Dublin-based security software vendor Baltimore Technologies has reported better than expected financial results for the second quarter of the year.
Baltimore, listed both on the London Stock Exchange and Nasdaq, made a loss of £13.2m for the three months ending 30 June, compared with a loss of £9m in the same period last year.
The results comfortably beat analysts' estimates of losses above £20m. Revenue was also higher than expected at £16.3m - up from £5.1m last year, and between £2m to £4m higher than expectations. The company said 60 per cent of revenue came from outside Europe, including 26 per cent from the US.
Shares in Baltimore had risen by more than five per cent, from 647p to 682p, by 11am today. The company was dropped from the FTSE100 in June after a three-month stay, following a decline in the value of technology stocks across the board. Its share price had been as high as 1480p in March.
Baltimore attributed the losses to costs relating to earlier acquisitions. It bought US company Cybertrust Solutions for $150m January and took a 72.5 per cent stake in Japan's NSJ for $25m in March.
Baltimore is beefing up to compete with US rival VeriSign, among others, for a market that research firm IDC predicts will be worth $2.6bn by 2003.
Fran Rooney, chief executive of Baltimore, said: "This has been an excellent quarter for Baltimore with record revenue growth across all regions. The 402 per cent increase in licence revenue over Q2 1999 demonstrates our continuing success in winning new customers and partners in target vertical and geographic sectors."
During the period Baltimore added CommerceOne, Banco Santander, Certall, Visa, Intel Internet Authentication Service, Australian Health Insurance Commission, the US Massachusetts Health Data Consortium, and the Irish Revenue Commissioners to its client roster.
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