Icon reports 26% annual increase in revenue

Icon — the Dublin-headquartered pharmaceutical services company — has reported “an encouraging start” to 2013, noting a 26% annualised increase in revenue and a more than doubling of operating profits for the first three months of the year.

The company — which de-listed from the Iseq towards the end of last year in order to take a full listing on New York’s Nasdaq exchange — yesterday reported operating income of $27.4m (€21m) for the first quarter of 2013; well up on the $11.7m figure recorded for the same period last year.

Diluted earnings per share, for the quarter, amounted to 36c (up from 15c, at the same point last year) and net revenue — up by 26% on a year-on-year basis — stood at $317m.

Net income amounted to $22.2m; up from just under $9m for the corresponding quarter last year.

Commenting on the first quarter figures, the company’s chief executive, Ciaran Murray, said that the period marked an encouraging start and provided a basis for the company to achieve further growth this year.

“Revenue increased year-on-year by 26% and we continued to make progress in expanding our operating margins, reaching 8.7% in the quarter. We reported net new business of $422m, a book-to-bill of 1.3, giving us a solid foundation upon which to build during the remainder of 2013,” he said.

Icon, which has a market cap of over €1bn, ended its 13-year listing on the Irish Stock Exchange at the end of last year, citing the international profile of the firm and easier access for overseas investors as partial reasons.