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Intertek 10-month Revenues Surge On Forex Effects

Intertek Group plc (ITRK.L), a Total Quality Assurance provider to industries worldwide, on Thursday announced trading performance in the period from 1 January to 31 October that reflected broad-based good like-for like revenue growth in Products and like-for like revenue growth acceleration in Trade and Resources.

Revenue for the period was 2.63 billion pounds, a jump from 2.28 billion pounds in the ten months ended October 2021. Revenue growth was 15.5 percent amidst a 650 bps of positive forex translation. Comparative growth was 9 percent on a constant currency basis.

Like-for-like revenue increased 11.5 percent to 2.5 billion pounds, from 2.25 billion pounds in the prior period. The growth in constant currency terms was 5.2 percent.

In 2022, the company expects to deliver a good earnings growth at constant currency and a strong earnings growth at actual rates. Given the impact of China in the first half, the expected divisional mix, and the impact of inflation on the Opex capabilities investments, the margin at constant currency is seen below 2021 and slightly below the 2021 underlying margin.

Shares of Intertek Group closed Wednesday's trading at 3860 pence, down 42 pence or 1.08 percent from the previous close.

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