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Thursday 28 August 2014

Icon sales surge 18pc as profits soar to $60m

Thomas Molloy

Published 20/02/2013 | 04:00

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LEOPARDSTOWN-based medical outsourcing provider Icon said sales surged 18pc last year as the company won a record amount of new business.

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Icon, which recently delisted from the Dublin stock exchange, reported profits after tax but before restructuring and other items was $60.4m (€45.1m) or almost twice the amount recorded in 2011.

Sales jumped to $1.12bn while the company reported a record $1.6bn in new business last year.

"In 2012 we saw the validation of our investment strategy," recently appointed chief executive officer Ciaran Murray said in a statement.

Icon, which is one of Ireland's largest and most successful companies, employs more than 10,000 employees in 37 countries including 830 in Dublin and Limerick.

The company's headquarters in south Dublin were used by Taoiseach Enda Kenny this time last year to launch the Government's jobs initiative.

The company has been expanding rapidly for several years as it wins an ever bigger chunk of the market for testing new drugs and devising tests for illnesses such as AIDS.

Last week, Icon completed the acquisition of the clinical trial service division of US-based Cross Country Healthcare.

The company said the deal will boost profit again this year. Last year it expanded operations in Asia through the acquisition of Chinese clinical research organisation BeijingWits.

It also agreed an academic partnership with UCD which includes a new fellowship in genomics, as well as a partnership with the GAA which includes a life sciences scholarship programme.

Irish Independent

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