Baltimore Technologies today said it had reduced pre-tax losses for 2002 fell from £659.7 million sterling to £65.3 million after reaping the benefit of a recent cost-cutting drive.
The online security firm said sales halved to £35 million compared to £70.4 million the previous year after the company disposed of a number of businesses.
The company said that LBITDA for continuing operations fell to £20.8 million from £65.6 million in 2001, while operating expenses fell 77 per cent to £59.6 million.
"We have successfully revitalised and strengthened our core business, reinvigorated our employee base, invested in promising new product categories and laid the foundation for an increasingly productive operational infrastructure," said chief executive Mr Bijan Khezri.
Mr Khezri said the firm was now focussed on growing revenues rather than driving profitability through further cost reduction. "The overall market environment remains uncertain, difficult to predict and slow-moving causing a lengthening of the sales cycle," he said.
Separately, the Baltimore announced that it has won a $2.8 million contract with the Saudi Arabian Monetary Agency, the central bank of the Kingdom of Saudi Arabia.