Baltimore Technologies chief executive Mr Fran Rooney increased his remuneration almost 2 1/2 times last year, with his total package increasing from £187,000 sterling (€301,000) in 1999 to £454,000.

Details of the remuneration package enjoyed by Baltimore directors come just days after the firm's share collapsed after a trading statement. The shares closed yesterday on 931/2p sterling and are now trading 93 per cent below their all-time high of £13.75.

According to the annual report, Mr Rooney had a basic salary of £262,000 and received a bonus of £177,000 and benefits of £15,000. Mr Rooney is the only one of Baltimore's current executive directors to get a bonus payment for last year.

Baltimore did not pay any dividends last year, but Mr Rooney realised £5.8 million last year when he sold one million shares at 580p sterling each.

The report shows the firm's former chairman, Dr Henry Beker, received £326,000 compared to £197,000 the previous year. Dr Beker resigned last September and his package for last year includes £203,000 compensation for loss of office. Dr Beker also sold one million shares last year and realised £5.8 million.

Chief financial officer Mr Paul Sanders only joined the Baltimore board in December, but is listed as having an annual salary of £190,000.