Clinical trials group Icon targets growth of up to 20% in 2016

Clinical trials group Icon is forecasting a rise in earnings per share of between 15 and 20 per cent this year after reporting a solid set of figures for 2015.

That comes after the group reported a 28 per cent rise in earnings per shares year on year at $1.11.

The business, based in Ireland, but with operations in 37 countries worldwide reported a 5 per cent rise in turnover last year to $1.575 billion with profit before tax of $278.9 million, up almost 32 per cent.

The company ended the year with $471 million in net new business over the final three months of the year, broadly in line with recent quarters. However, it has delivered better profit margins in 2015 by keeping a tight grip on costs.

The company remains fairly exposed to a small number of large clients, with its top five customers accounting for almost 50 per cent in group revenue.

During the year, Icon created a global innovation hub in Ireland, creating up to 200jobs. It currently employs 11,700 people worldwide, including more than 1,000 in Ireland at its Leopardstown HQ and in Limerick.

Together with IBM’s Watson, it is engaged in a project that it says will revolutionise patient recruitment to clinical trials. Its Limerick facility also developed a new patient portal, which allows for greater patient engagement in clinical trials.