The Irish clinical trials group Icon, which floated on the Nasdaq market last May, has reported strong growth in its first quarter with pre-tax profits more than doubling from $1.1 million to $2.5 million (£1.67 million) while sales in the quarter were up 45 per cent to $12.8 million.

This is the seventh successive quarter of earnings growth for Icon and during the last quarter the group set up an office in Paris as well as expanding its headquarters in Dublin. Icon shares, which floated on Nasdaq in May at $18, were trading yesterday in a range between $30 and $31.