Dublin-based clinical research group Icon expects its Central Lab business unit to return to profit in the second quarter, three months earlier than expected.

Central Lab had been underperforming for a number of years, but the Iseq-listed firm says it was always confident that the unit would come into the black. Revenues have increased by $4 million (€3.17 million) over the past four quarters. Icon points to several new business wins as a key factor in the early turnaround.

"The recovery has been coming for a while and we knew that we were doing the right things. Revenues have been progressively improving over that two-year period and we have been winning healthy amounts of new business," said Seán Leech, executive vice-president of communicational and organisational development at Icon.

"This unit has been losing money consistently for about two years now, but this return to profitability isn't a sudden upturn. These things always take time to convert into revenue and we also suffered some study delays, not on our side but on our clients' side where some studies were taking longer than expected.

He said the business had always been sound and that therefore success had been inevitable.

Icon provides development services for clinical trials in the pharmaceutical, biotech and medical device sectors.

Chief executive Peter Gray said the company's core clinical business continued to perform in line with plans.

"We are very pleased that strong revenue growth in the lab, supported by excellent new business wins, has accelerated our return to profitability in line with plans," he said.