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Baltimore revenue triples
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February 21, 2001: 4:31 a.m. ET
Irish e-commerce company posts wider loss but remains upbeat
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LONDON (CNN) - Baltimore Technologies, the Irish Internet security company, said its full-year loss widened as it spent more money on winning business.
The company made a loss of £92.5 million ($134 million), or 23.1 pence a share, compared to a deficit of £30.7 million, or 10.27 pence a share, a year ago. Revenue tripled to £74.2 million.
 Baltimore (BLM), which produces software to make electronic commerce safer, put the loss down to the cost of buying other e-commerce companies and extra marketing expenses.
"Through acquisition we have expanded our product offering to include the additional high growth areas of content security," Chief Executive Fran Rooney said in a statement. "As a result we now have access to a market which is forecast to exceed $6 billion by 2005."
The company, which has been bounced in and out of the FTSE 100 benchmark index in London after its shares plummeted from over 1,300 pence in March to almost 300 pence, said it was confident about prospects for 2001, despite a downturn in the U.S. economy.
The company said it lost £25.4 million before interest, tax, depreciation and amortisation. David Johnstone, a technology analyst at Beeson Gregory, had forecast a loss of £33.2m, excluding amortisation.
Baltimore shares lost 7.3 percent to 289 pence in early London trading. 
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