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Intertek sees recovery continuing in 2021 after annual profit falls on pandemic impact
StockMarketWire.com
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Product testing and certification company Intertek reported a fall in profit owing to first-half drag on annual performance owing to the pandemic impact, but the company said it expected to build on the second-half recovery in 2021.
For the year ended 31 December, pre-tax profit fell 22.7% to £343.9 million year-on-year as revenue slipped 8.2% to £2.74 billion.
The company its earnings and cash performance was 'well ahead of expectations.'
The full year dividend of 105.8 pence was in-line with 2019.
Looking ahead to 2021, the company said it would continue to benefit in 2021 from the post COVID-19 recovery, though expects revenue in its resources division, its smallest segment, to be below last year.
Capital expenditure for the 2021 is forecast to be in the range of £110 million-to-120 million.
At 8:28am: (LON:ITRK) Intertek Group PLC share price was 0p at 6078p
Story provided by StockMarketWire.com
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