ICON, the global clinical trials company, yesterday announced significant increases in both sales and net profits for the year to the end of May, adding that the outlook was very strong for the current period, writes Conor Lally.

Net profit for the final quarter of the year rose to $3.8 million (€3.86 million) from $3.1 million a year earlier, with revenues in the period up 36 per cent to $43 million from $31.5 million. In the full year, the company posted a 35 per cent increase in turnover to $156.6 million. Net profit was $14.2 million compared with $11 million previously.

Chief executive Mr John Climax said the 2001/02 year had been an outstanding one for the company, adding that Icon's performance has strengthened further in the current period.

"We are particularly pleased with the strong revenue growth achieved during the year and the further improvement in margins," he said. "These results and the record level of new business won again demonstrates that our unique business model is achieving strong client endorsement in the market place, leading to strong growth in our market share."

Operating margins for the year were 11.6 per cent, up from 9.5 per cent a year earlier.

Icon has 1,700 employees in 15 countries worldwide. The company employs around 280 workers in the Republic at its operations in Leopardstown, Dublin.

It provides a variety of services to the global pharmaceutical and biotech industries.