Parexel announces second-quarter results

Parexel has published its financial results for the second quarter of fiscal year 2010, with service revenue increasing by 3.2 per cent to $284.7 million (£176.7 million).

The figures show that the firm incurred restructuring costs and related charges totalling $14.3 million in the three months to December 31st 2009, including charges for severance and the abandonment of facilities.

Excluding the impact of these items, the company’s operating income during the period stood at $26.9 million, or 9.5 per cent of consolidated service revenue.

Parexel chairman and chief executive Josef von Rickenbach said that the results represented “a solid and positive finish to a challenging year”.

He added: “We also continued to improve operating margins and expect further margin expansion in the coming quarters.”

Mr Von Rickenbach said that the firm had performed well in terms of new business, with market demand for clinical research and development services beginning to pick up.

Parexel is hosting a live webcast and conference call to discuss the results with investors today (January 26th).