Trinity Biotech, the Bray, Co Wicklow-based manufacturer of diagnostic products, has reported a 74 per cent increase in profit before tax and exceptional items to $4.5 million (€4.5 million) in 1999.

"During the year, Trinity successfully consolidated the acquisitions it made during 1998 and this has resulted in substantial improvement in our operating results," the company's chief financial officer, Mr Jonathan O'Connell, said.

Revenues rose by 13 per cent to $26.1 million last year and were up by 6 per cent in the last three months of 1999.

Gross margins at the group improved from 35 per cent to 44 per cent for the year as a whole, while they were up from 37 per cent to 49 per cent in the fourth quarter alone.

Trinity Biotech said the sale of its Dublin factory resulted in an exceptional profit of $1 million in the fourth quarter, although the company also faced a once-off charge of $610,000.

The company said its recent sale and lease-back transaction and new financing had significantly strengthened its balance sheet, reducing its net debt from $25 million at the start of last year to $13.6 million at the end, while its debt-to-equity ratio fell to 59 per cent from 157 per cent.

Last month the company announced it was disposing of its property in Bray in a sale and 20-year lease-back arrangement for $5.85 million. In a separate transaction, it also raised $5.5 million in new financing.

Shares in Trinity, which floated on the Nasdaq in 1992 and also has a secondary listing on the Irish Stock Exchange, were down by 37 1/2 US cents at $4.50 in the US by the close of business in Dublin yesterday.