March 22nd trading statement:

Trading update
The Board of Air Music, the producer and manufacturer of low priced
entertainment products, has noticed the recent volatility in the financial
markets and its resulting indirect impact on the Company's share price and would
like to state that the Company's performance in the current financial year to March
2004 has been very encouraging.
All subsidiary operations have fulfilled their targets to date and the Company
is confident of meeting its brokers' full year 2003/04 forecasts of a profit
before tax and goodwill amortisation of #1.876m on a turnover of #13.300m
compared to #1.032m and #8.032m respectively last year.
Air Music continues to explore expansion opportunities through earnings
enhancing acquisitions and entry into new markets and is confident that growth
will continue into the 2005 financial year.


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The way I see it, prelims are July 1 approx.

They say they will meet market expectations which is for 0.73p which means a PE of 11 for this year and earnings growth of around 45%.

The foreward PE is single digit.

They say in the statement that Pre-tax will meet broker estimates of 1.867m - that will be an increase in pre-tax profits of 80%+

Turnover will have increased from 8m to 13m.

Top line growth of 65%, bottom line growth of 80%, PE 10 or less.

Seems cheap to me.

CR