Business Irish

Thursday 14 November 2019

Biotech sales up 10pc

MEDICAL device manufacturer Trinity Biotech saw a 10pc jump in sales to $91.2m (€66m) last year, new accounts show. The Dublin-based company, whose products help to diagnose diseases, saw strong sales in Africa as a result of sales associated with the treatment of HIV, and higher sales of infectious disease products in China.

Operating profit was $17.9m (€13m), up 4.1pc. Profit was impacted by a number of factors, the company said. Prior to the launch of its new cardiac products, the company had started to put in place a sales and marketing function dedicated to the launch and support of these products. To date, the cost of this function has not been offset by any associated revenues, which are only due to commence in 2014. Higher running costs associated with the two blood bank screening manufacturing facilities in the UK were also cited.

UK MINIMUM WAGE RISE

DAVID Cameron has said he is ready to raise the minimum wage by 3pc. This is in line with a recommendation made by his government's advisers last month. The Low Pay Commission had advised that the minimum wage should rise to £6.50 (€7.80), an increase above the rate of inflation for the first time in more than five years. "I look forward to accepting this recommendation," Mr Cameron said yesterday. Once formally accepted by the British government, the rise would take effect in October, around six months before the next general election in 2015 where living standards are likely to be a key issue.

IRELAND TOP FOR FUNDS

IRELAND is by far the most popular European domicile for investment funds, according new research. Commissioned by Dublin law firm Matheson, the survey placed Ireland far ahead of its nearest rivals.

Some 71pc of asset managers surveyed said that they would now choose Ireland as one of their top three European fund domiciles if starting over. The sector already employs over 12,000 people in Ireland.

While it would have been expected that Ireland would do well from a US and UK perspective, the survey found a surprising preference for Ireland among asset managers with firms headquartered in Western Europe, Latin America and Asia. This challenges the conventional perception that other European fund jurisdictions may have had an advantage in those geographical markets, said Michael Jackson, head of Matheson's asset management and investment funds group.

Irish Independent

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