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Intertek expects full-year revenue to decline mid-single digits amid signs of improved performance
StockMarketWire.com
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Total quality assurance provider Intertek said it expected to report a mid-single-digit like-for-life revenue decline for the year amid signs of improved performance in the July-to-October period.
'We are on track to deliver a resilient FY 2020 performance, with a mid-single digit LfL revenue decline at constant rates, a margin reduction YoY, and a net debt of £570-590m, lower than 2019 (before any M&A and any significant movement in currencies),' it added.
For the period from 1 January to 31 October 2020, like-for-like revenue fell 7.3% as its products, trade, and resources segment, slipped 6.8%, 10.2%, and 5.2% respectively.
Performance had rebounded in the July-to-October period in products and trade, with both falling 4% and 10.1%, compared with a 12.4% and 18.1% in the May-to-June period.
The sequential margin progress seen in the second half of the year was driven by productivity gains from improved revenues and disciplined performance management, the company said.
Intertek said it was on track to deliver a net debt of £570-to-590m, lower than 2019.
Looking ahead, the company said it expected to deliver a mid-single digit decline in like-for-like revenue at constant currency in its products division.
While its trade division was expected to deliver a high single digit decline in revenue and resources division to deliver a mid-single digit decline in revenue.
Story provided by StockMarketWire.com
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