An unsurprising profits warning has ensured Calluna will not be delivering jam today or tomorrow. Management, however, are remaining adamant that jam can be delivered some time in the future. Just exactly when though no-one exactly knows. When Calluna was rescued from oblivion by a refinancing act last year it was bold enough to make all manner of positive noises (despite its history of losses and profit warnings). Amongst them was the claim that demand for its miniature disc drives would improve and that profits would soon be delivered. But as is usual with Calluna it was all posturing. The group has just reported that it would not meet its target for the year to March following a downturn in sales this year. Results will now be 'substantially below' expectations. Another fund-rasing exercise is a distinct possibility.