Baltimore appoints new chief as revenues decline

Not planning any more cuts

By John Leyden • Get more from this author

Posted in Business, 10th October 2001 11:37 GMT

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Baltimore Technologies has appointed a fresh chief executive tasked with restoring to health the once high-flying security firm.

Bijan Khezri, who's had two spells as non-executive director with the Irish-based firm, replaces interim chief executive and chief finance officer Paul Sanders, who is leaving the business. Baltimore is now searching for a replacement to Sanders as chief finance officer, with Khezri taking on the job in the interim.

As previously reported, in August Baltimore announced that 220 jobs would be lost as part of a restructuring that will involve the disposal of its content security business.

Dwindling cash reserves and disappointing sales of its core PKI technology have forced Baltimore to take a scythe to its business, after a string of disappointing financial results that have been accompanied to heavy job losses. Around 1,400 people worked for Baltimore at the start of the year but this will be cut to 470 by the second quarter of next year.

Khezri told financial analysts in a conference call this morning that the restructuring plan was going well and that he didn't anticipate Baltimore would have to make further job cuts.

Baltimore released unaudited management accounts for its third quarter which put its revenues at £15 million compared to £16.5 million for the previous quarter. Profit or (loss) figures weren't released.

Following Baltimore's voluntary delisting from NASDAQ (its share price has fallen 98 per cent over the last year), the firm will only be announcing full financial results for the half year and at year end. ®