Updates

Landround - 22p-a-share net cash

July 2002

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

As expected, Landround, the voucher based travel promotions specialist, stormed back into profit for the six months ended March, although the group cautioned that it is yet to see a full blown recovery. Pretax profit was Â£0.27m, giving earnings of 3.3p. Although turnover fell 19.7% to Â£2.9m, gross margins recovered from the depressed 21% in last year's second half to 41% thistime as sales of the traditional higher margin voucher products recovered. The latter had previously suffered from a refocusing in the sales force towards the new exciting product "Buy and Fly," a points based promotion similar to Air Miles. Net cash was Â£1.2m (22p a share) down from Â£1.4m twelve months previously. &nbs ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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