Shares in Baltimore Technologies rose in London this afternoon after chairman Peter Morgan told the company's AGM in London that trading was in line with expectations.
He told shareholders that with sales proceeds from its disposals, Baltimore had enough enough working capital to cover its needs until it turned profitable. It expects a profit in the first or second quarter of 2003.
Mr Morgan told the AGM asset disposals of £29.7m sterling had been agreed as part of the company's restructuring programme, generating £12m in cash.
Staff numbers have fallen from a peak of 1,400 to around 562 at the end of January. This will fall to below 420 once the sale of its Australian division has been completed.
Baltimore shares gained 20% to just over 9p sterling in London.
