Icon hopeful as profit jumps 6% to €16.7m
The Dublin-based clinical trials research company – which has its shares listed on New York’s Nasdaq exchange – said, yesterday, that it now hopes to see renewed growth earlier this year than initially anticipated.
Despite the fact that operating profit ($26.8m) and net revenue ($219.1m) were largely unchanged, management said the company had started the year “solidly” and that the results bode well for this year as a whole.
“Following lower booking levels and higher cancellations last year we had indicated – in our February guidance – that we believed growth would re-emerge in the second half of 2010,” said Icon’s chief executive, Peter Gray.
“While remaining cautious, with net bookings of $265m for the quarter, and a pipeline of new opportunities that continues to solidify, we believe the conditions for a return to growth are coming into place. We are pleased with our continued good cash generation and are confident we have the balance sheet to support our growth plans,” he added.
As of the end of March, Icon’s net cash balance amounted to $200m, which was up by $6m on the end of year figure. Cash from operating activities amounted to $16.8m and the company made a first quarter capital spend of $9.5m.
Diluted earnings per share, for the three months, rose by 2% year-on-year to 37c and net new business wins amounted to $265m.
