Baltimore announces 2002 results

Baltimore Technologies has announced preliminary year-end results for the year ended December 31 2002.

The company cut its losses before tax to £65.3m (€96.28m) down from £659m (€971m) for the previous year.

It achieved this through rigorous cost cuts and operating expenses overall were down 77% year on year.

It reduced its number of employees by 600 and now employs 295.

Its revenues also fell, from £70.4m (€103.8m) to £35m (€51.6m) but this includes, for the previous year, revenue for discontinued operations.

On continuing operations Baltimore said its revenues appear to be stabilising.

CEO Bijan Khezri said that the company was now concentrating on increasing its revenues.

He said that it was difficult to predict performance in the next quarter due to the present uncertain macroeconomic and geopolitical climate.