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22/08/2001
Over two hundred jobs axed at Baltimore Technologies
Dublin based Internet security firm Baltimore Technologies has announced that over 200 jobs will be axed in light of its troubling half-year results.
Announcing the results for 2001 on Wednesday, the company said total revenues were £39.4 million sterling, with losses before interest tax depreciation, amortisation and exceptional items of £41.6 million.
The company also had a £503.8 million write-off following a write-down of acquisitions and amortisation charges.
As a result 220 jobs will be immediately lost across Baltimore’s offices with a view to reducing its head count to about 470 next year through further redundancies and the sale of non-core businesses.
The company currently employs 1,150 people throughout Ireland, the UK and US, however it is not known where the job cuts will be.
Outlining details of the company’s restructuring plans, acting CEO Paul Sanders said there was little doubt this has been a difficult period for the group. He added: "Clearly these results are not acceptable and do not reflect the company’s true potential. The measures we have announced today will firmly address this situation. This restructuring provides us with a clear, fully funded path to profitability.” (AMcE)
Announcing the results for 2001 on Wednesday, the company said total revenues were £39.4 million sterling, with losses before interest tax depreciation, amortisation and exceptional items of £41.6 million.
The company also had a £503.8 million write-off following a write-down of acquisitions and amortisation charges.
As a result 220 jobs will be immediately lost across Baltimore’s offices with a view to reducing its head count to about 470 next year through further redundancies and the sale of non-core businesses.
The company currently employs 1,150 people throughout Ireland, the UK and US, however it is not known where the job cuts will be.
Outlining details of the company’s restructuring plans, acting CEO Paul Sanders said there was little doubt this has been a difficult period for the group. He added: "Clearly these results are not acceptable and do not reflect the company’s true potential. The measures we have announced today will firmly address this situation. This restructuring provides us with a clear, fully funded path to profitability.” (AMcE)
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