Shares in Icon rose by 12.84 per cent yesterday after the clinical trials group reported an improved performance in its third quarter, winning $91 million of net new business, compared to €63 million in the same quarter last year.

This was also a substantial increase over the previous quarter, when the amount of new business generated by the company was flat on the previous year at $67 million.

Shares in the company surged after the results were released, gaining 12.84 per cent on the Nasdaq to $39.99.

Icon said it now has a $241 million backlog which will be earned in the next 12 months, representing 70 per cent of current market expectations.

The figures, for the three months ended February 29th, showed a 30 per cent increase in net revenues to $76.9 million, broadly in line with expectations.

Excluding the impact of acquisitions, revenue was 22 per cent higher than in the same quarter a year earlier.

Operating income was up by 42 per cent to $8.8 million while the company also improved its operating margin to 11.4 per cent from 10.4 per cent in the third quarter last year. Icon said its laboratories business was on track to return to profitability