Travel promotions play Landround - a Company Watch recommendation at 205p in the August/September issue of Growth Company Investor - hit turbulence following disappointing interims in the summer; yet we remain fans ahead of annual numbers to September. Thanks to improved second-half trading, yearly profits should meet forecasts, according to Landround's recent trading update. Those half-time figures to March revealed a drop in adjusted profits to £482,000 (£950,000), despite 25% turnover growth at £4.96m, although it must be pointed out the comparable figures were well above expectations. An exceptional item of £454,000 related to one large voucher promotion in the Landround Travel business, which dragged the group to a £26,000 loss (£896,000 profit). Ignoring this blip, chief executive David Lyne flagged up several achievements, chief among them the long-term contract signed with Morgan Stanley in January for the issue of a 'Buy and Fly!' credit card. This was Landround's first major consumer-oriented contract, and a big development for the 'Buy and Fly!' flight promotions business, where sales were up 57%. Lyne sees the Morgan Stanley win as a 'forerunner' for other large deals. Overall, we believe Landround's sales prospects are encouraging and the voucher business is a robust one that should attract substantial orders. Evolution Securities suggests adjusted full year profits of £2m from sales of £11.2m, giving earnings of 27.5p and an undemanding forward multiple of 9.9.