Troubled Internet security firm Baltimore Technologies said today it had discovered revenues for its India, Middle East and Africa region had been overstated in 2000.
The company said the likely impact was a reduction in the revenue figure for the 12 months to end-December 2000 of 5.5 per cent - to £70.1 millionfrom £74.2 million - and in the three-month period to end-March 2001 of 3.4 per cent to £22.9 million pounds from £23.7 million.
"The adjustments - necessary because of the actions of a limited number of employees, all of whom had left the company - would have no effect on the results for the three months to end-June 2001 or on the current cash position of Baltimore," the company said in a statement.
"The overstatement of revenues was due to incorrect contract classifications," it said.
Baltimore shares, which have plummeted in recent weeks, were down over 9 per cent in London at 22p this afternoon.