Baltimore Technologies to cut more than 600 jobs

Baltimore Technologies this morning announced over 600 job cuts, with 30 of those to come in its Dublin office.

Some 220 jobs will be lost immediately across Baltimore's offices. The job cuts at its Dublin headquarters follow 250 redundancies announced there in May.

Baltimore also said it is delisting from the NASDAQ and will review the operation of its network of offices having already cut this to 31 from 58.

Announcing its half-year results for 2001, the company said total revenues were £39.4 million sterling, with losses before interest tax depreciation, amortisation and exceptional items of £41.6 million.

The company also had a £503.8 million write-off following a write-down of acquisitions and amortisation charges.

Outlining details of the company’s restructuring plans, acting CEO Mr Paul Sanders said there was little doubt this has been a difficult period for the group.

"Clearly these results are not acceptable and do not reflect the company’s true potential. The measures we have announced today will firmly address this situation," he said.

Under the plans, cost savings of £72 million will be sought and non-core operations will be sold off to allow the company focus on e-security and encryption software technologies.