PRA's service revenue took a 2.3 per cent downturn in the fourth quarter, attributed by the company to a delayed execution of three major biotech contracts. The firm also experienced a $2m downturn in new business during the same period.
Despite the drop-off, the company still managed to gain a 53 per cent increase in net profit for the quarter through a 4.3 per cent jump in profit margin.
The full year results were also positive for PRA, who achieved a 55 per cent increase in net income to $32m, after increasing its service revenue by 6 per cent and its profit margin by 4.3 per cent to 17.4.
New business awards for the full year were $479m, up by $52m on 2004. Backlog in business was up 23 per cent.
"We completed our first full year as a public company in 2005 with record financial and operating performance," said Pat Donnelly, PRA International president and CEO.
"We have made significant progress in expanding our global footprint across six continents, opened our newly renovated Phase I facility in Lenexa, Kansas, and dramatically enhanced our technology platform to become more efficient and deliver timely results to our clients," said Donnelly, commenting on the results.
Looking forward into 2006, PRA plans to expand its geographic reach in Asia and Latin America and capture additional market share in cardiovascular and respiratory clinical trials.