Irish security vendor Baltimore has reported a £660m loss for 2001 and said that it will miss its break even target.
The firm had hoped to break even this summer but admitted that tough market conditions mean it will not do so before 2003.
Executives insisted that its £38m reserves would see it through to break even and that customers should have "no nervousness" over the firm's future.
Having previously gone on an acquisition spree, Baltimore has been forced to sell off units to avert a cash crisis.
The company has had to write off investments such as Content Technologies, which it bought for £645m but ending up selling earlier this year for just £20.5m.
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