The Irish clinical trials group, Icon, which is listed on the Dublin and Nasdaq stock markets, has announced a 44 per cent increase in revenues in its first quarter ended August 31st. Net revenues at the company increased to $26.3 million (€29.8 million) in the quarter, while income from operations increased to $2.3 million.

Capital expenditure in the quarter was $1.4 million, while expenditure on acquisitions was $1.5 million. Acquisitions added $3.2 million to revenues but had little impact on bottom-line profits, said chief executive Mr Peter Gray. Chairman Dr Ronan Lambe said the company benefited from a number of new business opportunities in the quarter which broadened its client base.

Based on this new business the company has been hiring additional staff ahead of schedule in its US operations throughout the quarter and has begun hiring in Europe three months ahead of schedule, he said.