Icon records $2.7m loss after revamp costs impact
Ireland's biggest clinical trials firm, Icon, has reported stronger revenues but restructuring costs forced it to record losses.
Results for the third quarter of this year show that revenues increased by 7pc to $241m (€171.9m). But its profitability was affected by restructuring costs of $4.8m that resulted in the company making a $2.7m loss.
The company also announced details of a share buyback programme of up to $50m that will start in its fourth quarter.
Chief executive Ciaran Murray said yesterday it had added another 500 staff during the last quarter which had impacted on its profitability. "Our success in developing significant strategic partnerships has resulted in a milestone quarter of record net new business of $431m," he said.
The results were well received by most investors with Icon's shares rising by more than 8pc in New York yesterday.
Icon was established in Dublin in 1990. It employs 8,350 staff in 39 countries including 600 at Sandyford in Dublin.