Icon reports 35% increase in revenues to $225m

CLINICAL RESEARCH group Icon has reported a 35 per cent increase in net revenues to $225.5 million (€172 million) in its third quarter.

Year-to-date net revenues are up 43 per cent over the same period last year at $645.2 million. Income from operations in the third quarter was $27.1 million, compared to $18.7 million in the same quarter last year.

Operating margins at the company, which has a base in Dublin, increased to 12 per cent from 11.2 per cent. Net income was $21.4 million or 35 cents per share on a diluted basis, compared with $14.5 million or 24 cents per share last year.

Icon chairman Dr John Climax said the company was pleased with its "continued strong progress", while chief executive Peter Gray said a backlog of business meant it was confident in its outlook for the remainder of 2008 and viewed 2009 with optimism.

The company provides outsourced clinical research and development services to the pharmaceutical, biotechnology and medical device industries.

Icon's shares rose €4.20 or 19 per cent to €26.20 on the Iseq index, however its primary listing is on the Nasdaq index in New York.