ICON profits ahead despite sales dip
Wednesday, 21 October 2009 11:35Clinical research group Icon has reported a net profit of $24m for the third quarter of this year, up 12% from the same period a year earlier.
The rise came despite a 2.3% fall in net revenues to $220.3m as the company's margins improved. Earnings per share were up 14% to 40 cents.
For the first nine months of 2009, revenues are 2.3% ahead of a year earlier at $660.2m, while net profit is 18.5% higher at $67.7m.
'Icon has continued to improve margins, grow earnings and significantly improve cashflows enabling us to again raise earnings guidance for 2009,' said CEO Peter Gray. 'While higher than normal cancellations held back net business awards, the levels of business opportunity continue to be strong and we remain optimistic for the future,' he added.
