Baltimore Technologies, the security specialists, announced losses of £7 million for the third quarter ending September 30. Revenues were up 24 per cent on last quarter and 215 per cent on the same quarter last year to £20.1 million.

During the quarter revenues from license fees rose by 28 per cent to £10.3 million, and now account for 51 per cent of total revenues.

The company spent the quarter shopping for other e-security companies, eventually acquiring Content Technologies and more recently Nevex Software Technologies, a developer of access and authorisation applications.

Fran Rooney, the company CEO, said that the quarter had been a very positive one for Baltimore. He highlighted the revenue growth, and customer wins as particular successes. These, along with the two acquisitions, underlined the "continuing momentum in our business," he said.

Gross margins increased two per cent from Q2 to 66 per cent. Baltimore said that this was due to the increasing contribution from licensing. The company also reduced its losses and charges to 28 per cent of revenue, compared to 80 per cent of income in the same period last year. ®

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