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Calluna hits first ever profitable month

So much good news, a rights issue could be on the cards

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Too early for Calluna's long-suffering shareholders to crack open the champagne, but a jar or two may be in order to celebrated the first ever profitable month recorded by the niche hard drive developer. Scottish-based Calluna blames the operating profit achieved in October on rising sales. It did even better in November, the company says. And following a "successful demonstration" of PC Bodyguard, the brand name for its hardware-based firewall Hardwall at Comdex, the company trumpets its first significant orders for the product. How significant and who's buying, Calluna's not saying. The good news accompanies a huge leap in sales for the half yearlies to 30 September 1998 -- up 268 per cent to £10.8 million (1997: £2.9 million). Pre-tax losses remain at a stubborn £2.7 million (1997: £2.765 million). The company ended the period with £1.3 million in cash. Significantly increased sales of the CT520 Type III disk drive account for the turnover increase. It has a forward order book of 55,000 units for the line. Calluna also looks to have overcome earlier production problems, with the "successful transfer" of production to more cost-effective single disk design. It has scheduled early 1999 for initial manufacturing for its new Type II 5mm (ultra slim) disk drive. And it reports an "enthusiastic" response to engineering samples from potential high volume manufacturers. So much good news and all in one day... is this company softening up the market for a rights issue? ®

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