Baltimore restructures to survive

Emergency measures for ailing security firm...

Irish security vendor Baltimore Technologies has announced a massive restructuring plan aimed to get the struggling firm out of the hole it's currently in. The firm aims to sell off all non-core activities to raise cash, and is to shed a further 220 jobs as the one-time high flyer struggles for survival. The announcements come as the security vendor reports its second quarter results underlining the troubles it has been facing. The results show static revenues of £16.5m and widening losses. In a statement, acting CEO Paul Sanders said: "Clearly these results are not acceptable and do not reflect the company's true potential." He said the measures announced will address the situation. More to follow...