Clinical trials group Icon has reported net income up 65% to $11.4m for the fourth quarter, citing a strong backlog of orders and a 22% rise in new business in the year.
This was compared to $6.9m net income for the corresponding quarter the previous year.
The Dublin-based group reported net income of $38.3m for 2006, up from $13.7m in 2005.
Net revenue was $129m for the three months to the end of December, compared to $88.1m in the same quarter the previous year.
Chairman Dr John Climax said: 'Our central Lab achieved a significant turnaround from losses of $6.6m last year to profits of $1.3m'.
He said the firm's clinical segment achieved strong growth last year and improved margins from 11.9% to 12.4%.
He added that with a record backlog of $872m, the company is confident on business this year.
Net income per diluted share was 39 cent per share for the three months, compared to 24 cents in the corresponding period. For the year net income per diluted share was $1.33, up from $0.49 the previous year.
Full year net revenue was $455.6m, a 33% increase on the previous year.
Davy stockbrokers upgraded ICON's Earning Per Share (EPS) forecasts by 5% today.
It raised current year EPS from 169c to 177c, while it upgraded 2008 EPS from 208c to 219c.
The stockbrokers said that, although the overall sector is already pricing in excellent growth prospects, it believes ICON can trade at a modest premium, and it revised its target for the share price up to $44, from $39 previously.
ICON shares closed up 5.47%, or up €1.66, at €32.00, on the ISEQ in Dublin this evening.
