Icon forecasts revenue growth of up to 10%

Pharmaceutical services provider Icon is forecasting revenue growth of up to 10% this year, on the back of a better-than-expected 2013 financial performance.

The Dublin-based firm yesterday reported a 20% increase in annual revenue, for 2013, to $1.34bn (€980m).

In the second half of last year, the Nasdaq-quoted firm increased its revenue guidance twice; most recently in October — to a range of $1.32bn to $1.33bn. Yesterday’s figures also showed an 82% rise in full-year net profit (before exceptional items) to $110m and earnings per share — before restructuring and other items — of $1.77 per share, up from $1 in 2012.

CEO Ciaran Murray said the company made “significant progress” in 2013, with its backlog of work increasing by nearly 12%.

“During the quarter, we booked $446m of net new business. As a result, we enter 2014 with a backlog in excess of $3bn and, consequently we are guiding revenue in the range of $1.415bn to $1.465bn; an increase of 6%-10%, and for earnings to increase by 16% to 24%, in the range of $2.05-$2.20.”

In the fourth quarter of last year, Icon saw net income rise by 62% — year-on-year — to $33.5m.