LDR Landround

    Trading Update
             



                            Landround plc

                            ("Landround")

                           Trading Update

Landround, the  reward  programmes  and  promotions  business,  today
provides an update on  trading expectations in  relation to the  half
year ended 31 July 2008.

White  Label  Rewards  Limited  ("WLR"),  the  Landround   subsidiary
focussed on the provision of reward programmes to clients wishing  to
run these under their own branding,  has signed two new contracts  in
the  period  with  Citigroup  Inc.("Citigroup").   These  relate   to
supporting Citigroup's  "Travel  Pass"  programme in  Italy  and  the
United Arab Emirates.  Both programmes have been launched in the last
month.  These contracts  bring to  five the total  number of  "Travel
Pass" programmes which WLR is now working on with Citigroup.

Although good  progress is  being made  with these  and the  existing
programmes, the pace at which  these are producing revenue is  behind
the Board's  original  expectations.   This has  impacted  levels  of
revenue in the first half of the current financial year to 31 January
2009 and is also  expected to impact on  the revenues for the  second
half.

In addition, progress  made in  relation to new  contracts under  the
Group's buy and fly! brand has  been slow and revenue in  promotions,
although  well  ahead  of  2007/8,   has  fallen  short  of   earlier
expectations.

As a result of these factors,  the operating loss for the first  half
of the  year  is  now  expected  to  be  greater  than  the  �250,000
pre-exceptional loss recorded in the first half of the prior year.

Results for the second half of the year are heavily dependent on  the
pace of growth of  the three Travel Pass  programmes launched in  the
first half and on progress made  in relation to a number of  existing
and prospective buy and fly! customers.  The Board intends to  update
the market further with respect to  these matters at the time of  the
planned  Interim  results   announcement,  currently  scheduled   for
October.

David Owen,  Chairman,  commenting  on the  update  said  "The  Board
believe that,  despite the  impact of  the above  on the  short  term
results,  the  progress  made  by  WLR  in  terms  of  contracts  and
programmes launched is creating a  strong base for future  contracted
income for Landround."

Enquiries:

David Owen, Chairman
Landround plc                                                    Tel:
07976 723276

Colin Gibson, Chief Executive
Landround plc                                                    Tel:
01244 220150

Simon Leathers
Daniel Stewart & Company plc                            Tel: 020 7776
6550

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