A roundup of today's other stories in brief.

Icon raises full-year sales forecast by 5%

Clinical trials group Icon raised its full-year sales forecast by 5 per cent yesterday, citing record new business wins in the first quarter and an increasing backlog of work.

The Dublin-based company said it now expects to report sales of between $560 million (€411 million) and $580 million in 2007, compared with an original forecast of between $530 and $550 million.

Releasing results for the first three months yesterday, chief executive Peter Gray said Icon had won a record $223 million of new business in the quarter, bringing its total backlog to $963 million. In total, net revenues for the quarter were up 38 per cent at $136.1 million.

Income from operations increased 46 per cent, to $14.7 million, while net income was 64 per cent ahead at $12.3 million. The group's margin, meanwhile, improved to 11.8 per cent, from 11.2 per cent in the year-earlier quarter.

Icon, which carries out clinical trials on behalf of large pharmaceutical companies and small biotechnology groups, also raised its forecast for full-year earnings per share by almost 6 per cent, to between $1.71 and $1.80. The shares rose 4.8 per cent, to €33.25, though volume was light.

Northgate HR buys payroll firm

Northgate HR, which provides outsourced payroll services, has acquired fellow Irish-based payroll services provider Confidential Payroll Ltd in a deal which is understood to be worth more than €1 million.

The acquisition is Northgate's second in Ireland in the past six months and is part of its strategy to increasing its presence in the HR and payroll pensions market in Ireland. The purchase of Confidential Payroll will bring more than 200 new clients to Northgate.

Petroceltic names new chairman

Exploration and production company Petroceltic has named Brian O'Cathain as its new executive chairman to replace Brian Cusack. Mr Cusack remains on the board as a non-executive director.

Paddy Power head paid €1.25m in 2006

Paddy Power chief executive Patrick Kennedy was paid €1.25 million last year, his first full year in the job. His total remuneration comprised a basic salary of €572,000, an annual bonus of €459,000 and pension costs and benefits of €217,000.

In addition he was awarded options to acquire 80,000 shares at a price of €12.55 each. This is on top of the 70,000 options he already held at the start of the year.

Paddy Power reported a 52 per cent increase in pretax profit to €47.6 million last year and a 31 per cent jump in revenue to €1.8 billion.

Island Oil agrees farm-out deal

Island Oil and Gas has concluded farm-out agreements with EnCore Oil for two of its drill sites off the Irish coast and one in The Netherlands.

In return for a stake in the Old Head of Kinsale and Schull gasfields in the Celtic Sea and the Amstel field in The Netherlands, EnCore will contribute to the costs of drilling at the sites.

Alltracel earnings forecast doubled

Davy Stockbrokers has more than doubled its full-year earnings forecast for Dublin-based pharmaceutical company Alltracel citing a better-than-expected performance last year and a positive outlook for growth in the oral care sector.

Iona reports first quarter loss of $2.8m

Iona Technologies has reported first-quarter revenues of $15.6 million (€11.5 million) and a net loss of $2.8 million.

Earlier this month Iona had said revenue would be about $17 million. Following a review of transactions, the company has been forced to defer recognition of $1.6 million "associated with an isolated and very complex transaction".

Iona said the transaction was completed and the customer paid in full during the quarter but, due to accounting regulations, the revenue would be recognised over the next 16 quarters. Chief executive Peter Zotto said second-quarter revenue guidance of $20-22 million remained in place.

Profits rise 28% at Primark

Half-year operating profits rose 28 per cent to £91 million (€133.56 million) at the Primark fashion empire, which trades as Penneys in Ireland. A subsidiary of Associated British Foods, the business is managed from Dublin. The opening of new stores helped lift its revenues by 36 per cent to £721 million in the 24 weeks to March 2007.

The addition of a new Penneys outlet at Swords, north Dublin, brought the number of Irish stores to 36.

Progress on new business scheme

Minister for the Environment Dick Roche has started the legislative provisions to enable Business Improvement District Schemes (Bids) to operate in Ireland.

The scheme is a framework through which businesses, in conjunction with the local authority and community groups, can develop and implement initiatives in defined areas to improve those areas for the betterment of the trading environment.

Petroneft releases drilling results

Petroneft Resources, the Dublin-listed but Russia-focused oil exploration company, yesterday released the initial results from drilling at its Lineynoye oil field in western Siberia, saying that while the findings are very positive, they should be seen as a successful step in a process that will eventually lead to production.