Clinical trials group Icon reports 10% rise in first-quarter revenue

Clinical trials group Icon has reported a 10 per cent rise in net revenue in the first quarter of this year.

The company said it had turnover of $349.6 million (€252 million) in the period, up from $316.8 million in the same months last year. Profit after tax for the period was $36.2 million after stripping out restructuring costs and other exceptional items. That amounts to 57 US cents a share, up from 36 cents a share in the first three months of 2013.

"We have made an encouraging start to 2014," chief executive Ciaran Murray said, noting that the $427 million in net new business during the quarter "gives us a solid foundation" for the remainder of 2014".

Icon, which has its headquarters in Dublin, employs 10,300 people worldwide, including 800 in Ireland. It operates 76 offices in 37 countries.

The company also updated its guidance for the full year in the aftermath of the $143.5 million cash acquisition of Aptiv Solutions in March. It now expects to deliver earnings per share of between $2.30 and $2.40 in 2014.

Icon also announced yesterday that it had appointed Dr Hugh Brady as a non-executive director. He served as president of UCD from 2004 to 2013.