Clinical trials group Icon today reported a 50 per cent rise in revenues for the fiscal third quarter to $59.3 million (€54.5 million) following several acquisitions in 2002.
The company reported net revenues of $159 million (€146 million) for the three months to February 28th this year, an increase of 41 per cent year-on-year. Excluding the impact of acquisitions revenue growth was 32 per cent for the nine months ending February 28th, 2003.
The company acquired Barton & Polansky Associates and sister company Managed Clinical Solutions for an $15.7 million (€14.4 million).
The group expects a strong contribution in 2003 from this facility and also British group Medeval which was acquired at the start of the year for $15.5 million (€14.2 million).
Chairman Dr John Climax said he was disappointed with the performance of the firm's central laboratory business but that this division should improve in the coming quarters, based on recent strong business wins.