Icon, the Irish-based global clinical research company, has posted a near 30 per cent increase in net revenue in the first quarter, buoyed by record levels of new business.
Net revenues in the three months to August 31st, 2002 were $46.9 million (€47.9 million), up 29 per cent on the same quarter last year.
The group, which employs 250 people in Dublin, also announced a management reshuffle following the retirement of chairman and co-founder Dr Ronan Lambe.
Icon chief executive Dr John Climax said the first-quarter result represented an "excellent start" to the current financial year. "In particular, I was pleased with the record level of new business awards and our continued strong levels of revenue growth," he said.
Icon won around $54 million of new business in the quarter. Income from operations increased by 27 per cent to $5.2 million. Operating margins were fractionally down on the same period last year.
Diluted earnings per share rose by 22 per cent to 33 cents compared with 27 cents in the same quarter last year, slightly ahead of expectations.
Dr Climax said the second quarter has started well "and this, together with \ announcement of our acquisition of BPA and MCS, positions us well for the remainder of the year and beyond".
Icon announced on Monday that it would pay up to $29.7 million (€30.2 million) for New York-based Barton & Polansky Associates (BPA) and its sister company Managed Clinical Solutions (MCS). BPA specialises in clinical research services for immuno-suppressant drugs, including those used to fight organ rejection in transplant patients. MCS supplies teams of contract researchers to other companies.
Dr Lambe will retire as chairman from November 1st but will remain a director and will provide "services" to the company on an ongoing basis. Dr Lambe founded Icon 12 years ago along with Dr Climax.
As a result of his departure, Dr Climax becomes executive chairman and Mr Peter Gray, the company's current chief operating officer, will become chief executive. Mr Gray said his assumption of the chief executive's role represented a "seamless transition" for the company.
He has been working at the group's US operation for the last month, "growing into the role" of chief executive.
