Trinity Biotech sees profits increase 39%

Clinical products group Trinity Biotech has beaten most forecasts for the first quarter with a 39 per cent rise in pre-tax profits.

The company has reported profits of $1.9 million (€1.7 million), up from $1.4 million a year earlier.

Turnover increased by 45 per cent to $16.5 million over the same period, boosted in part by the incorporation of two business units acquired from US firm Sigma last year.

Trinity chief financial officer Mr Rory Nealon said the company was in a position to focus on reducing its fixed costs and bedding down recent expansion.

The company's priority over coming months will be to achieve regulatory approval for its 10-minute HIV test in the US, according to Mr Nealon.

Analysts say the product, which will allow Trinity to benefit from the estimated four million HIV tests that take place in the US every year, is likely to be launched on the market during the third quarter.

Trinity spent $1.4 million on research over the first three months of this year, up from slightly less than $1 million in 2002.

Shares in Trinity were strong on the Nasdaq after the results, closing 8.66 per cent higher at $2.76.