Strong revenue growth for ICON in Q2

Clinical research organisation ICON saw Q2 net revenues increase by 37% to $73.2m (€57.49m) with income from operations up 33% over the same period to $8.4m (€6.59m).

The company, based in Leopardstown, Co Dublin also reported a 42% increase on net revenues for the year-on-year period while $67m (€52.63m) of new business was awarded to the company during the quarter.

Chairman, Dr John Climax said today: "We are pleased with the results for our second quarter.

"Our clinical research segment reported a strong quarter, again achieving margins in excess of 14%, and significant progress was made in our central laboratory business which we believe is now in a good position to improve its performance over the coming quarters.

"However, with $67m of net new business wins in the quarter, we need to improve our level of wins in the near term to maintain momentum," he added.

Listed on the Nasdaq exchange and in Dublin, Icon is a small, profitable and growing company and was valued at just over $300m (€235.63m) in 2003.

Over half of Icon's operating profits are sourced in the US, with Ireland accounting for about 4%.

The business centres on two divisions - clinitrials (88%) and clinical labs (12%). Icon's year end is May 31 and its stock traded at €33.25 on the Dublin market this morning.