Baltimore Technologies has deferred its annual general meeting planned for tomorrow to May 18th. Chief executive Mr Fran Rooney attributed the delay to a need to find a bigger venue for the London meeting following indications that a larger number of shareholders than usual planned to attend.

Mr Rooney said that normally only 10 to 15 shareholders attended but more than 50 shareholders were now expected at the May 18th meeting. The deferral had "nothing whatsoever" to do with the operational review currently under way at Baltimore aimed at streamlining operations and cutting costs, he insisted. Analysts estimate the company needs to cut projected costs by about £20 million sterling (€32.25 million) to meet its target to move into profit next year.

In recent weeks Baltimore has issued two profit warnings in quick succession which have led to sharp falls in its share price. Early last week Baltimore shares fell to 66p sterling, just off their 65p sterling low for the year. Later in the week the shares rose with the market closing on Friday at 72p sterling.

Mr Rooney told The Irish Times yesterday that the outcome of the operational review would be announced with first-quarter results on May 15th.