Baltimore shares plummet after warning

Irish Internet security firm Baltimore Technologies warned today that first quarter revenues would be below market expectations…

Irish Internet security firm Baltimore Technologies warned today that first quarter revenues would be below market expectations as a result of the slowdown in the US economy.

Baltimore shares fell 20 per cent to £1.20 on the London market this afternoon, compared to a 52-week high of £10.48.

Speaking at a briefing for investment analysts in Dublin today Baltimore's chief executive Mr Fran Rooney, said the US downturn presented "challenging trading conditions" for the company.

As a result the company expects first quarter revenue for 2001 to be approximately £25 million compared to £28.3 million in the fourth quarter of 2000.

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Baltimore will make a further statement in the second week of April with detail of the final revenue for the first quarter together with an update on market and corporate initiatives.