Baltimore reduces losses to £2.2m

SHARES in Baltimore Technologies raced ahead by 12% yesterday after the one-time FTSE 100 high-flyer reported losses for the first six months of the year of just £2.2m, down from £9.9m a year earlier.

The shares fell in later trading yesterday to end 6% up on the day.

Goodbody Stockbrokers re-rated the shares following the results, which show the company will have a net cash position of £30.5m following the sale of some operations, equating to 50p a share. Baltimore shares opened at 33p yesterday and closed at 37p.