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Revenue generation from new contracts has been disappointing for Landround.
The promotions company says that this has hit revenues in the first half and will continue to do so in the second half. The first half loss will be greater than the £250,000 reported for the first half of last year.
The buy and fly! rewards programme has been disappointing, although revenues have grown. The white label business with Citigroup has been slow to take off. It has been launched in five countries and it augurs well for longer-term revenues.
Landround has had too many disappointments in recent years and the shares slumped 4.5p to 7.5p. That values the company at £1.05m. Net cash at the end of January 2008 was £1.1m, but the loss is likely to have reduced that figure.
Interim figures will be published in October – three months earlier than last year.
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