Parexel sees growth in first quarter of new fiscal year

Parexel has published its financial report for the first quarter of its 2010-11 fiscal year, during which the company experienced year-on-year growth.

During the three-month period ending on September 30th 2010, the organisation posted a consolidated service revenue of $295.8 million (183.7 million pounds), an increase of 13.9 percent on the year-ago period.

Gross new business wins for the quarter came to $586.6 million, with the firm noting that its clients are increasingly regarding Parexel's services as a key aspect of the success of their activities.

Josef von Rickenbach, Parexel's chairman and chief executive officer, stated that the company has increased its financial guidance based on the results, adding that he expects to see growth "in fiscal year 2011 and beyond".

He said: "Given our recent new business wins, existing backlog, current proposal pipeline and prospects for additional partnership opportunities, we believe our outlook for the future remains very bright."

Last month, Parexel subsidiary Perceptive Informatics won a contract with Sanofi Pasteur to assist in the vaccine specialist's drug development activities.