Buy & Fly Landround PE of 4

But they were tipped as a Share Mag buy for 2004. Highlights:

"While the opportunity to buy into a recovery has been and gone – the shares are up 85% on their 2001 low of 56.5p – investors should still buy now for growth."

"Net cash jumped 35% to £2.11 million in the second half and is forecast to grow to £3 million and £5 million in 2004 and 2005 respectively. Out of the £9.9 million of revenues in the year ended 30 September, three-quarters came from clients that signed up for a second campaign."

"Its high-margin vouchers business showed record growth in the six months ended 30 September, helped by contracts with newspapers including Associated Newspapers and the Daily Mail. Its Buy and Fly! arm runs along similar lines to customer loyalty schemes by offering customers points that can be redeemed for free flights."

"Margins in the unit increased from 44% to 47% in the six months to 30 September."

"The growth hotspot for the unit is Ireland where it is the only operator of its kind. It added an office in Dublin in November and recently signed Ireland’s largest petrol retailer as an issuer of Buy and Fly!. Potential investors should watch for a similar signing in the UK."

"Analyst Nick Bartram at Baird Securities predicts a tie-up with a major consumer brand could treble the group’s profitability. At the full-year results earlier in December, the chief executive said that a major deal was two months away. He reiterated this timeline in an interview to Shares, adding that although any deal would not have a significant impact on earnings this financial year, from 2005 onwards the effect could be ‘exponential’"

I LOVE that word "EXPONENTIAL"

EXPONENTIAL: A function which raises some given constant
(the "base") to the power of its argument. f x = b^x

Just wondering what the f^^k the letters in the equation are. Sounds like the dog's b^^^^x to me whatever.