Well positioned Intertek on track as revenue picks up pace

Intertek Group said on Tuesday that it is on track for a strong 2024, with improved prospects for its Consumer Products unit.

Well positioned Intertek on track as revenue picks up pace

The testing and certification services provider reported a 6.6% like-for-like revenue growth at constant currency between July and October, up from 6.1% in the first half of 2024. Year-to-date, like-for-like revenue has risen 6.3% at constant currency. At actual rates, overall revenue increased 1.8% year-on-year to £1.15 billion for the four months to October. Like-for-like revenue rose 1.6% at actual rates. Revenue growth accelerated in the Consumer Products unit, with like-for-like constant currency growth reaching 9.4% in the period, up from 6.0% in the first half. Corporate Assurance saw a 9.9% like-for-like revenue increase, and Health & Safety grew by 9.1%. Growth in China picked up, with like-for-like revenue rising 7.4%, driven by Consumer Products. Intertek also highlighted strong margin progress and excellent free cash flow.

"Strong performance"

CEO Andre Lacroix noted, “We delivered a strong performance in the July to October period, with Consumer Products, Corporate Assurance, and Health & Safety growing like-for-like revenue 9.5%. Given our first-half performance and high-quality earnings, we are on track to achieve strong 2024 results.” Intertek raised its full-year guidance for the Consumer Products division, now expected to deliver high-single-digit like-for-like revenue growth at constant currency, up from the previous mid-single-digit forecast. The Corporate Assurance, Health & Safety, and World of Energy divisions are also expected to see high-single-digit growth, while Industry & Infrastructure is projected to see low-single-digit growth. Intertek remains confident in its strong performance outlook for 2024 and 2025.