Intertek Group released a trading statement on Tuesday. The quality assurance provider has said it is set to maintain full-year performance and deliver all 2018 targets.
The group has announced that revenue saw a sluggish growth in the 10 months through October. This is as a result of weaknesses in the trade and resources division. Group revenue was recorded at £2,315.7 million, which is up 4.8% at constant rates and 0.5% at actual rates.
Intertek also announced that its Alchemy acquisition was integrating well.
CEO of Intertek, André Lacroix, commented on the results:
“Intertek is going from strength to strength, making consistent progress on strategy and performance. We are on track to deliver our 2018 targets of good organic revenue growth at constant rates with moderate group margin progression and strong cash conversion.”
“We are benefiting from higher demand from our customers for Intertek global Total Quality Assurance solutions in our Products, Trade and Resources sectors. In the last four months, we have seen broad-based revenue growth acceleration with 4.5% organic revenue growth at constant rates with continuing robust performance in our Products sector and performance improvement in Trade and Resources. The recent acquisitions in high margin and high growth areas performed well.”
“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 thanks to our Total Quality Assurance differentiated value proposition. We provide our clients with a superior customer service based on the depth and breadth of our technical expertise, our global network of over 1,000 state-of-the-art facilities in over 100 countries, our industry-leading Assurance, Testing, Inspection and Certification solutions, and our customer-centric culture fuelled by our passionate colleagues around the world.”
Tuesday’s other stock market news includes Thomas Cook shares plunging 30% on a profit warning. Additionally, shares in the UK’s leading bakery retailer Greggs jumped after the company announced a positive outlook. Elsewhere, Pets at Home revealed its first-half results, including an 81% decrease in profits.
At 16:35 GMT today, shares in Intertek Group plc (LON:ITRK) were trading at +2.28%.
