Icon loses 22% of value after predictions of slow revenue growth

ICON, the Nasdaq-listed Irish clinical research group, lost 22% of its value at one stage yesterday after warning that revenue growth would be slower than expected.

The company’s shares lost nearly $10 in value in early trading in New York following the announcement that revenue growth would slow in the next six months.

Chairman Dr John Climax said yesterday in a statement: “Some recent project delays in the US lead us to expect that revenue growth will slow in the first half of fiscal 2005, particularly in quarter two, which ends on November 30, but should re-accelerate thereafter.