Massive cutbacks at the one-time FTSE 100 company Baltimore

Technologies has cut losses before tax and depreciation to £9 million from £41.8m in the first half of the year.

The former darling of tech investors, which came crashing down to earth at the end of the tech stocks boom, yesterday reported better than expected results for the first six months of the year with total revenues falling to £22.2m, down 43% over the first six months of 2001.

Cash burn has fallen to £9.4 million in the first six months of this year from £43.1 million in the first half of 2001 in a year which has seen a massive transformation of the company, which employed 1,177 last year and now has fallen to just 382 at the end of