Trinity Biotech yesterday reported a pre-tax profit of $2.06 million (€1.8 million) for the quarter to the end of June, up from $1.39 million in the same period last year.

The Dublin-based firm, which develops and manufactures diagnostic products, said it had also raised $30 million in new funding to pursue an acquisition strategy.

Trinity said it had put in place a new club banking facility of $10 million during the quarter. In the past few weeks, it raised a further $20 million by issuing convertible debentures.

In a statement yesterday, chief executive Mr Ronan O'Caoimh said the new funding positioned the company with the cash balances to drive growth through acquisitions. He said the firm was pleased with the first half of the financial year as Trinity had consolidated its recent acquisitions and grown revenue from its direct sales force.

"We have met our revenue and profit expectations," he added.

The firm's second-quarter revenues grew 42 per cent to $16.8 million, up from $11.8 million on the same period during 2002. Trinity's earnings per share for the quarter was $0.041 cents, up from $0.028 on last year's figure.

During the second quarter, R&D expenses rose to $1.43 million, representing 8.5 per cent of the firm's revenues. Selling, general and administrative expenses increased to $4 million compared with $2.6 million in the comparable period last year.

Chief financial officer Mr Rory Nealon said the firm was always looking for acquisition opportunities but had dropped its interest in Biotrin Holdings, a company that may be the subject of a management buyout.

Trinity shares fell 21 cents to $2.56 on the Nasdaq last night.