Revenues for Icon rise over 9%

Irish clinical research company Icon has reported a 9.2 per cent increase in revenue to $219.8 million (€167.6 million) for the first quarter.

The company also said it had bought the assets of the former Qualia Clinical Services to expand its early drug development capabilities in the US.

In its interim management statement Icon said income from operations rose 25 per cent to $26.9 million for the first quarter.

At the end of March the company had net debt of $2.2 million, compared to $4.3 million at the end of December 2008.

Net income was $20.9 million or 35 per cent per share on a diluted basis, compared with $16.9 million or 28 cents per share during the same period last year.

Icon chief executive Peter Gray said the quarter represented a solid start to the year. “In a much more difficult market, we are pleased with the results for the quarter”, he said.

“Further margin expansion, despite some challenges, led to an overall increase in operating income of 25 per cent compared to the same period last year.

The company said the Qualia purchase would be dilutive to 2009 earnings.