Feeds

Baltimore appoints new chief as revenues decline

Not planning any more cuts

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

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. ®

External Links

Baltimore welcomes the new broom

Related Stories

Baltimore unveils lifeboat plan as 220 crew drowned
More jobs to go at Baltimore
Baltimore CEO quits
Baltimore slashes 250 jobs as losses grow
Baltimore denies it's in takeover talks with CA
Baltimore Technologies faces takeover action

Website security in corporate America

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Bono: Apple will sort out monetising music where the labels failed
Remastered so hard it would be difficult or impossible to master it again
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.