Baltimore Technologies Plc Announces Restructuring Close to Completion and Half-Year Results in Line with Expectations for 6 Months Ended June 30 2002

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London, UK – September 10, 2002 – Baltimore Technologies (London:BLM), (“Baltimore”) today announced its interim results for the six months ended 30 June 2002.


Financial Highlights:

Total revenues for H1 were £22.1 million (H1: 2001 £38.9 million).

Gross Margin was 57.3% (H1: 2001:53.9%).

LBITDAE (Loss before interest tax depreciation amortisation and exceptional items) of £9.8 million (£39.7 million in H1: 2001).

Non-cash write-offs totalling £20.3 million, following impairment of goodwill, and amortisation charge (£503.8 million in H1 2001).

Daily sales outstanding (DSO) improved from 83 to 71.

Cash Balance of £23.1 million at 30 June 2002 (H1: 2001 £53.9 million).

Net operating cash outflow reduced to £9.4 million from £43.1million in H1 2001.

Headcount has reduced to 422 (H1: 2001 1177).


Business Highlights

Major customer wins.

Launch of new versions of flagship products


Bijan Khezri, Chief Executive of Baltimore Technologies plc commented:

“We have made very real headway in rationalising the business during this half year, yielding significant cash and heavily reducing the ongoing working capital requirements of the business. Together, these two factors have strengthened our financial position enabling us to focus on leadership in our core business of authentication, digital signing and authorisation technologies, as our technology continues to be a key part in leading government, finance and wireless infrastructure projects.”

About Baltimore Technologies
Baltimore Technologies’ products, professional services and solutions solve the fundamental security needs of e-business. Baltimore’s e-security technology gives companies the necessary tools to verify the identity of who they are doing business with and securely manage which resources and information users can access on open networks. Many of the world’s leading organisations use Baltimore’s e-security technology to conduct business more efficiently and cost effectively over the Internet and wireless networks.

Baltimore’s products and services are sold directly and through its worldwide partner network, Baltimore TrustedWorld. Baltimore Technologies is a public company, trading on the London Stock Exchange (BLM). For more information on Baltimore Technologies please visit http://www.baltimore.com