Dublin-based firm Icon reports ‘record business wins’

Clinical trials firm reports revenues of €370m and announces acquisition of Mapi

Clinical trials group Icon have acquired Mapi Group, a health outcome research company. Photograph: iStock

Clinical trials group Icon have acquired Mapi Group, a health outcome research company. Photograph: iStock

 

Income at clinical research company Icon increased by 10.7 per cent to over $71.6 million (€61.4 million) in the three months to the end of June compared to the same period in 2016.

Announcing its second quarter results, the company reported a 5 per cent increase in revenues to $431 million (€370 million) on the back of what it referred to as “record business wins”.

The results of the Dublin-headquartered company come on the same day as it announced its acquisition of Mapi group, a health outcomes research company.

Cash generated from operating activities for the quarter was $9.1 million while capital expenditure was $6.9 million.

As part of the company’s share buy-back programme, some $11.7 million was spend on share repurchases in the period.

Guidance

Having acquired the Mapi group the company increased its full-year revenue guidance to a range between $1.74 billion and $1.77 billion.

Commenting on the acquisition, James Kerris, the chief executive of Mapi Group, said: “by combining with Icon, our customers will have access to a broader global footprint, additional depth of experience, new scientific communication services and access to innovative solutions to capture real world data from patients.”

Icon currently employs about 1,000 people in Ireland at their global headquarters in Dublin and in its Limerick office. The company has some 12,300 staff worldwide.

The acquisition of Mapi group will add over 750 employees to Icon’s total.