Feeds

Baltimore appoints new chief as revenues decline

Not planning any more cuts

  • alert
  • submit to reddit

The essential guide to IT transformation

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

Build a business case: developing custom apps

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
XBOX One will learn to play media from USB and DLNA sources
Hang on? Aren't those file formats you hardly ever see outside torrents?
Class war! Wikipedia's workers revolt again
Bourgeois paper-shufflers have 'suspended democracy', sniff unpaid proles
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Solving today's distributed Big Data backup challenges
Enable IT efficiency and allow a firm to access and reuse corporate information for competitive advantage, ultimately changing business outcomes.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.