Biotrin five-fold profits leap as turnover soars

BIOTRIN, one of the country’s oldest and most successful biotech companies, recorded a five-fold increase in profits last year.

According to accounts just filed at the Companies Registration Office (CRO), pre-tax profits for the year to end October 2004 rose from €251,216 to €1.5 million.

Turnover for the year rose from €2.07m to €9.13m.

Sales were split almost evenly between Europe and the rest of the world.

“The directors are satisfied with the results for the period and state of affairs at the year end date,” the company said in the accounts.

The good financial performance in 2004 bolstered the company’s balance sheet with its cash at bank doubling to €1.6m and shareholders’ funds rising by €1m to €6.9m.

Staff costs for the year shot up from €542,764 to €2.3m. However, the number of people employed by the south Dublin-based firm increased by just eight to 65.

Payments made to directors increased from €35,350 to €242,579.

The company invested €632,667 in research and development during the year, up from €114,273 the previous year.

No dividend was paid to shareholders during the year. Biotrin was set up in 1992 and operates in two areas.

It develops tests for the detection of new and emerging viruses and tests for the detection of tissue damage.

The company has offices in France, Germany and America. Biotrin is owned by its founder, Dr Cormac Kilty, senior management and the German firm Dr Schmidt Biotech.