For a company specialising in internet security, Baltimore's management has recently been showing anything but a safe pair of hands.

Hot on the heels of the sudden resignation of chairman and chief executive Fran Rooney came a statement from the group's auditors revising upwards group revenues to June. The company indicated that it would present a major restructuring plan for the group when it announced interim figures next month.

Unfortunately, Baltimore has also had to adjust revenues from India, the Middle East and Africa for the fourth quarter of 2000 and the first quarter of 2001. It acknowledged revenues in these regions had been overstated by £5 million sterling.

Such overstatements are not unique among new technology firms and they will not impact on the forthcoming results or the company's current cash positions, but it is one more in a perplexing series of gaffes by the company in recent times that raise questions about the group's management, says Dolmen, which rates the company a "hold".

dcoyle@irish-times.ie