must be a bargain at .22c, page-5

re: must be a bargain at .22c now .27now.29 Looking good for more upward movement as market takes in recent AGM and Chairman's words on where HLD heads from here. Looks like a good accumalation time as its been well oversold and its down trend turns around.

From the chairmans address.....


HomeLeisure Objectives for 2005
Our objectives for the group in 2005 can be summarised as follows:
1. The continued profitable growth of our Entertainment Division through the focused
acquisition of movie and music titles to add to our well established back catalogue. To
this end we continue to acquire titles and form strategic alliances with other
Entertainment Groups.
2. The continuation by Central Station of new and attractive offerings in its core dance
music category. Management expects to release a number of compilation albums this
year.
3. The continued profitable growth of our Giftware Division with a focus on achieving a
profit in the UK business in its third year of operation.
4. An overall group focus on lowering the costs of doing business with a clear focus on
reducing working capital employed wherever possible.
5. The negotiation of a more flexible bank finance arrangement with extended credit lines
to meet seasonal peaks in our businesses. We can report that a new extensive banking
facility was put in place in April.
6. The finalisation of the restructure of Housewares to set a base for profitable growth. We
now believe that we have achieved this goal subject to consumer market conditions and
the development of new product lines.
7. To increase profits above last years reported results.
Trading year to date and full year outlook
Despite the disruptive impact on profitability of the restructuring in the Housewares division the
unaudited forecast for the first five months of the current year is approximately $150,000 less at
the EBIT line compared to the corresponding period last year.
We are pleased to report that both our Entertainment and Giftware divisions have commenced
2005 at levels of profit well above the start of 2004. However, the improved trading in these
Divisions has been offset by lower trading in Housewares.
We have clearly benefited in our Entertainment Division from new store rollouts by some of our
major customers. Whilst unit prices are lower our volumes are substantially up. Revenue is
currently 29% ahead of last year and profit is well ahead of the previous corresponding period.



Good trading
M2u