Icon announces revenues boost, Dublin facility sale plan

Technology company Icon has reported a 40% increase in net revenue and a 63% increase in operating income for the third quarter ended September 30.

Icon is a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries.

"Our clinical business continues to grow very strongly and our central laboratory made further solid progress," said chairman John Climax.

"New business wins in the quarter were very satisfactory and we have had a good start to the fourth quarter. Market conditions remain positive and we continue to be confident in the outlook for the year," he added.

Icon has also invited tenders for the sale and leaseback of the company’s Dublin facility, currently undergoing expansion. The estimated total cost of the expansion will be about €47m, which will be funded from cashflow. Of this, €8.6m has been spent to date.

The first phase of the expansion project will be completed and ready for occupancy in mid 2007. The remainder will be completed in mid 2008, Ico said today.