Trinity Biotech reports profits of €41m on back of product line sell-off

MEDICAL test kit provider Trinity Biotech has reported pre-tax profits of $54.2 million (€41.5m) for the first half of the year, up from $6.2m for the same period last year.

The boost in profits came about through the sale of the company’s coagulation product line for $47.4m during the second quarter of the year. The company’s revenue was hit by the removal of that division, with turnover falling from $63.4m at the halfway stage last year to $51.6m this year. The disposal also, however, managed to eradicate the company’s debt and strengthen its cash reserves.

The Wicklow-headquartered company, which makes a range of diagnostics products mainly for the US market and which has its shares listed on the Nasdaq, saw operating profit fall marginally in the second quarter of the year, but increase from $6.9m to $7.2m in the first half of the year as a whole.