Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Sanders steps down as Baltimore's sales slow

Liz Vaughan-Adams
Thursday 11 October 2001 00:00 BST
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Baltimore Technologies named Bijan Khezri as its chief executive yesterday and parted company with Paul Sanders, its chief financial officer and acting chief executive, as it issued worse-than-expected third-quarter sales figures. Shares in the Dublin-based internet security software firm rose 2p to 16p.

In addition, Mr Khezri, who has been involved with the business for the past four years, said Baltimore was in advanced discussions with three to five parties over the sale of Content Technologies. The unit, which produces software that sweeps emails for viruses, was bought a year ago in an all-share deal worth around £525m, although analysts have valued it at more like £25m to £50m recently.

Baltimore also said yesterday revenues in the third quarter were £15m, well beneath analysts' estimates of around £16m to £17m and less than the £16.5m recorded in the second quarter of the year. Cash, at 30 September, stood at £32.4m, down from £54m three months ago.

Mr Khezri said, taking into account potential disposal proceeds, existing cash and recent cost-cutting measures, he was "very confident" Baltimore would not need additional funding. The business is expected to break even toward the end of the second quarter of 2002.

While further redundancies could not be ruled out, he did not envisage another major programme of job cuts.

Mr Khezri, who will assume responsibility for the company's finances until a new finance director has been found, explained Mr Sanders' departure by saying: "His job has totally changed. He wanted to be part of a growth company and it's become a major restructuring case."

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in