable
323,346
303,443
Accrued compensation and benefits
344,039
405,722
Other accrued expenses and current liabilities
358,790
287,571
Total current liabilities
1,064,456
1,027,361
Long-term debt, net of current portion
1,765,210
1,702,148
Supplemental retirement savings plan obligations, net of current portion
103,023
102,127
Deferred income taxes
202,755
356,841
Operating lease liabilities, noncurrent
278,344
315,315
Other long-term liabilities
148,128
72,096
Total liabilities
3,561,916
3,575,888
Total shareholders’ equity
3,089,640
3,053,543
Total liabilities and shareholders’ equity
$
6,651,556
$
6,629,431
CACI International Inc
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Nine Months Ended
3/31/2023
3/31/2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
276,968
$
273,825
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
106,255
99,484
Amortization of deferred financing costs
1,688
1,712
Loss on extinguishment of debt
—
891
Non-cash lease expense
52,293
51,449
Stock-based compensation expense
30,564
23,085
Deferred income taxes
(84,794
)
2,813
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable, net
(80,116
)
66,953
Prepaid expenses and other assets
(42,137
)
(27,227
)
Accounts payable and other accrued expenses
62,116
23,056
Accrued compensation and benefits
(62,522
)
(84,466
)
Income taxes payable and receivable
28,825
201,112
Operating lease liabilities
(58,667
)
(54,575
)
Long-term liabilities
5,481
14,901
Net cash provided by operating activities
235,954
593,013
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(40,844
)
(38,742
)
Acquisitions of businesses, net of cash acquired
—
(615,769
)
Other
1,626
923
Net cash used in investing activities
(39,218
)
(653,588
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under bank credit facilities
2,384,000
2,087,095
Principal payments made under bank credit facilities
(2,314,969
)
(1,965,386
)
Payment of financing costs under bank credit facilities
—
(6,286
)
Proceeds from employee stock purchase plans
7,638
7,398
Repurchases of common stock
(270,449
)
(7,301
)
Payment of taxes for equity transactions
(14,115
)
(14,685
)
Net cash (used in) provided by financing activities
(207,895
)
100,835
Effect of exchange rate changes on cash and cash equivalents
3,144
(3,217
)
Net change in cash and cash equivalents
(8,015
)
37,043
Cash and cash equivalents at beginning of period
114,804
88,031
Cash and cash equivalents at end of period
$
106,789
$
125,074
Revenues by Customer Group (Unaudited)
Three Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Department of Defense
$
1,298,700
74.4
%
$
1,118,665
70.7
%
$
180,035
16.1
%
Federal Civilian agencies
355,612
20.4
%
380,837
24.0
%
(25,225
)
-6.6
%
Commercial and other
89,958
5.2
%
84,478
5.3
%
5,480
6.5
%
Total
$
1,744,270
100.0
%
$
1,583,980
100.0
%
$
160,290
10.1
%
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Department of Defense
$
3,554,080
71.1
%
$
3,155,806
69.2
%
$
398,274
12.6
%
Federal Civilian agencies
1,179,467
23.6
%
1,166,398
25.6
%
13,069
1.1
%
Commercial and other
265,898
5.3
%
238,452
5.2
%
27,446
11.5
%
Total
$
4,999,445
100.0
%
$
4,560,656
100.0
%
$
438,789
9.6
%
Revenues by Contract Type (Unaudited)
Three Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Cost-plus-fee
$
1,008,688
57.8
%
$
889,624
56.1
%
$
119,064
13.4
%
Fixed-price
529,786
30.4
%
503,174
31.8
%
26,612
5.3
%
Time-and-materials
205,796
11.8
%
191,182
12.1
%
14,614
7.6
%
Total
$
1,744,270
100.0
%
$
1,583,980
100.0
%
$
160,290
10.1
%
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Cost-plus-fee
$
2,896,778
58.0
%
$
2,672,695
58.6
%
$
224,083
8.4
%
Fixed-price
1,520,915
30.4
%
1,344,169
29.5
%
176,746
13.1
%
Time-and-materials
581,752
11.6
%
543,792
11.9
%
37,960
7.0
%
Total
$
4,999,445
100.0
%
$
4,560,656
100.0
%
$
438,789
9.6
%
Revenues by Prime or Subcontractor (Unaudited)
Three Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Prime contractor
$
1,556,733
89.2
%
$
1,419,805
89.6
%
$
136,928
9.6
%
Subcontractor
187,537
10.8
%
164,175
10.4
%
23,362
14.2
%
Total
$
1,744,270
100.0
%
$
1,583,980
100.0
%
$
160,290
10.1
%
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Prime contractor
$
4,467,882
89.4
%
$
4,097,210
89.8
%
$
370,672
9.0
%
Subcontractor
531,563
10.6
%
463,446
10.2
%
68,117
14.7
%
Total
$
4,999,445
100.0
%
$
4,560,656
100.0
%
$
438,789
9.6
%
Revenues by Expertise or Technology (Unaudited)
Three Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Expertise
$
812,300
46.6
%
$
716,199
45.2
%
$
96,101
13.4
%
Technology
931,970
53.4
%
867,781
54.8
%
64,189
7.4
%
Total
$
1,744,270
100.0
%
$
1,583,980
100.0
%
$
160,290
10.1
%
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Expertise
$
2,288,123
45.8
%
$
2,105,554
46.2
%
$
182,569
8.7
%
Technology
2,711,322
54.2
%
2,455,102
53.8
%
256,220
10.4
%
Total
$
4,999,445
100.0
%
$
4,560,656
100.0
%
$
438,789
9.6
%
Contract Awards (Unaudited)
Three Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Contract Awards
$
1,059,095
$
1,222,723
$
(163,628
)
-13.4
%
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
$ Change
% Change
Contract Awards
$
7,793,551
$
5,563,364
$
2,230,187
40.1
%
Reconciliation of Net Income to Adjusted Net Income and Diluted EPS to Adjusted Diluted EPS (Unaudited)
Adjusted net income and Adjusted diluted EPS are non-GAAP performance measures. We define Adjusted net income and Adjusted diluted EPS as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact as we do not consider intangible amortization expense to be indicative of our core operating performance. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance, provide greater visibility in understanding the long-term financial performance of the Company, and allow investors to more easily compare our results to results of our peers. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
(in thousands, except per share data)
Three Months Ended
Nine Months Ended
3/31/2023
3/31/2022
% Change
3/31/2023
3/31/2022
% Change
Net income, as reported
$
100,742
$
95,417
5.6
%
$
276,968
$
273,825
1.1
%
Intangible amortization expense
18,585
19,297
-3.7
%
56,808
54,944
3.4
%
Tax effect of intangible amortization1
(4,813
)
(5,074
)
-5.1
%
(14,712
)
(14,446
)
1.8
%
Adjusted net income
$
114,514
$
109,640
4.4
%
$
319,064
$
314,323
1.5
%
Three Months Ended
Nine Months Ended
3/31/2023
3/31/2022
% Change
3/31/2023
3/31/2022
% Change
Diluted EPS, as reported
$
4.33
$
4.04
7.2
%
$
11.76
$
11.56
1.7
%
Intangible amortization expense
0.80
0.82
-2.4
%
2.41
2.32
3.9
%
Tax effect of intangible amortization1
(0.21
)
(0.22
)
-4.5
%
(0.62
)
(0.61
)
1.6
%
Adjusted diluted EPS
$
4.92
$
4.64
6.0
%
$
13.55
$
13.27
2.1
%
FY23 Current Guidance Range
(in millions, except per share data)
Low End
High End
Net income, as reported
$
369
---
$
384
Intangible amortization expense
75
---
75
Tax effect of intangible amortization1
(19
)
---
(19
)
Adjusted net income
$
425
---
$
440
FY23 Current Guidance Range
Low End
High End
Diluted EPS, as reported
$
15.71
---
$
16.34
Intangible amortization expense
3.19
---
3.19
Tax effect of intangible amortization1
(0.81
)
---
(0.81
)
Adjusted diluted EPS
$
18.09
---
$
18.72
(1) Calculation uses an assumed full year statutory tax rate of 25.9% and 26.3% on non-GAAP tax deductible adjustments for March 31, 2023 and 2022, respectively.
Note: Numbers may not sum due to rounding.
Reconciliation of Net Income to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (Unaudited)
The Company views Adjusted EBITDA and Adjusted EBITDA margin, both of which are defined as non-GAAP measures, as important indicators of performance, consistent with the manner in which management measures and forecasts the Company’s performance. Adjusted EBITDA is a commonly used non-GAAP measure when comparing our results with those of other companies. We define Adjusted EBITDA as GAAP net income plus net interest expense, income taxes, depreciation and amortization expense (including depreciation within direct costs), and earnout adjustments. We consider Adjusted EBITDA to be a useful metric for management and investors to evaluate and compare the ongoing operating performance of our business on a consistent basis across reporting periods, as it eliminates the effect of non-cash items such as depreciation of tangible assets, amortization of intangible assets primarily recognized in business combinations, as well as the effect of earnout gains and losses, which we do not believe are indicative of our core operating performance. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.
Three Months Ended
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
% Change
3/31/2023
3/31/2022
% Change
Net income
$
100,742
$
95,417
5.6
%
$
276,968
$
273,825
1.1
%
Plus:
Income taxes
30,722
20,855
47.3
%
82,031
72,176
13.7
%
Interest income and expense, net
23,570
9,084
159.5
%
59,705
30,491
95.8
%
Depreciation and amortization expense, including amounts within direct costs
36,771
36,095
1.9
%
111,584
103,924
7.4
%
Adjusted EBITDA
$
191,805
$
161,451
18.8
%
$
530,288
$
480,416
10.4
%
Three Months Ended
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
% Change
3/31/2023
3/31/2022
% Change
Revenues, as reported
$
1,744,270
$
1,583,980
10.1
%
$
4,999,445
$
4,560,656
9.6
%
Adjusted EBITDA
191,805
161,451
18.8
%
530,288
480,416
10.4
%
Adjusted EBITDA margin
11.0
%
10.2
%
10.6
%
10.5
%
Reconciliation of Net Cash Provided by Operating Activities to Net Cash Provided by Operating Activities Excluding MARPA and to Free Cash Flow (Unaudited)
The Company defines Net cash provided by operating activities excluding MARPA, a non-GAAP measure, as net cash provided by operating activities calculated in accordance with GAAP, adjusted to exclude cash flows from CACI’s Master Accounts Receivable Purchase Agreement (MARPA) for the sale of certain designated eligible U.S. government receivables up to a maximum amount of $200.0 million. Free cash flow is a non-GAAP liquidity measure and may not be comparable to similarly titled measures used by other companies. The Company defines Free cash flow as Net cash provided by operating activities excluding MARPA, less payments for capital expenditures. The Company uses these non-GAAP measures to assess our ability to generate cash from our business operations and plan for future operating and capital actions. We believe these measures allow investors to more easily compare current period results to prior period results and to results of our peers. Free cash flow does not represent residual cash flows available for discretionary purposes and should not be used as a substitute for cash flow measures prepared in accordance with GAAP.
Three Months Ended
Nine Months Ended
(in thousands)
3/31/2023
3/31/2022
3/31/2023
3/31/2022
Net cash provided by operating activities
$
28,864
$
284,248
$
235,954
$
593,013
Cash used in (provided by) MARPA
27,272
29,811
(14,905
)
24,360
Net cash provided by operating activities excluding MARPA
56,136
314,059
221,049
617,373
Capital expenditures
(15,174
)
(17,110
)
(40,844
)
(38,742
)
Free cash flow
$
40,962
$
296,949
$
180,205
$
578,631
(in millions)
FY23 Current Guidance
Net cash provided by operating activities
$
360
Cash used in (provided by) MARPA
—
Net cash provided by operating activities excluding MARPA
360
Capital expenditures
(80
)
Free cash flow
$
280
View source version on businesswire.com: https://www.businesswire.com/news/home/20230426005472/en/
Corporate Communications and Media: Lorraine Corcoran, Executive Vice President, Corporate Communications (703) 434-4165, lorraine.corcoran@caci.com
Investor Relations: Daniel Leckburg, Senior Vice President, Investor Relations (703) 841-7666, dleckburg@caci.com
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