Baltimore Tech announce interim results

Baltimore Technologies today announced its interim results for the six months ended 30 June 2002.

The internet security firm said half-year losses, before interest tax depreciation amortisation and exceptional items, fell to £9.8m (€15.6m), from £39.7m (€63.23m) the same time last year.

Total revenues for H1 were £22.1m (€35.2m) - down from £38.9m (€61.96m) for H1 2001.

Baltimore had a cash balance of £23.1m (€36.8m) at 30 June, compared to £53.9m (€85.85m) the same time last year.

CEO of Baltimore Technologies, Bijan Khezri said: "We have made very real headway in rationalising the business during this half year, yielding significant cash and heavily reducing the ongoing working capital requirements of the business.

"Together, these two factors have strengthened our financial position enabling us to focus on leadership in our core business of authentication, digital signing and authorisation technologies, as our technology continues to be a key part in leading government, finance and wireless infrastructure projects."