Icon toast profits increase, but issue note of caution

Contract clinical research company Icon has announced a 14% increase in net revenues for the first quarter.

Net profits were $7.3m (€5.9m) for its first quarter to the end of August, compared with $5.6m (€4.5m) in the same period last year.

Net revenues were were $78.3m (€63.5m), representing a 14% increase over net revenues of $68.9m (€55.8m) for the same quarter last year.

Excluding the impact of acquisitions, revenue growth was 8% over the same quarter last year.

Income from operations increased by 24% over the first quarter of fiscal 2004 to $9.5m (€7.7m).

Commenting on the outlook company chairman Dr John Climax said: "We are pleased with the performance in our first quarter of fiscal 2005. As previously indicated, due to the high level of recent delays and cancellations we expect a small sequential decline in revenues for our second quarter of Fiscal 2005.

"We remain confident in the outlook for the business and anticipate a re-establishment of revenue growth in the second half of the year."