Icon reports 1,110% increase in net income
Net income at Icon, based in Leopardstown, Dublin, grew from $1.46m (€1.13m) in the third quarter of 2011 to $17.7m for the same period in 2012.
Pre-tax profits at Icon rose from $1.2 to $20.6m.
When restructuring costs are factored in, Icon’s recovery is even more impressive. It recorded an overall loss of $2.6m following a restructuring programme that cost Icon over $4m.
As part of the growth, Icon is now planning on withdrawing from the Irish Stock Exchange listing and proceeding with a full listing on the Nasdaq. The details and arrangements are being finalised and the current Nasdaq ADR programme will be terminated.
Icon chief executive Ciaran Murray said he was pleased with how the company had developed.
“I am happy with our progress so far in 2012. We have recorded $1.5bn of gross bookings in the first three quarters of the year, produced 16% growth in revenue year to date and our margin recovery continues to go to plan,” he said.
“We continue to strive to be the CRO (contract research organisation) partner of choice for the biopharma industry and to differentiate our company through our people, industry-leading innovation, and expanding value-added service offerings.”
For the quarter ended Sept 30, cash generated from operating activities was $29.3m and capital expenditure was $6.6m. Cash paid in respect of acquisitions was $17.4m for the quarter. The company’s net cash amounted to $180m at Sept 30, compared with net cash of $168m at Jun 30 this year.
With its headquarters in Leopardstown, ICON currently operates from 82 locations in 40 countries and has approximately 9,280 employees.
