There are still strong opportunities for Baltimore Technologies despite the current negative market sentiment to the technology sector, shareholders were told at today's AGM in London.
Baltimore's chairman Mr Peter Morgan also gave Baltimore's chief executive Mr Fran Rooney an endorsement from the board. "I believe we have a strong team managing this company, and great products and solutions."
Mr Morgan said the £35 million cost cutting package announced this week which will cut 250 jobs was regrettable but necessary in the changing market.
He said "across the IT sector we have seen delayed decisions, deferrals, extended phasing of projects over longer periods and a tougher environment in general.
There is also more focus by customers on the traditional values of return on investment and total cost of ownership."
But he said there is also evidence that the Internet security market is going to enter into a period of considerable growth.
Quoting a survey by research company Datamonitor Mr Morgan said that by 2006 the total online security market will reach $3.4 billion while the total market addressable by all Baltimore's products and services is expected to be in excess of US$6 billion by 2005.
Mr Morgan also gave Baltimore's chief executive Mr Fran Rooney an endorsement from the board. " I believe we have a strong team managing this company, and great products and solutions."