Baltimore shares surge as new CEO enters the breach

Shares in Baltimore have jumped after the Irish security vendor appointed a new CEO today. This is despite interim figures showing a continuing slump in revenues.

Shares in the company rose 14.3 per cent to 16p in early trading.

New CEO Bijan Khezri, currently a non-executive director of the firm, replaces Paul Sanders, who has been serving as temporary CEO and CFO since founder Fran Rooney stepped down in July.

The move will see Sanders leave the firm entirely, meaning the beginning of a search for a CFO to replace him.

Khezri has been involved in a number of technology companies, including Frankfurt-listed Jetter AG, silicon valley network security firm VPNet and UK PKI start-up Despatchbox.

In a statement, Khezri said Baltimore needed to effectively combine the first-class employees, technology and customer base the company already had.

Baltimore also stated financial highlights of the company's third quarter performance, saying it had revenues of £15m, down by over 25 per cent from the same quarter on the previous year. Revenue was also down £1.5m from the previous quarter this year.

Baltimore refused to provide further details, saying it was no longer obliged to give full quarterly figures since its voluntary de-listing from the Nasdaq exchange earlier this year.

Baltimore has cut over 500 staff this year already as it struggles with a major restructuring programme which will eventually see the disposal of its anti-virus business.