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Memory sees first profit in five years

Sales increase six-fold to pep up figures

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After five long years of losses, Memory Corporation has at last recorded a profit. The turnaround came in the last quarter of 1998. The chip designer turned in a pre-tax loss of £2.24 million for the year on turnover of £47.9 million. For the fourth quarter of 1998, the company made an operating profit of £33,000, but a pre-tax loss of £309,000 on turnover of £26.3 million. The good news follows hard on the heels of the announcement that Memory has won a contract to supply memory products for ICL/Fujitsu Epos systems worth £7.9 million. The company’s broker, Beeson Gregory, is forecasting pre-tax a profit of £4.5 million for 1999, rising to £10 million for 2000. ®

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