Irish clinical research firm Icon said it was unaffected by the US economic slowdown as it reported a 41 per cent year-on-year rise in net revenues in the fourth quarter.

Over the year to May 31st last, revenues rose 44 per cent.

The pharmaceutical outsourcing company, which conducts clinical trials on drugs for large pharmaceuticals, reported net revenue of $31.5 million (#36.03 million) for the fourth quarter and $116.2 million for the year. Net profit rose 36 per cent over the year to $11 million.

About 200 of Icon's 1,300 employees are based in its Dublin headquarters and chief operating officer Mr Peter Gray said he expected that number to grow as the business grew.

"We have our sole data management for Europe here in Dublin and that will continue to grow with the business."

He expected the company to grow at 15 to 20 per cent per annum compared to the industry average of 15 per cent.

Irish stockbrokers Merrion said in a recent note Icon had excellent prospects for growth and forecast a sales rise of 42 per cent in 2001 and 20 per cent in 2002. It recommended the stock a buy at $34.31.

Icon's share price dropped 65 cents on Nasdaq to $35.85 yesterday having reached an intraday high of $36.88. The group's initial launch price in 1998 was $18.

It has a secondary listing on the Irish stock market where its share price dropped 25 cents to #41.50 yesterday.

Icon's overall operating margin, excluding US Icon Laboratories which was acquired in June 2000, was 11.9 per cent for the quarter compared to 10.6 per cent for the same period last year. With the inclusion of the US-based laboratory, 70 per cent of sales are now generated in the US.

The company has net cash, short-term debt and short-term investments of $35.9 million. Capital expenditure was $1.9 million in the fourth quarter and $6.7 million year to date.