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Trading statements

Intertek on track to hit FY targets

26 May 2017 07:18

Intertek's revenues rose to £883.5m in the first four months to the year - up 14.2% at actual rates and 1.8% at constant rates - and the group said it was on track to deliver its 2017 targets.

The group said the increase in revenues was driven by solid organic growth of 0.9% and a good performance of the acquisitions made in attractive growth and margin sectors.

Chief executive Andre Lacroix said:"We are on track to deliver our 2017 targets of solid organic revenue growth at constant rates, with moderate margin expansion and strong cash conversion.

"The Products and Trade related divisions, which represent over 90% of the Group's earnings, delivered broad-based 5.5% organic revenue growth at constant rates while, as expected, trading conditions continued to be challenging in the Resources related division.

"The $250 billion global quality assurance industry has attractive structural growth prospects driven by an increased focus of corporations on risk management, global trade flows, global demand for energy, expanding regulations, more complex sourcing and distribution operations, technological innovations, government investments in large infrastructure projects, and increased consumer demand for higher quality and more sustainable products.

"We are uniquely positioned to seize these exciting growth opportunities with our Total Quality Assurance value proposition that provides a superior service, offering global Assurance, Testing, Inspection and Certification solutions to our customers across multiple industries through our global network of over 1,000 state of the art facilities in over 100 countries.

"We operate a high quality and highly cash generative earnings model.

"Our differentiated growth strategy will continue to move the centre of gravity of our portfolio towards the attractive growth and margin opportunities in the industry based on a disciplined approach to revenue, margin, portfolio and cash performance management, and an accretive disciplined capital allocation to deliver attractive returns for our shareholders."

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Related Company: ITRK

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