We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
WEX Inc | NYSE:WEX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.53 | 0.25% | 211.30 | 214.15 | 210.84 | 213.59 | 203,812 | 00:01:17 |
Total Revenue for the Quarter Increased 30%
WEX Inc. (NYSE:WEX), a leading provider of corporate payment solutions, today reported financial results for the three months ended June 30, 2017.
Second Quarter 2017 Financial Results
Total revenue for the second quarter of 2017 increased 30% to $303.9 million from $233.9 million for the second quarter of 2016. During the quarter, higher fuel prices positively impacted revenue by $8.1 million when compared to the prior year period.
Net earnings attributable to shareholders on a GAAP basis increased $4.5 million to $17.1 million, or $0.40 per diluted share, compared with $12.6 million, or $0.32 per diluted share, for the second quarter of 2016. The Company's adjusted net income attributable to shareholders, which is a non-GAAP measure, was $54.2 million for the second quarter of 2017, or $1.26 per diluted share, up 15% from $1.10 per diluted share for the same period last year. See Exhibit 1 for a full explanation and reconciliation of adjusted net income attributable to shareholders and adjusted net income attributable to shareholders per diluted share to the comparable GAAP measures.
“Today we posted a very strong quarter, highlighted by a top line beat and bottom line results at the top of our guidance range,” said Melissa Smith, WEX’s president and chief executive officer. “All three segments contributed to our impressive performance this quarter and delivered better than anticipated organic revenue growth.”
Smith continued, “I am pleased that our products and service offerings are resonating with customers and new business prospects in the various markets we serve. We look forward to a successful remainder of 2017, as we continue the momentum generated in the first half of the year.”
Second Quarter 2017 Performance Metrics
Financial Guidance and Assumptions
The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and indeterminate amount of certain elements that are included in reported GAAP earnings.
“I am encouraged by our disciplined execution this quarter, which resulted in strong organic growth, repricing of our debt and the EFS integration progressing ahead of schedule. The organization is well-positioned for continued growth driven by the strength of our underlying business, coupled with our ability to leverage our investments and create further synergies,” said Roberto Simon, WEX's chief financial officer.
Third quarter 2017 guidance is based on an assumed average U.S. retail fuel price of $2.33 per gallon. Full-year 2017 guidance is based on an assumed average U.S. retail fuel price of $2.36 per gallon. The fuel prices referenced above are based on the applicable NYMEX futures price. Our guidance assumes approximately 43 million shares outstanding for the third quarter and full year 2017.
The Company's guidance also assumes that third quarter 2017 fleet credit loss will range between 18 and 23 basis points, and full year 2017 fleet credit loss will range between 18 and 22 basis points.
The Company's adjusted net income guidance, which is a non-GAAP measure, excludes unrealized gains and losses on derivative instruments, net foreign currency remeasurement gains and losses, acquisition-related ticking fees, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, restructuring and other costs, an impairment charge, debt issuance cost amortization, similar adjustments attributed to our non-controlling interest and certain tax related items. We are unable to reconcile our adjusted net income guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including but not limited to foreign currency exchange rates, unrealized gains and losses on derivative instruments, and acquisition and divestiture related items, which may have a significant impact on our financial results.
Additional Information
Management uses the non-GAAP measures presented within this news release to evaluate the Company's performance on a comparable basis. Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for, or superior to, disclosure in accordance with GAAP.
WEX historically used fuel-price derivative instruments to mitigate financial risks associated with the variability in fuel prices in North America. Starting with the second quarter of 2016, there were no longer any fuel price related derivatives outstanding.
To provide investors with additional insight into its operational performance, WEX has included in this news release in Exhibit 2, a table illustrating the impact of foreign currency translations and fuel prices for each of our operating segments for the three and six months ended June 30, 2017 and 2016, and in Exhibit 3, a table of selected non-financial metrics for the five quarters ended June 30, 2017. The Company is also providing selected segment revenue information for the three and six months ended June 30, 2017 and 2016 in Exhibit 4.
Conference Call Details
In conjunction with this announcement, WEX will host a conference call today, July 27, 2017, at 10:00 a.m. (ET). As previously announced, the conference call will be webcast live on the Internet, and can be accessed at the Investor Relations section of the WEX website, http://www.wexinc.com. The live conference call also can be accessed by dialing (866) 334-7066 or (973) 935-8463. The Conference ID number is 45414833. A replay of the webcast will be available on the Company's website.
About WEX Inc.
WEX Inc. (NYSE:WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing more than 10 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 2,700 associates. The Company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.
Forward-Looking Statements
This news release contains forward-looking statements, including statements regarding: management’s expectations for future corporate performance; financial guidance; and, assumptions underlying the Company's financial guidance. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this news release, the words "may," "could," "anticipate," "plan," "continue," "project," "intend," "estimate," "believe," "expect" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the effects of general economic conditions on fueling patterns as well as payment and transaction processing activity; the impact of foreign currency exchange rates on the Company’s operations, revenue and income; changes in interest rates; the impact of fluctuations in fuel prices; the effects of the Company’s business expansion and acquisition efforts; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition; competitive responses to any acquisitions; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the ability to successfully integrate the Company's acquisitions, including Electronic Funds Source LLC's operations and employees; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from an acquisition; the Company's failure to successfully operate and expand ExxonMobil's European and Asian commercial fuel card programs; the failure of corporate investments to result in anticipated strategic value; the impact and size of credit losses; the impact of changes to the Company's credit standards; breaches of the Company’s technology systems or those of our third-party service providers and any resulting negative impact on our reputation, liabilities or relationships with customers or merchants; the Company’s failure to maintain or renew key agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; failure to successfully implement the Company’s information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the impact of the Company’s outstanding notes on its operations; the impact of increased leverage on the Company's operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the incurrence of impairment charges if our assessment of the fair value of certain of our reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our Annual Report for the year ended December 31, 2016, filed on Form 10-K with the Securities and Exchange Commission on March 6, 2017 and our Quarterly Report on Form 10-Q for the three months ended March 31, 2017 filed with the Securities and Exchange Commission on May 8, 2017. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this earnings release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
WEX INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three months ended June 30,Six months ended June 30,
2017 2016 2017 2016 Revenues Payment processing revenue $ 141,354 $ 126,080 $ 277,732 $ 237,136 Account servicing revenue 65,677 47,433 127,216 91,955 Finance fee revenue 42,085 32,704 85,457 56,210 Other revenue 54,768 27,719 104,836 54,563 Total revenues 303,884 233,936 595,241 439,864 Expenses Salary and other personnel 85,811 66,662 169,396 130,072 Restructuring 1,676 3,506 2,160 5,095 Service fees 37,351 45,924 74,101 82,683 Provision for credit losses 16,082 6,443 28,313 10,360 Technology leasing and support 14,101 10,932 26,617 22,008 Occupancy and equipment 6,459 6,113 12,826 11,825 Depreciation and amortization 49,961 23,109 99,199 45,373 Operating interest expense 4,464 1,505 9,312 2,891 Cost of hardware and equipment sold 1,098 665 2,127 1,570 Impairment charge 16,175 — 16,175 — Other expenses 23,125 17,442 46,682 35,225 Total operating expenses 256,303 182,301 486,908 347,102 Operating income 47,581 51,635 108,333 92,762 Financing interest expense (28,547 ) (30,418 ) (55,695 ) (51,976 ) Net foreign currency gain (loss) 10,525 (4,823 ) 18,967 11,301 Net unrealized loss on interest rate swap agreements (2,264 ) — (699 ) — Net realized and unrealized gain on fuel price derivatives — — — 711 Income before income taxes 27,295 16,394 70,906 52,798 Income taxes 10,655 4,482 25,190 17,665 Net income 16,640 11,912 45,716 35,133 Less: Net loss from non-controlling interest (450 ) (655 ) (775 ) (520 ) Net earnings attributable to shareholders $ 17,090 $ 12,567 $ 46,491 $ 35,653 Net earnings attributable to WEX Inc. per share: Basic $ 0.40 $ 0.32 $ 1.08 $ 0.92 Diluted $ 0.40 $ 0.32 $ 1.08 $ 0.92 Weighted average common shares outstanding: Basic 43,002 38,806 42,937 38,781 Diluted 43,060 38,857 43,090 38,850
WEX INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
June 30, 2017 December 31,2016 Assets Cash and cash equivalents $ 219,001 $ 190,930 Accounts receivable (less reserve for credit losses of $26,758 in 2017 and $20,092 in 2016) 2,478,703 2,054,701 Securitized accounts receivable, restricted 98,186 97,417 Income taxes receivable 2,926 10,765 Available-for-sale securities 23,653 23,525 Property, equipment and capitalized software (net of accumulated depreciation of $251,074 in 2017 and $228,336 in 2016) 177,399 167,278 Deferred income taxes, net 13,354 6,934 Goodwill 1,808,192 1,838,441 Other intangible assets (net of accumulated amortization of $334,394 in 2017 and $254,143 in 2016) 1,192,093 1,265,468 Other assets 335,452 341,638 Total assets $ 6,348,959 $ 5,997,097 Liabilities and Stockholders’ Equity Accounts payable $ 727,587 $ 617,118 Accrued expenses 320,243 331,579 Deposits 1,122,671 1,118,823 Securitized debt 104,525 84,323 Revolving line of credit facilities and term loans, net 1,740,201 1,599,291 Deferred income taxes, net 139,802 152,906 Notes outstanding, net 395,902 395,534 Other debt 149,063 125,755 Amounts due under tax receivable agreement 41,403 47,302 Other liabilities 27,921 18,719 Total liabilities 4,769,318 4,491,350 Commitments and contingencies Stockholders’ Equity Common stock $0.01 par value; 175,000 shares authorized; 47,343 shares issued in 2017 and 47,173 in 2016; 42,915 shares outstanding in 2017 and 42,841 in 2016 473 472 Additional paid-in capital 552,733 547,627 Non-controlling interest 8,324 8,558 Retained earnings 1,291,022 1,244,271 Accumulated other comprehensive loss (100,569 ) (122,839 ) Treasury stock at cost; 4,428 shares in 2017 and 2016 (172,342 ) (172,342 ) Total stockholders’ equity 1,579,641 1,505,747 Total liabilities and stockholders’ equity $ 6,348,959 $ 5,997,097
Exhibit 1
Reconciliation of GAAP Net Earnings Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders
(in thousands, excepts per share data)
(unaudited)
Three months ended June 30, 2017 2016per diluted share
per dilutedshare
Net earnings attributable to shareholders $ 17,090 $ 0.40 $ 12,567 $ 0.32 Unrealized losses on derivative instruments 2,264 0.05 — — Net foreign currency remeasurement (gain) loss (10,525 ) (0.24 ) 4,823 0.12 Acquisition-related ticking fees — — 19,511 0.50 Acquisition-related intangible amortization 38,114 0.89 12,565 0.32 Other acquisition and divestiture related items 239 0.01 2,179 0.06 Stock-based compensation 7,414 0.17 4,870 0.13 Restructuring and other costs 2,398 0.06 5,985 0.15 Impairment charge 16,175 0.38 — — Debt issuance cost amortization 2,209 0.05 771 0.02 ANI adjustments attributable to non-controlling interest (156 ) — (930 ) (0.02 ) Tax related items (21,022 ) (0.49 ) (19,775 ) (0.51 ) Adjusted net income attributable to shareholders $ 54,200 $ 1.26 $ 42,566 $ 1.10Six months ended June 30,
2017 2016per diluted share
per dilutedshare
Net earnings attributable to shareholders $ 46,491 $ 1.08 $ 35,653 $ 0.92 Unrealized losses on derivative instruments 699 0.02 5,007 0.13 Net foreign currency remeasurement gain (18,967 ) (0.44 ) (11,301 ) (0.29 ) Acquisition-related ticking fees — — 30,045 0.77 Acquisition-related intangible amortization 76,093 1.77 25,211 0.65 Other acquisition and divestiture related items 2,374 0.06 6,944 0.18 Stock-based compensation 13,871 0.32 9,113 0.23 Restructuring and other costs 4,145 0.10 7,574 0.19 Impairment charge 16,175 0.38 — — Debt issuance cost amortization 4,163 0.10 1,543 0.04 ANI adjustments attributable to non-controlling interest (955 ) (0.02 ) (861 ) (0.02 ) Tax related items (37,001 ) (0.86 ) (28,291 ) (0.73 ) Adjusted net income attributable to shareholders $ 107,088 $ 2.49 $ 80,637 $ 2.08The Company's non-GAAP adjusted net income excludes unrealized gains and losses on derivatives, net foreign currency remeasurement gains and losses, acquisition-related ticking fees, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, restructuring and other costs, debt issuance cost amortization, similar adjustments attributed to our non-controlling interest and certain tax related items. In addition, for the second quarter of 2017, we have excluded an impairment charge related to the insourcing of certain technology functions from a third party.
Although adjusted net income is not calculated in accordance with generally accepted accounting principles (GAAP), this non-GAAP measure is integral to the Company's reporting and planning processes and the chief operating decision maker of the Company uses pre-tax adjusted income to allocate resources. The Company considers this measure integral because it excludes specified items that the Company's management excludes in evaluating the Company's performance. Specifically, in addition to evaluating the Company's performance on a GAAP basis, management evaluates the Company's performance on a basis that excludes the above items because:
For the same reasons, WEX believes that adjusted net income may also be useful to investors as one means of evaluating the Company's performance. However, because adjusted net income is a non-GAAP measure, it should not be considered as a substitute for, or superior to, net income, operating income or cash flows from operating activities as determined in accordance with GAAP. In addition, adjusted net income as used by WEX may not be comparable to similarly titled measures employed by other companies.
The table below shows the impact of certain macro factors on reported revenue:
Exhibit 2Segment Revenue Results
(in thousands)
(unaudited)
Fleet SolutionsTravel and Corporate Solutions
Health and Employee Benefit Solutions
Total WEX Inc. Three months ended June 30, 2017 2016 2017 2016 2017 2016 2017 2016 Reported revenue $ 200,304 143,960 $ 55,000 $ 53,336 $ 48,580 $ 36,640 $ 303,884 $ 233,936 FX impact (favorable) / unfavorable 366 — 1,018 — (717 ) — 667 — PPG impact (favorable) / unfavorable (8,147 ) — — — — — (8,147 ) — Six months ended June 30, 2017 2016 2017 2016 2017 2016 2017 2016 Reported revenue $ 391,127 265,034 $ 102,713 $ 98,478 $ 101,401 $ 76,352 $ 595,241 $ 439,864 FX impact (favorable) / unfavorable 447 — 1,933 — (2,578 ) — (198 ) — PPG impact (favorable) / unfavorable (23,578 ) — — — — — (23,578 ) —To determine the impact of foreign exchange translation (“FX”) on revenue, revenue from entities whose functional currency is not denominated in U.S. dollars, as well as revenue from purchase volume transacted in non-U.S. denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year.
To determine the impact of price per gallon of fuel (“PPG”) on revenue, revenue variable to changes in fuel prices was calculated based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend. For the portions of our business that earns revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year.
The table below shows the impact of certain macro factors on Adjusted Net Income:
Segment Estimated Earnings Impact(in thousands)
(unaudited)
Fleet SolutionsTravel and Corporate Solutions
Health and Employee Benefit Solutions
Three months ended June 30, 2017 2016 2017 2016 2017 2016 FX impact (favorable) / unfavorable $ 65 — $ 267 — $ (116 ) — PPG impact (favorable) / unfavorable (4,653 ) — — — — — Six months ended June 30, 2017 2016 2017 2016 2017 2016 FX impact (favorable) / unfavorable $ 121 — $ 521 — $ (423 ) — PPG impact (favorable) / unfavorable (13,528 ) — — — — — Realized gain on hedge settlement — 3,636 — — — —To determine the estimated earnings impact of FX, revenue and expenses from entities whose functional currency is not denominated in U.S. dollars, as well as revenue and variable expenses from purchase volume transacted in non-US denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year, net of tax and non-controlling interest where applicable.
To determine the estimated earnings impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices, were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes. For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of non-controlling interest and applicable taxes.
Exhibit 3Selected Non-Financial Metrics(unaudited)
Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Fleet Solutions – Payment Processing Revenue: Payment processing transactions (000s) 108,134 102,765 99,662 102,947 94,155 Gallons per payment processing transaction 26.9 27.0 27.4 27.0 22.6 Payment processing gallons of fuel (000s) 2,907,875 2,775,590 2,731,994 2,776,622 2,126,372 Average US fuel price (US$ / gallon) $ 2.41 $ 2.40 $ 2.30 $ 2.24 $ 2.29 Average Australian fuel price (US$ / gallon) $ 3.65 $ 3.76 $ 3.50 $ 3.45 $ 3.29 Payment processing $ of fuel (000s) $ 7,399,901 $ 7,080,117 $ 6,672,281 $ 6,593,406 $ 5,236,151 Net payment processing rate 1.18 % 1.22 % 1.23 % 1.26 % 1.35 % Payment processing revenue (000s) $ 87,678 $ 86,262 $ 81,767 $ 83,132 $ 70,711 Travel and Corporate Solutions – Payment Processing Revenue: Purchase volume (000s) $ 7,676,935 $ 6,599,797 $ 6,351,741 $ 7,138,956 $ 5,595,326 Net interchange rate 0.52 % 0.53 % 0.71 % 0.74 % 0.77 % Payment processing revenue (000s) $ 40,276 $ 34,875 $ 45,390 $ 52,551 $ 43,194 Health and Employee Benefit Solutions: Purchase volume (000s) $ 1,126,854 $ 1,347,219 $ 803,045 $ 875,598 $ 1,051,839Definitions and explanations:
Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX.
Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with WEX.
Payment processing dollars of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX.
Net payment processing rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants less any discounts given to fleets or strategic relationships.
Purchase volume in the Travel and Corporate Solutions segment represents the total dollar value of all transactions that use WEX corporate card products and virtual card products.
Net interchange rate represents the percentage of the dollar value of each transaction that WEX records as revenue less any discounts given to customers.
Purchase volume in the Health and Employee Benefit Solutions segment represents the total US dollar value of all transactions where interchange is earned by WEX.
Exhibit 4Segment Revenue Information
(in thousands)
(unaudited)
Fleet SolutionsThree months ended June 30,
Increase (decrease)Six months ended June 30,
Increase (decrease) 2017 2016 Amount Percent 2017 2016 Amount Percent Revenues Payment processing revenue $ 87,678 $ 70,711 $ 16,967 24.0 % $ 173,940 $ 133,001 $ 40,939 30.8 % Account servicing revenue 41,311 27,548 13,763 50.0 % 77,380 52,986 24,394 46.0 % Finance fee revenue 36,552 30,674 5,878 19.2 % 72,981 52,611 20,370 38.7 % Other revenue 34,763 15,027 19,736 131.3 % 66,826 26,436 40,390 152.8 % Total revenues $ 200,304 $ 143,960 $ 56,344 39.1 % $ 391,127 $ 265,034 $ 126,093 47.6 %Travel and Corporate Solutions
Three months ended June 30,
Increase (decrease)Six months ended June 30,
Increase (decrease) 2017 2016 Amount Percent 2017 2016 Amount Percent Revenues Payment processing revenue $ 40,276 $ 43,194 $ (2,918 ) (6.8 )% $ 75,151 $ 77,820 $ (2,669 ) (3.4 )% Account servicing revenue 167 337 (170 ) (50.4 )% 322 610 (288 ) (47.2 )% Finance fee revenue 159 145 14 9.7 % 382 221 161 72.9 % Other revenue 14,398 9,660 4,738 49.0 % 26,858 19,827 7,031 35.5 % Total revenues $ 55,000 $ 53,336 $ 1,664 3.1 % $ 102,713 $ 98,478 $ 4,235 4.3 %Health and Employee Benefit Solutions
Three months ended June 30,
Increase (decrease)Six months ended June 30,
Increase (decrease) 2017 2016 Amount Percent 2017 2016 Amount Percent Revenues Payment processing revenue $ 13,400 $ 12,175 $ 1,225 10.1 % $ 28,641 $ 26,315 $ 2,326 8.8 % Account servicing revenue 24,199 19,548 4,651 23.8 % 49,514 38,359 11,155 29.1 % Finance fee revenue 5,374 1,885 3,489 185.1 % 12,094 3,378 8,716 258.0 % Other revenue 5,607 3,032 2,575 84.9 % 11,152 8,300 2,852 34.4 % Total revenues $ 48,580 $ 36,640 $ 11,940 32.6 % $ 101,401 $ 76,352 $ 25,049 32.8 %
View source version on businesswire.com: http://www.businesswire.com/news/home/20170727005333/en/
News media:WEX Inc.Jessica Roy, 207-523-6763Jessica.Roy@wexinc.comorInvestors:WEX Inc.Steve Elder, 207-523-7769Steve.Elder@wexinc.com
1 Year WEX Chart |
1 Month WEX 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