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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Proventec | LSE:PROV | London | Ordinary Share | GB00B2R1Q018 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPROV
RNS Number : 2290Y
Proventec PLC
20 December 2010
Press Release 20 December 2010
Proventec Plc
("Proventec" or the "Company" or the "Group")
Unaudited Preliminary Results
Proventec Plc (AIM:PROV, Alternext:ALTPC), a provider of specialist steam cleaning and coatings technologies, today announces its unaudited preliminary results for the eighteen month trading period from 1 April 2009 to 30 September 2010.
Financial Highlights
-- Turnover for the period of GBP22.6 million (previous 12 months: GBP15.4 million) -- Gross profit for the period of GBP8.7 million (previous 12 months: GBP6.6 million)
Operational Highlights
-- Proventec Healthcare has won significant tenders from the UK NHS Supply Chain and the Scottish NHS -- Proventec Industrial installed dry steam cleaning equipment in an automated cleaning line for a leading manufacturer of motor bikes -- Proventec Industrial has completed its first 'cleaning in place' system on a food manufacturing assembly line for one of the largest international food manufacturers -- Completed the transfer of the Osprey businesses and Proventec Healthcare to Proventec's logistical base in Redruth, Cornwall -- Osprey rebranded as OspreyFrank to reflect close development and manufacturing links with Frank GmbH
Post Year-End Highlights
-- Completion of Scheme of Arrangement to provide the Company with additional working capital, a much simplified balance sheet and a greatly reduced debt burden. -- Shares readmitted to trading on AIM
The pro forma balance sheet on page 17 shows what the balance sheet would look like post Scheme of Arrangement, had the Scheme been sanctioned on 30 September.
David Chestnutt, Chief Executive of Proventec, commented:
"The recent, successful restructuring of Proventec's finances marks the conclusion of a turbulent year for the Group. The strengthened balance sheet and the disposal of two non-core businesses puts Proventec in a much stronger position to deal with the financial pressures of trading out of the recession.
"During the period, Proventec has secured significant contracts in both the Healthcare and Industrial divisions. Food hygiene is clearly a growing market for dry steam and we are also pleased to report our first contract win in the automotive industry. These new opportunities are extremely important for the Group, particularly as capital spending comes under pressure in the healthcare sector which has traditionally been a key market for the Group.
"While the current trading shows some limited signs of a better 2011, the outlook for Proventec has been vastly improved as a result of the adoption of the Scheme of Arrangement. The Board will continue focus on driving the business forward, securing contracts and ensuring maximum shareholder value."
For further information, please contact:
Proventec Plc David Chestnutt, Chief Executive Tel: + 44 (0) 151 706 0626 dchestnutt@proventecplc.com www.proventecplc.com Seymour Pierce Nicola Marrin Tel: + 44 (0) 20 7107 8000 Corporate Finance www.seymourpierce.com
Media enquiries:
Abchurch Communications Henry Harrison-Topham / Simone Elviss Tel: +44 (0) 20 7398 7702 henry.ht@abchurch-group.com www.abchurch-group.com
CHAIRMAN'S STATEMENT
The last few months have been extremely challenging for your Board who have worked tirelessly to resolve Proventec's funding issues and to restructure the debt burden following the withdrawal of financial support by the company's largest shareholder.
Following the reverse takeover in 2005, InnoConcepts NV became the largest shareholder with approximately 36% of the Ordinary Shares. In addition it received Convertible Loan Notes, carrying an 8.5% coupon, to the value of GBP10.5 million. The Board of Proventec agreed to allow InnoConcepts to sell the Loan Notes subject to the debt being ultimately guaranteed by InnoConcepts. The Loan Notes were sold to third parties and the Company raised an additional GBP4 million in 2007 via a further issue that was also covered by the InnoConcepts guarantee.
In early 2010 the Board formally advised InnoConcepts that based on current cash flows they did not expect to be able to meet the loan note interest due in July 2010. This led to discussions with our advisers about how the Company could best meet its liabilities to the Loan Note holders. Relying on verbal assurances that InnoConcepts would support an equity fundraising, discussions appeared to reach a point in mid-June that sufficient funds would be made available in a limited fundraising and by further loans.
Subsequently InnoConcepts advised the Board and the Euronext stock market in Amsterdam that it was not prepared to support the Company and invited the Loan Note holders to negotiate directly with its Board to resolve their debt under the guarantee. With the sudden and unexpected collapse of discussions that would have resulted in funding of the required level, your Board was left with no alternative other than to advise the UK markets that we were considering our financial options and we could not rule out the possibility that the Company might have to enter administration. The shares were subsequently suspended from trading on AIM and Alternext on 21 June 2010.
From late June onwards and with the assistance of Amsterdams Effectenkantoor, the Company's advisers in the Netherlands, your Directors met with a representative committee of loan note holders and their advisers to work on a Scheme of Arrangement. The result of this is reflected in the post balance sheet note to the accounts and was contained in the Circular sent to shareholders on 29 October 2010 and was passed at the General Meeting held on 23 November 2010.
The adoption of the Scheme of Arrangement has provided the Company with additional working capital, a much simplified balance sheet and greatly reduced the Company's debt. We have also cancelled the share options previously granted to the Directors and certain employees and are trying to arrange for the warrants, that now have no economic value and which were granted at the time of the reverse takeover, to be surrendered
The successful conclusion of the Scheme of Arrangement gives the Company its best chance to deliver its plans and the operational re-structuring will allow the management to focus on its core businesses of dry steam equipment and janitorial supplies.
Following the completion of the Scheme of Arrangement Peter Teerlink, who has been Chairman since 2005, has left the Board and I have taken over that role. I will look to further strengthen the Board in the near future.
Your Board will continue to explore all options available to them in order to try and deliver a secure and profitable future for the Company.
Michael Hough
Chairman
17 December 2010
CHIEF EXECUTIVE'S REPORT
The financial statements cover the eighteen month trading period from 1 April 2009 to 30 September 2010. The balance sheet at 30 September 2010 does not reflect the re-construction embodied in the Scheme of Arrangement that was approved by the two meetings of the Loan Note holders and the Shareholders which were held on 23 November 2010. The Scheme was formally sanctioned in the High Court, Chancery Division, on Monday 6 December 2010.
The Chairman has explained the practical effects of the Scheme of Arrangement which has provided the Company with a more appropriate balance sheet for its business and a greatly reduced debt burden.
The pro forma balance sheet reflects the changes resulting from the approval to the Scheme of Arrangement as if they had been sanctioned on 30 September 2010. The pro forma balance sheet reflects:
-- the changes to the loan note debt reduced from GBP14,880,210 to GBP7,000,000 -- the coupon reduced from 8.5% per annum to 4% payable and 3% in additional loan notes -- the extension of the repayment date from 31 December 2012 to 30 September 2015 -- the removal of the 24.5% premium due on redemption -- the conversion of loan note debt of GBP7,880,210 and other debts of GBP6,005,000 into equity at a price of 57 pence -- the forgiveness of debt comprising unpaid loan note and other loan interest of GBP1,972,000
This restructuring of the Group's balance sheet puts it in a better position to deal with the financial pressures of trading out of the recession. As well as the restructuring of the balance sheet, your Board has sought to restructure the business and has disposed of two non-core parts of the Group.
The Magma coatings business was acquired at the time of the reverse takeover in 2005 and it has developed into a niche specialist coatings business. It was the Board's intention to sell this business in the next couple of years after it had grown further, however an opportunity arose to sell it to the company that manufactures Magma's products and the Board successfully concluded the disposal of Magma just before the end of September 2010. The price was realistic given Magma's trading profile and the potential for its products but the business had been valued at a considerably higher figure at the time of its acquisition in 2005.
The Board also sanctioned the disposal of the Company's 60% holding in CryoJet Industrial Services BV. At the time of the acquisition of this stake in September 2008 the Board believed that CryoJet would be synergistic with the Group's other activities and would form the basis of the Proventec Industrial specialist cleaning division but this ambition was not realised. A number of management and operational issues caused the Board to reassess its view on the potential of CryoJet and after a number of meetings with the original management team in which no headway was made, the Board decided to mitigate its losses and sold the Company's stake at a loss.
As a result of these disposals and actions the Board has embarked on a restructuring of Proventec's operations base in The Netherlands and has greatly reduced the scope of its business. This restructuring exercise has almost been completed and Guido Schoenmakers, our Group Operations Director who has carried out this task on behalf of the Group, will be leaving the Company in the New Year. We are most grateful for all Guido's efforts on behalf of the Group over the last six years and wish him well in his new career.
In the UK the Company has completed the transfer of the Osprey businesses and Proventec Healthcare to its logistical base in Redruth, Cornwall, from where Contico Manufacturing and Spraychem operate.
The Osprey businesses are to be rebranded as OspreyFrank to reflect the close development and manufacturing links with Frank GmbH, the Company's German-based subsidiary.
The trading results for the eighteen months have been affected by a number of factors, both internal and external. The trading environment has continued to be difficult although towards the end of this year there are some small signs that the Company's markets may be picking up.
The sales of janitorial products have been fairly flat and margins have been difficult to maintain. This was due to a combination of the highly competitive domestic market and the weakness of Sterling against the US dollar and the Euro, the currencies with which much of Proventec's product range is purchased.
During the period covered by these accounts Proventec Healthcare has been successful in winning significant tenders from the UK NHS Supply Chain and the Scottish NHS. Both contracts have yet to reach their full potential in terms of sales into the respective NHS sectors in England and Scotland but they are an indication of the Group's ability to service this demanding sector.
The Group's equipment sales from OspreyFrank have been affected by the slow down in capital purchasing by European industry. The Company has used this time to improve the development of its dry steam range but the anticipated upturn in the development of the dry steam market has been put on hold. This is due not only to the general economic conditions but also to the delay in publication of the results of the trial of Proventec's equipment following the NHS sponsored Clinical Trial in the Durham & Darlington Trust, which started in October 2009 and was completed in February 2010.
The Board understands that publication of the report has been held back, together with reports on a number of other NHS initiatives, due to policy decisions within the NHS. While the Company has not seen the results of the report, the Board is led to believe that the report will endorse the efficacy and use of dry steam as a cleaning medium in patient contact areas. Proventec already knows that regular cleaning with dry steam reduces bacteria, resulting in a higher standard of hygiene in the hospital environment and potentially will be of real benefit in the fight to reduce healthcare acquired infections.
While the time taken to penetrate the healthcare sector is frustrating, OspreyFrank has made progress in developing and supplying industrial dry steam cleaning solutions to the food manufacturing sector where cleaning and hygiene standards are valued highly.
The Company has completed the first 'cleaning in place' system on a food manufacturing assembly line for one of the largest international food manufacturers. The line has been successfully installed and commissioned and your Board believes will lead to more business from this customer and this sector.
In conjunction with Proventec's partner, OspreyFrance, the Company has also been working with a major robotics machine manufacturer which has installed Proventec's dry steam cleaning equipment in an automated cleaning line for a leading manufacturer of motor bikes. The steel surface for painting has to be prepared to the highest standard of cleanliness before painting and dry steam has solved this problem, given that solvents are now being phased out and banned in the industrial environment.
Such developments prove that dry steam generation has a future as a general and specialist cleaning medium but it has not yet achieved universal acceptance. However, I am pleased to note that more and more companies in the food manufacturing sector are now looking at dry steam as a possible solution to solving their cleaning requirements in new industrial installations.
The comparison between figures from one period to the other is made more difficult by the removal of the figures for the discontinued operations and the resultant changes to gross profit.
Including the figures for the discontinued operations the comparable turnover and gross profit for the two periods are:
18 months Previous 12 months GBP'000 GBP'000 Turnover 22,622 15,390 Gross profit 8,773 6,617
This reflects a fall in turnover based on a simple time apportionment of 3% and a reduction in gross profit on the same basis of 17% which reflects the challenging trading environment.
The accounts also include a charge for interest paid and payable of GBP2.36 million. As a result of the adoption of the Scheme of Arrangement, this will produce a write back of interest payable in the next period's accounts of those amounts of interest that have been waived and forgiven, which at 30 September 2010 amounted to approximately GBP1.7 million.
Following the restructuring of the Group there is further substantial impairment of those assets and the cost of investments acquired as part of the reverse takeover in 2005. With the benefit of hindsight and in the context of a post recession economy, it is appropriate to impair and write down those costs and the resultant goodwill arising thereon. This is entirely consistent with International Financial Reporting Statements and reflects the value attributed to the rescheduling of our long and short-term debt as set out in the Scheme of Arrangement.
Outlook
While the current trading shows some limited signs of a better 2011, the outlook for Proventec has been vastly improved as a result of the adoption of the Scheme of Arrangement and your Board will continue to work hard for the benefit of all our shareholders.
I would like to thank Peter Teerlink who resigned from the Board with effect from the date of adoption of the Scheme. Peter became Chairman following the reverse takeover of the Group in 2005 and has been a great champion of the business. He had close links with InnoConcepts, our former largest shareholder, which proved to be a good relationship that worked for the benefit of both Groups until the change of control in InnoConcepts in late 2009, and I wish him well for the future.
Finally, may I also express my personal thanks to my fellow Board members, colleagues and our lawyers, Pinsent Masons, for all their support in what has been a most interesting and challenging time.
David Chestnutt
Chief Executive
17 December 2010
UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2010
Unaudited 31 March 2010 2009 GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment 497 906 Goodwill 5,985 27,125 Other intangible assets 541 4,949 Available for sale financial assets - 12 Investments accounted for using the equity method 17 8 ___________ __________ 7,040 33,000 ___________ __________ Current assets Inventories 3,077 2,848 Trade and other receivables 3,638 4,149 Cash and cash equivalents 678 1,095 ___________ __________ 7,393 8,092 ___________ __________ ___________ __________ Total assets 14,433 41,092 ___________ __________ EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital 1,543 1,242 Other reserves 11,612 12,297 Retained earnings (25,831) 3,444 ___________ __________ (12,676) 16,983 Minority interest (31) 252 ___________ __________ Total equity (12,707) 17,235 ___________ __________ Non-current liabilities Long term borrowings 14,633 14,260 Deferred tax 70 - ___________ __________ Total non-current liabilities 14,703 14,260 ___________ __________ Current liabilities Trade and other payables 7,422 6,798 Current portion of long term borrowings 5,015 2,799 Current tax payable - - ___________ __________ Total current liabilities 12,437 9,597 ___________ __________ Total liabilities 27,140 23,857 ___________ __________ Total equity and liabilities 14,433 41,092 ___________ __________
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2010
Unaudited Period ended Year ended 30 September 31 March 2010 2009 GBP'000 GBP'000 Continuing operations Revenue 19,741 14,694 Cost of Sales (12,829) (8,394) ___________ ___________ Gross profit 6,912 6,300 Administrative expenses -recurring (10,379) (6,660) Impairment of goodwill (13,706) (16,000) Impairment of investments - (3,260) Impairment of Intangible assets (2,842) - Impairment of receivables (505) (7,458) -------------- ------------ Total administrative expenses (27,432) (33,378) ___________ __________ Operating loss (20,520) (27,078) Finance costs (2,370) (1,508) Share of associates and joint ventures operating (54) 28 profit ___________ __________ Loss before taxation (22,944) (28,558) Tax credit/(expense) (96) 748 ___________ _________ Loss for the period from continuing operations (23,040) (27,810) Loss for the period from discontinued operations (6,413) (90) __________ ___________ Loss for the period (29,453) (27,900) ========= ========== Attributable to:- Equity holders of the parent (29,360) (27,853) Minority interest (93) (47) __________ _________ (29,453) (27,900) ========= ======== (Loss)/earnings per share (pence) From continuing operations Basic (155.7) (226.7) Diluted (155.7) (226.7) From continuing and discontinuing operations Basic (199.2) (227.4) Diluted (199.2) (227.4)
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2010
Unaudited Period ended Year ended 30 September 31 March 2010 2009 GBP'000 GBP'000 (Loss) for the period from continuing operations (23,040) (27,810) Net exchange differences on translating foreign operations (1,699) 5,764 Profit/(loss) for the period from discontinued operations 158 (90) Loss recognised on disposal of discontinued operations (6,571) - __________ __________ Total comprehensive income/(expenses) for the period (31,152) (22,136) __________ __________ Total comprehensive income / (expenses) attributable to:- Equity holders of the parent (31,059) (22,089) Minority interest (93) (47) __________ __________ (31,152) (22,136) __________ __________
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2010
Foreign Share Share Share Retained Currency Share Minority capital premium options earnings Reserve Warrants Interests Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 April 2009 1,242 155 85 3,444 10,586 1,471 252 17,235 --------- --------- -------- --------- --------- --------- ---------- --------- Comprehensive income Loss for the period - - - (29,360) - - (93) (29,453) Other comprehensive income Unrealised exchange movement - - - - (1,699) - - (1,699) --------- --------- -------- --------- --------- --------- ---------- --------- Total comprehensive income - - - (29,360) (1,699) - (93) (31,152) Issue of shares 301 1,099 - - - - - 1,400 Cancellation of options - - (85) 85 - - - - On disposal (190) (190) --------- --------- -------- --------- --------- --------- ---------- --------- Movement in period 301 1,099 (85) (29,275) (1,699) - (283) (29,942) --------- --------- -------- --------- --------- --------- ---------- --------- At 30 September 2010 1,543 1,254 - (25,831) 8,887 1,471 (31) 12,707 ========= ========= ======== ========= ========= ========= ========== ========= For the year ended 31 March 2009 At 1 April 2008 12,170 21,107 58 (855) 4,822 1,471 32 38,805 --------- --------- -------- --------- --------- --------- ---------- --------- Comprehensive income Loss for the year - - - (27,853) - - (47) (27,900) Other comprehensive income Unrealised exchange movement - - - - 5,764 - - 5,764 --------- --------- -------- --------- --------- --------- ---------- --------- Total comprehensive income - - - (27,853) 5,764 - (47) (22,136) Issue of shares 248 24 - - - - - 272 Issue of Options - - 27 - - - - 27 Reduction of Share capital (11,176) - - 11,176 - - - - Cancellation of share premium - (20,976) - 20,976 - - - - On acquisition - - - - - - 267 267 Movement in year (10,928) (20,952) 27 4,299 5,764 - 220 (21,570) --------- --------- -------- --------- --------- --------- ---------- --------- At 31 March 2009 1,242 155 85 3,444 10,586 1,471 252 17,235 ========= ========= ======== ========= ========= ========= ========== =========
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2010
Unaudited Period ended Year ended 30 September 31 March 2010 2009 GBP'000 GBP'000 Cash flows from operating activities Cash generated from continuing operations (2,717) 348 Interest received 15 121 Interest paid (1,278) (1,442) Tax received 1 9 __________ __________ Net cash flow from continuing operating activities (3,979) (964) __________ __________ Cash flows from investing activities (continuing operations) Acquisition of subsidiaries (net of cash acquired) - (1,112) Increase in investments (51) (6) Proceeds from sale of property, plant and equipment - - Proceeds from sale of available for sale financial assets 50 - Purchase of property, plant and equipment (176) (293) Purchase of intangible assets (44) (81) __________ __________ Net cash flow from investing activities (221) (1,492) __________ __________ Cash flows from financing activities (continuing operations) (Repayment of)/proceeds from new loans 2,451 (712) Proceeds from issue of equity instruments 1,504 272 Payments in respect of hire purchase (87) (54) Costs in issuing equity instruments (104) - __________ __________ Net cash flow from financing activities 3,764 (494) __________ __________ Net cash flow from discontinued 19 3 operations __________ __________ Net (decrease) in cash and cash equivalents (417) (2,947) Cash and cash equivalents at beginning of the period 1,095 4,042 __________ __________ Cash and cash equivalents at end of the period 678 1,095 __________ __________
The financial information in this preliminary announcement is not audited and does not constitute statutory accounts within the meaning of s434 of the Companies Act 2006 (as amended). Group financial statements for 2010 will be delivered to the Registrar of Companies in due course. The Board of Directors approved this financial information on 17 December 2010. Statutory accounts for the year ended 31 March 2009, which were prepared in accordance with the International Accounting Standards and International Financial Reporting Standards (collectively IFRS) and International Financial Reporting Interpretation Committee (IFRIC) interpretations adopted by the EU, have been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain a statement made under s498 (2) or (3) of the Companies Act 2006.
ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
Basis of preparation
These consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS), including the following new or amended standards which have been adopted for the first time. This adoption has not had a significant impact on the financial statements.
-- IFRS 8 Operating segments -- IAS 1 (Revised) Presentation of financial statements -- IAS 1 and IAS 32 (Amendment) Presentation of Financial statements and Financial instruments -- IAS 27 Consolidated and separate financial statements -- IFRS 7 Financial instruments : Disclosure -- IAS 39 Financial instruments : Recognition and measurement -- IFRS 3 Business combinations
IFRS issued but not yet applied
The following standards and interpretations were issued and available for early application but have not yet been applied by the group in these financial statements. The group intends to apply these standards and interpretations when they become effective:
-- IAS 32 Financial instruments: Presentation -- IFRS 9 Financial instruments: Recognition and measurement -- IAS 24: Related party disclosures -- FRC: UK Corporate Governance Code
It is not expected that adoption of these standards or interpretations will have a material impact on the financial statements.
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET SHOWING THE EFFECT OF THE SCHEME OF ARRANGEMENT ON THE BALANCE SHEET AS IF IT HAD TAKEN EFFECT ON 30 SEPTEMBER 2010
Unaudited Unaudited Pro forma Actual 2010 2010 GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment 497 497 Goodwill 5,985 5,985 Other intangible assets 541 541 Available for sale financial assets - - Investments accounted for using the equity method 17 17 __________ ___________ 7,040 7,040 __________ ___________ Current assets Inventories 3,077 3,077 Trade and other receivables 3,638 3,638 Cash and cash equivalents 1,678 678 __________ ___________ 8,393 7,393 __________ ___________ __________ ___________ Total assets 15,433 14,433 __________ ___________ EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital 3,979 1,543 Other reserves 23,062 11,612 Retained earnings (24,522) (25,831) __________ ___________ 2,519 (12,676) Minority interest (31) (31) __________ ___________ Total equity 2,488 (12,707) __________ ___________ Non-current liabilities Long term borrowings 7,292 14,633 Deferred tax 70 70 __________ ___________ Total non-current liabilities 7,362 14,703 __________ ___________ Current liabilities Trade and other payables 5,573 7,422 Current portion of long term borrowings 10 5,015 Current tax payable - - __________ ___________ Total current liabilities 5,583 12,437 __________ ___________ Total liabilities 12,945 27,140 __________ ___________ Total equity and liabilities 15,433 14,433 ----------------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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