Parexel posts fourth-quarter financial results

Paraexel has reported its financial results for the fourth quarter and full year ended June 30th 2009.

The firm reveals that accounting changes in relation its recent acquirement of ClinPhone have caused its service revenue to fall by $2.10 million (1.28 million pounds), although this has had no effect on the firm’s cash flow.

With the adjustments taken into consideration, Parexel’s consolidated service revenue for the three months ended June 30, 2009 was $247.4 million. Operating income for this period also reached $19.5 million – constituting 7.9 per cent of its consolidated service revenue.

Josef von Rickenbach, Parexel chairman and chief executive, said that the company has been "encouraged by a sequential increase in demand" for new business in the June quarter.

"Cost controls and efficiency improvements enabled us to meet our earnings per share expectations, excluding the accounting changes previously explained," he added.

Global pharmaceutical services organisation Parexel has around 9,000 individuals on its payroll and operates in 69 locations in 52 countries globally.