Tues, Sept 16, 2003

BALTIMORE BREAK-UP TO CONTINUE - Baltimore Technologies has reported
sharply lower first-half pre-tax losses of 9m, compared with 43m in the
same period last year. Losses before exceptional items were slashed from
9.9m to 2.2m.

Total revenues dropped from 22.1m to 9.7m, while sales from continuing
businesses fell from 13.2m to 9.3m.

The company had cash balances of 14.6m at the end of the period, but
expects a further 15.9m from a series of disposals. Staff levels at
Baltimore have been cut from 422 to 255 in the period and the company says
this process will continue.

R. A. Hettinga <mailto: [EMAIL PROTECTED]>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'

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