We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aga Rangemaster | LSE:AGA | London | Ordinary Share | GB00B2QMX606 | ORD 46 7/8P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 184.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
8th September 2006 FOR IMMEDIATE RELEASE AGA FOODSERVICE GROUP PLC 2006 INTERIM RESULTS HIGHLIGHTS Half year to 30th June 2006 2005 Increase £m £m % Revenue 273.3 225.4 21.3 Operating profit 20.1 16.9 18.9 Profit before tax 20.0 18.0 11.1 Basic earnings per share 12.4p 11.3p 9.7 Dividend per share proposed 3.5p 3.0p 16.7 Shareholders' funds 312.4 275.1 Net cash 10.7 3.5 Highlights: * Record first half profits. * Continued progress within our Consumer operations with Aga and Rangemaster demonstrating the success of growing the business internationally and of new product introductions. * Good progress in Foodservice operations, particularly bakery and refrigeration in Europe. * Strong financial position with net cash of £10.7 million at the half year. * Dividend increased by 16.7% to 3.5 pence. "These are another strong set of interim results with good organic growth, strong cashflow and a significant increase in the dividend. We have identified and invested in what have become the major growth segments in consumer and commercial cooking and are seeing the benefits. We expect current trends to continue through the second half." William McGrath Chief Executive Enquiries: William McGrath, Chief Executive 020 7404 5959 (today) Shaun Smith, Finance Director 0121 711 6015 (thereafter) Simon Sporborg / Nina Coad (Brunswick) 020 7404 5959 Aga Foodservice Group plc 2006 Interim Results CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENT The first half of 2006 was a further encouraging period for the Group. Profit increases continued and the good prospects for the Group were reinforced by the growing interest in quality cookers in the domestic market and by the need for more efficient commercial products. As these trends accelerate they will drive the results of the Group. We will continue the process of investing in our products and brands and acquire compatible operations to reinforce existing businesses as seen this year with the acquisitions of Eloma and Amana. Financial Results Revenue in the six months to 30th June 2006 increased by 21.3% to £273.3 million. Of the turnover growth, 8.1% was organic. Group operating profits rose by 18.9% to £20.1 million. Profit before tax rose 11.1% to £20 million with interest, as expected, lower than last year when £0.7 million interest on overpaid tax was received. Basic earnings per share were 9.7% higher at 12.4p after a tax rate of 21%. The proposed dividend per share has been significantly increased again this year to 3.5 pence per share, up 16.7%. The dividend has doubled in the last five-year period as the strategic development plans have delivered sustained earnings growth. Consumer Operations Aga and Rangemaster are now well established forces in the premium appliance market and the combination of international expansion, product innovation and strong routes to market all helped drive growth. Even against a slow UK consumer backdrop, record profits were achieved. The operational gearing available to both businesses from cooker volume growth remains a major driver of the Group's profit growth and both operations are benefiting from the ongoing expansion of our cookware and refrigeration lines. In the first half we have sold 9,000 cast iron cookers under the Aga, Rayburn and Stanley brands and we have set a target of 20,000 for the full year. The rise of the electric model as a proportion of Aga sales continues and Aga is establishing itself internationally in both heat storage and conventional cooking products. We sold 6,500 Aga branded cookers in the first half of which 2,300 were outside the UK and we expect a strong end to the year. Our own cooker retail operations performed well. The Fired Earth chain is now under the control of a single UK Aga retail team and we have focused the range on paint, tiles, bathrooms and now kitchen furniture made by Grange. Rangemaster had another strong period with overall cooker sales up 7% to 32,500 with international sales growing well representing 18% of sales compared with 13% in the prior year. Performance in the Irish, French and US markets was strong as the benefits of investment in these markets over recent years paid off. We expect these trends to continue as our powerful product offering combines with a shift in demand being seen in these markets from built-in to free-standing kitchens. Brands like La Cornue and Heartland are also beneficiaries of this trend. Marvel leads the Group's progress in refrigeration from the USA and has had an excellent first half with its sales up over 12% - led by the growing trend for `outdoor living'. The markets of our home furnishings operations at Domain and Grange remained soft. After a management restructuring and with a strong new product programme, a better second half is expected. The first half results included costs for reorganisation and stock clearances. Foodservice Operations Our bakery operations had a strong first half. Sales into central Europe and into Africa bolstered our French based operations and in the UK we benefited from investment programmes notably by Marks & Spencer and Sainsbury's. In the USA our doughnut equipment operation saw strong sales to Wal-Mart and Dunkin' Donuts. We chose to focus our operations on supermarkets and cut back on our semi-industrial lines. The cost of these measures, including stock write-offs was over £0.8 million in the first half and leaves us well placed as we direct our sales effort towards café bakeries and US supermarkets where interest in healthy quality breads is growing. We have seen continuing growth from our refrigeration operations with significant improvement for Victory in the USA and particularly good performances in China and Australia. In prime cooking, the UK remains quiet, although the steady increase in sales of the Infinity fryer is an important feature - as are sales of the Eloma combination ovens, which are gaining recognition beyond their German domestic base following the acquisition in February. Our conviction is that the commercial kitchen has seen years of under investment and that higher energy costs and health, hygiene and emission concerns are growing rapidly. Change is coming - a point now widely accepted by equipment producers. As Governments focus on carbon emissions and major companies address the subject, higher equipment efficiency standards can be expected. The Group's commitment to innovation and energy efficiency means it is well placed to provide the capital equipment much needed in many kitchens. This is seen not only in the Infinity fryer but also in our refrigerators, which are leaders on efficiency grounds. We have been named as a 2006 US Energy Star Partner of the Year for the US Federal Government. Strategic Development Over the last five years we have created strong market leading positions within the consumer and commercial appliance markets for cookers and fridges. Our new product programmes are central to our progress. At Aga we have a bio-fuel enabled product and heat storage electric cookers which lend themselves to energy management and micro-generation. Also, Rangemaster and Marvel are adding exciting new feature-led products. In foodservice we are leading the drive for more healthy food, produced quicker and more efficiently. Our recent acquisition of Amana is part of this process. It brings the world's leading commercial microwave company into the Group and provides excellent major account links and a platform for expansion in accelerated cooking. Growth rates in our markets are increasing, underlining the benefits of our investments in recent years. There are further organic and acquisition opportunities available which we are pursuing and we expect consolidation in the sectors to continue at all levels. Current Trading We continue to perform well in our core UK consumer appliance markets and have the products now available to sustain that position. Our determined efforts to develop new markets for our cookers are proving effective and we expect to see further growth in the second half, notably in Ireland and France. In foodservice order intake is satisfactory and we continue to work on some major projects and accounts to provide continuing momentum. We believe that we have correctly identified and aligned ourselves with growth markets and with underlying customer trends which will continue to drive profitability in the future. Accordingly we are confident that 2006 will be another good year for the Group and that we are well positioned for further expansion. V Cocker CBE W B McGrath Chairman Chief Executive 8th September 2006 AGA FOODSERVICE GROUP PLC INTERIM RESULTS CONSOLIDATED INCOME STATEMENT Half year Half year Year to to June to June December 2006 2005 2005 _________________________________________ Note £m £m £m Revenue 3 273.3 225.4 501.8 _________________________________________________________________________________________ Group operating profit 3 20.1 16.9 41.7 Share of post tax result from associate - 0.1 0.1 _________________________________________________________________________________________ Profit before finance (costs)/income 20.1 17.0 41.8 Finance income 0.4 1.3 2.3 Finance costs (0.5) (0.3) (1.1) _________________________________________________________________________________________ Profit before tax 20.0 18.0 43.0 Income tax expense 4 (4.2) (3.6) (8.6) _________________________________________________________________________________________ Profit for the period 15.8 14.4 34.4 _________________________________________________________________________________________ Profit attributable to equity shareholders 15.9 14.4 34.0 (Loss) / profit attributable to minority interests (0.1) - 0.4 _________________________________________________________________________________________ Profit for the period 15.8 14.4 34.4 _________________________________________________________________________________________ Earnings per share 5 p p p Basic 12.4 11.3 26.6 Diluted 12.3 11.2 26.5 _________________________________________________________________________________________ Dividend per share 6 p p p Paid 6.2 5.8 8.8 Proposed 3.5 3.0 9.2 _________________________________________________________________________________________ The above results relate to continuing operations. CONSOLIDATED BALANCE SHEET Half year Half year Year to to June to June December 2006 2005 2005 _________________________________________ £m £m £m Non-current assets Goodwill 154.4 140.9 154.2 Intangible assets 20.1 13.5 19.1 Property, plant and equipment 86.1 81.8 85.3 Investments 0.3 6.0 0.3 Deferred tax assets 5.6 11.6 11.3 _________________________________________________________________________________________ 266.5 253.8 270.2 _________________________________________________________________________________________ Current assets Inventories 98.6 84.6 89.4 Trade and other receivables 87.9 83.2 90.5 Cash and cash equivalents 48.9 32.9 55.4 _________________________________________________________________________________________ 235.4 200.7 235.3 _________________________________________________________________________________________ Total assets 501.9 454.5 505.5 _________________________________________________________________________________________ Current liabilities Borrowings (3.9) (26.9) (2.1) Trade and other payables (113.1) (97.4) (117.5) Current tax liabilities (11.1) (7.8) (8.6) Current provisions (6.7) (3.9) (5.1) _________________________________________________________________________________________ (134.8) (136.0) (133.3) _________________________________________________________________________________________ Net current assets 100.6 64.7 102.0 _________________________________________________________________________________________ Non-current liabilities Borrowings (34.3) (2.5) (32.9) Other payables (0.8) - (0.8) Retirement benefit surplus/(obligation) 1.0 (22.6) (18.2) Deferred tax liabilities (7.9) (5.0) (7.6) Provisions (10.5) (13.1) (11.7) _________________________________________________________________________________________ (52.5) (43.2) (71.2) _________________________________________________________________________________________ Total liabilities (187.3) (179.2) (204.5) _________________________________________________________________________________________ Net assets 314.6 275.3 301.0 _________________________________________________________________________________________ Shareholders' equity Share capital 32.2 32.0 32.1 Share premium account 67.4 65.4 65.8 Other reserves 31.6 38.1 38.3 Retained earnings 181.2 139.6 162.5 _________________________________________________________________________________________ Total shareholders' equity 312.4 275.1 298.7 Minority interest in equity 2.2 0.2 2.3 _________________________________________________________________________________________ Total equity 314.6 275.3 301.0 _________________________________________________________________________________________ CONSOLIDATED CASH FLOW STATEMENT Half year Half year Year to to June to June December 2006 2005 2005 _________________________________________ Note £m £m £m Cash flows from operating activities Cash generated from operations 11.9 (3.8) 37.8 Finance income 0.4 1.3 2.3 Finance costs (0.5) (0.1) (1.0) Tax (payment) / repayment (1.7) 3.0 1.2 _________________________________________________________________________________________ Net cash generated from operating activities 10.1 0.4 40.3 _________________________________________________________________________________________ Cash flows from investing activities Acquisition of subsidiaries, net of cash 7 (5.0) (5.6) (13.8) acquired Purchase of property, plant and equipment (6.4) (5.4) (10.6) Expenditure on intangibles (2.1) (1.0) (3.2) Proceeds from disposal of property, plant and 2.6 0.3 0.7 equipment _________________________________________________________________________________________ Net cash used in investing activities (10.9) (11.7) (26.9) _________________________________________________________________________________________ Cash flows from financing activities Dividends paid to shareholders (8.0) (7.4) (11.3) Net proceeds from issue of ordinary share capital 1.7 2.2 2.7 Repayment of loan to associated undertaking - 0.3 0.3 Repayment of borrowings acquired with acquisitions (3.0) (4.8) (4.8) Finance lease (repayment) / inception (1.7) 0.1 (0.4) Repayment of borrowings (0.8) (0.1) (3.8) New bank loans raised 5.6 4.0 9.1 _________________________________________________________________________________________ Net cash used in financing activities (6.2) (5.7) (8.2) _________________________________________________________________________________________ Effects of exchange rate changes 0.5 0.1 0.4 _________________________________________________________________________________________ Net (decrease) / increase in cash and cash (6.5) (16.9) 5.6 equivalents Cash and cash equivalents at beginning of period 55.4 49.8 49.8 _________________________________________________________________________________________ Cash and cash equivalents at end of period 48.9 32.9 55.4 _________________________________________________________________________________________ CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE Half year Half year Year to to June to June December 2006 2005 2005 _________________________________________ £m £m £m Profit for period 15.8 14.4 34.4 _________________________________________________________________________________________ Exchange adjustments on net investments (5.4) 1.3 5.4 Cash flow hedges - - (0.1) Actuarial gains/(losses) on defined benefit 15.3 (20.0) (17.5) pension schemes Tax on items taken directly to reserves (4.6) 6.0 5.3 _________________________________________________________________________________________ Net gains/(losses) not recognised in income 5.3 (12.7) (6.9) statement _________________________________________________________________________________________ Total recognised income for period 21.1 1.7 27.5 _________________________________________________________________________________________ Attributable to: Equity shareholders 21.2 1.7 27.1 Minority interests (0.1) - 0.4 _________________________________________________________________________________________ 21.1 1.7 27.5 _________________________________________________________________________________________ CONSOLIDATED CASH FLOW STATEMENT - RECONCILIATION Reconciliation of operating profit to net cash inflow / (outflow) from operating activities Half year Half year Year to to June to June December 2006 2005 2005 _________________________________________ £m £m £m Operating profit 20.1 16.9 41.7 Amortisation of intangible assets 1.0 0.6 1.9 Depreciation 5.2 4.1 9.8 Profit on disposal of property, plant and equipment (1.8) (0.1) (0.2) (Increase) / decrease in inventories (8.9) (9.6) (4.9) Decrease / (increase) in receivables 2.6 (3.0) (4.1) (Decrease) / increase in payables (5.9) (12.0) (3.0) (Decrease) / increase in provisions (0.4) (0.7) (3.4) _________________________________________________________________________________________ Net cash inflow / (outflow) from operating 11.9 (3.8) 37.8 activities _________________________________________________________________________________________ AGA FOODSERVICE GROUP PLC NOTES TO THE INTERIM FINANCIAL REPORT 1. BASIS OF PREPARATION Financial information presented here is unaudited but has been reviewed by the Group's auditor. Its review opinion appears below. Comparatives for the year ended 31st December 2005 are not the Group's statutory accounts for that year as defined by Section 240 of the Companies Act 1985. Those accounts have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified. 2. ACCOUNTING POLICIES The interim consolidated financial statements do not include all information and disclosures required in the annual financial statements. They have, however, been prepared using the same accounting policies as used in the preparation of the Group's annual financial statements for the year ended 31st December 2005. 3. SEGMENTAL ANALYSIS For management purposes, the Group is organised into four operating divisions and these divisions are the basis on which the Group reports its primary segmental information. By primary business group Half year to Half year to Year to June 2006 June 2005 December 2005 Revenue Operating Revenue Operating Revenue Operating profit* profit profit ______________________________________________________________ £m £m £m £m £m £m UK & European Consumer 116.1 11.5 89.0 9.6 215.2 23.0 US Consumer 39.1 (0.2) 34.4 1.4 69.6 2.3 UK & European Foodservice 95.3 8.1 81.0 4.5 172.8 14.0 US Foodservice 22.8 0.7 21.0 1.4 44.2 2.4 _________________________________________________________________________________________ Total operations 273.3 20.1 225.4 16.9 501.8 41.7 Share of result of associate - - - 0.1 - 0.1 Net finance (cost) / income - (0.1) - 1.0 - 1.2 _________________________________________________________________________________________ Profit before tax - 20.0 - 18.0 - 43.0 Income tax expense - (4.2) - (3.6) - (8.6) _________________________________________________________________________________________ Profit for the period - 15.8 - 14.4 - 34.4 _________________________________________________________________________________________ The share of result of associate relates to the UK & European Consumer segment. * Operating profit includes reorganisation costs in US Consumer and in US Foodservice of £0.8m each and a property profit in UK and European Foodservice of £1.8m. Revenue by secondary segment - geographical origin Half year to Half year to Year to June 2006 June 2005 December 2005 ______________________________________________________________ £m % £m % £m % United Kingdom 139.3 51.0 126.4 56.1 267.5 53.3 North America 62.4 22.8 55.2 24.5 113.4 22.6 Europe 65.6 24.0 40.5 18.0 113.4 22.6 Rest of World 6.0 2.2 3.3 1.4 7.5 1.5 _________________________________________________________________________________________ Total Group 273.3 100.0 225.4 100.0 501.8 100.0 _________________________________________________________________________________________ 4. TAXATION Corporation tax for the interim period to 30th June 2006 has been charged at the estimated rates chargeable for the full year in the respective jurisdictions as follows: Half year Half year Year to to June to June December 2006 2005 2005 _________________________________________ £m £m £m Current tax UK corporation tax 2.7 0.8 2.6 Overseas tax 1.5 2.8 3.9 _________________________________________________________________________________________ 4.2 3.6 6.5 Deferred tax UK corporation tax - - 2.9 Overseas tax - - (0.8) _________________________________________________________________________________________ - - 2.1 _________________________________________________________________________________________ Total income tax expense 4.2 3.6 8.6 _________________________________________________________________________________________ 5. EARNINGS PER SHARE The calculation of the basic and diluted earnings per share is based on the following data - all activities are continuing: Half year Half year Year to to June to June December 2006 2005 2005 _________________________________________ £m £m £m Earnings Profit for the period 15.8 14.4 34.4 Minority interests 0.1 - (0.4) _________________________________________________________________________________________ Earnings - basic and diluted EPS 15.9 14.4 34.0 _________________________________________________________________________________________ Weighted average number of shares in issue million million million For basic EPS calculation 128.7 127.0 127.6 Dilutive effect of share options 1.1 1.2 0.8 _________________________________________________________________________________________ For diluted EPS calculation 129.8 128.2 128.4 _________________________________________________________________________________________ Earnings per share p p p Basic 12.4 11.3 26.6 Diluted 12.3 11.2 26.5 _________________________________________________________________________________________ 6. DIVIDENDS Half year Half year to June to June 2006 2005 _______________________ £m £m Amounts recognised as distributions to equity shareholders in the period: Final dividend of 6.2p for the year ended 31st December 2005 (2004: 5.8p) per share 8.0 7.4 The directors are proposing an interim dividend in respect of the financial year ending 31st December 2006 of 3.5p per share (2005 : 3.0p). 7. ACQUISITION OF SUBSIDIARIES On 2nd February 2006, the Group acquired 100% of the issued share capital of Eloma, a German combi-oven maker, for a consideration of £7.6m. This transaction has been accounted for by the purchase method of accounting. Prior year Fair value fair value Provisional Book value adjustments adjustments fair values _______________________________________________________ £m £m £m £m Net assets acquired Intangible assets - Brands 0.4 (0.3) - 0.1 Property, plant and equipment 2.9 (0.3) (0.1) 2.5 Inventories 3.0 (0.2) (0.2) 2.6 Trade and other receivables 2.6 (0.2) - 2.4 Borrowings < 1 year (3.0) - - (3.0) Trade and other payables (1.4) - - (1.4) Retirement benefit obligation (0.5) - - (0.5) Current provisions - - (0.9) (0.9) Net assets acquired 4.0 (1.0) (1.2) 1.8 ________________________________________________________________________________________ Total consideration 4.6 ________________________________________________________________________________________ Goodwill arising on acquisitions: - in the period 0.6 1.0 - 1.6 - prior year - - 1.2 1.2 Total goodwill 0.6 1.0 1.2 2.8 ________________________________________________________________________________________ Net cash outflow arising on acquisitions: Cash consideration 4.6 Repayment of borrowings acquired 3.0 Deferred consideration Waterford Stanley 0.4 Total cash outflow 8.0 ________________________________________________________________________________________ The fair value adjustments bring the acquired company in line with the Group's accounting policies. Prior year fair value adjustments relate to Waterford Stanley £1.0m and others £0.2m finalising the provisional fair values made in 2005. If the acquisition of Eloma had been completed on the first day of the financial year, Group results would not have been materially different. 8. BANK LOANS AND OVERDRAFTS In the period bank loans denominated in overseas currencies (US dollars and Euros) of £2.7m have been issued to hedge overseas investments. 9. SHARE CAPITAL During the period 690,750 ordinary shares of 25p each (nominal value £172,688) were issued in connection with the Company's share option schemes for an aggregate consideration of £1.7m. 10. RETIREMENT BENEFIT SCHEMES Defined benefit schemes Plan assets have been valued at a market value of £745.3m and the defined benefit liabilities at £744.3m, at the interim date. The liabilities have been rolled forward from 31st December 2005 and adjusted to take account of the increase in bond yields, which have increased the discount rate from 4.8% to 5.3%. 11. EVENTS AFTER THE BALANCE SHEET DATE On 7th September 2006 the Group acquired `Amana', a US product line of commercial microwaves for $49.25m in cash. In the year to 31st December 2005 the turnover was $43m and operating profit $4.7m. NOTES TO THE INTERIM FINANCIAL REPORT Independent Review Report to Aga Foodservice Group plc Introduction We have been instructed by the company to review the financial information for the six months ended 30th June 2006 which comprises Consolidated Income Statement, Consolidated Balance Sheet, Consolidated Cash Flow Statement, Consolidated Statement of Recognised Income and Expense, and the related notes 1 to 11. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with guidance contained in Bulletin 1999/4 `Review of interim financial information' issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in the preceding annual accounts. Any changes to these policies, together with the reasons for the amendment are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/ 4 'Review of interim financial information' issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been applied, unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion APB Bulletin 1999/4 requires that we state that we have not reviewed the interim comparative figures included in the interim report. On the basis of our review, with the exception of the matter described in the preceding paragraph, we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30th June 2006. Ernst & Young LLP Birmingham 8th September 2006 MAIN ADDRESSES AND ADVISERS Head Office and Registered Office: Aga Foodservice Group plc 4 Arleston Way Shirley Solihull B90 4LH Telephone: 0121 711 6000 Fax: 0121 711 6001 e-mail: info@agafoodservice.com Website: www.agafoodservice.com Registered in England No. 354715 Registrars: Lloyds TSB Registrars The Causeway Worthing West Sussex BN99 6DA Telephone (Helpline): 0870 600 3953 International (Helpline): 0044 (0) 121 415 7047 Auditors: Ernst & Young LLP - Appointed auditors on 1st June 2006 following completion of a tender process. Financial Advisers and Joint Stockbrokers: Dresdner Kleinwort Joint Stockbrokers: Collins Stewart 2006 financial calendar Record date for Interim ordinary dividend 10th November 2006 Interim ordinary dividend payable 6th December 2006 2006 year end 31st December 2006 END
1 Year AGA Rangemaster Chart |
1 Month AGA Rangemaster 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