Clinical research group Icon has reported a 9% increase in net revenues for the three months to the end of March, despite a much more difficult market. Revenues rose to $219.8m from $201.3m the same time last year.
Operating profits came to $26.9m compared to a figure of $21.5m in the first quarter of 2008, while net profits rose by $4m from a year earlier to $20.9m.
Icon said that its net debt amounted to $2.2m by the end of March. This compares to debt of $4.3m at the end of December 2008.
The company also announced today that it has bought the assets of the former Qualia Clinical Services, a phase one facility based in Nebraska. It said it intends to reopen the unit in May.
'The last quarter represented a solid start to 2009,' commented Icon Chairman Dr John Climax. 'Revenue was 9% ahead of the prior year and earnings per share were up 25%,' he added.
