Baltimore shares dropped almost 9 per cent to 279p sterling on the London market within 15 minutes of it announcing better-than-expected results for 2000, writes Mary Canniffe.

While the early share price fall reflected general weakness in technology shares after an overnight fall on the Nasdaq, Baltimore was one of the biggest losers in early trading. Analysts attributed the fall to high goodwill amortisation costs, worries about the US economy and speculation about a possible share placing in April. The shares closed at 282p sterling, down 293/4p on the day.

The Internet security firm reported a loss of £25.4 million before interest, tax, depreciation and amortisation, up from £20 million for 1999. Revenues rose to £74.2 million from £23.3 million - exceeding forecasts.