Mail-order software retailer Dream Direct arrived on Aim via a reversal into erstwhile fully-listed food producer Willisham. Its launch was accompanied by a £300,000 placing at 88p and a £2.3m KBC Peel Hunt-advised offer for subscription at the same price. Dream Direct derives its revenue through 'traditional, paper-based mail-order in the national press' and website-based sales. It sells games titles ranging from Scrabble to Harry Potter and educational products such as language tutorial programmes. The management believes the market for its products could be worth £750m by 2003. In the nine months to December, Dream Direct generated sales of £2.7m and a £748,000 loss. It has failed to make a profit in the last four years. Investors should steer clear.