Share Prices & Company Research

Market News

24 Nov 2020 | 08:05

Intertek on track for 'resilient' FY performance despite revenue dip

(Sharecast News) - Quality assurance provider Intertek said on Tuesday that revenues had slumped in the four months ended 31 October but stated that it was still on track to turn in a "resilient" full-year trading performance. Intertek saw revenues fall from £1.04bn to £941.0m during the period, or a 9.9% decline, while like-for-like revenues were down 10% at £939.6m.

For the full-year, Intertek expects to deliver a mid-single-digit decline in like-for-like revenue at constant currency in its products division. However, in the mid-to-long-term, Intertek anticipates the division will benefit from structural growth drivers.

The FTSE-100 listed group also highlighted that net debt was likely to be in the region of £570.0-590.0m at year-end, lower than 2019, demonstrating the "strength" of its "high-quality and highly cash generative earnings model" amid the Covid-19 pandemic.

Chief executive André Lacroix said: "With our industry-leading ATIC capability and expertise, innovation and insight, Intertek is uniquely positioned to seize the compelling growth opportunities and to benefit from the GDP+, like-for-like revenue growth prospects in the Quality Assurance Industry in the medium to long-term.

"In short, the pandemic has brought to life as never before the importance of Intertek's purpose-led role in society."

As of 0825 GMT, Intertek shares had slipped 3.85% to 5,838.50p.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 15th July 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.