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.
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.