Bermuda-based investment house Acquisitor Holdings increased its stake in Baltimore Technologies yesterday as the one-time internet security provider announced that it had made profits of almost €11 million last year, unveiled a new strategy and announced radical changes to its board.
Baltimore announced yesterday that it made a pre-tax profit of £7.3 million sterling (€10.94 million) in 2003, compared with a loss of £65.3 million the previous year.
Revenues for the year were £18.2 million, compared with £35 million in 2002. Basic earnings per share (eps) in 2003 were 14.6 pence, compared with a loss of 125.2 pence the previous year.
Baltimore, the former FTSE-100 internet security company founded by Irishman Mr Fran Rooney, disposed of all its businesses last year, in a change of strategy led by chief executive Mr Bijan Khezri. It is now a shell with £24.7 million in cash, which constitutes its main asset.
In a series of changes announced yesterday, Mr Khezri intends stepping down as chief executive and taking the chairman's role. Mr David Weaver, former managing director Europe, BP Gas, Power and Renewables, will replace him.
Mr Alfredo Goyanes, former head of European energy research with Lazards, will be chief financial officer.
The move is designed to pave the way for the company's entry to the energy market through the purchase of one of a number of virtual energy suppliers it has in its sights. Its shareholders will be able to vote on its new business plan at an extraordinary general meeting (e.g.m.) next month.
Acquisitor, its largest shareholder, is trying to remove the current board and install its own nominees.
The Bermuda-based firm yesterday increased its holding in Baltimore to 12.52 per cent through the purchase of 400,000 shares. In addition, three men whom Acquisitor has nominated to the board - Mr David Buchler, Mr Robin Williams and Mr George Wardale - hold a total of 100,000 shares. That gives the company control of a total of 12.71 per cent of Baltimore.
