Baltimore's US boost

Baltimore made its name in a key area of e-commerce

Internet security firm Baltimore Technologies has announced booming revenues as a result of its growing sales in the United States.

The company's second quarter revenues were higher than analysts had expected, and losses were lower than forecast.

Revenues in the three months to June 30, 2000 jumped a whooping 221% to £16.3m from the same period last year, busting forecasts of between 12.9m and 14.1m.

"Over 60% of our revenues were generated outside Europe in Q2 2000 and with 26% of revenue emanating from the United States, Baltimore is delivering on our investments in key regions," said chief executive Fran Rooney said.

The company's pre-tax loss grew to £13.4m from £9m in the second quarter of last year, but again much better than expectations of between £20m and £23m.

Commerce One deal

Baltimore said it was looking forward to continuing strong revenue growth as a result of new legislation to increase security on the internet and within e-commerce.

That will create "vast opportunities" for the group," the company said.

As part of the increasing demand for internet security products, Baltimore said it would provide "e-security" products and services to the Commerce One MarketSite Portal Solution.

The technology is designed to give Commerce One customers with confidentiality and data integrity for doing ecommerce.

Over the longer term, Baltimore hopes to benefit from growing demand for its products.

"We believe that the e-security market is poised to grow significantly as companies and governments continue to capitalise on the potential presented by the global e-marketplace," Baltimore said.