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Intertek Group PLC on Thursday reported rising revenue in the first 10 months of 2022, as it tipped that it is well positioned to seize growth opportunities ahead.
The London-based quality assurance service provider said revenue in the 10 months to October 31 grew 16% to £2.63 billion from £2.28 billion a year prior. All sectors grew, with Trade revenue climbing by 6.3% and Resources and Products growing by 9.3% and 9.8% respectively.
In the four months to October 31 alone, revenue surged 19% year-on-year.
Looking ahead, Intertek said: ‘The quality assurance market will grow faster post-Covid-19 as the demand for quality assurance solutions is expanding across all our business lines given the growing stakeholder expectations in quality, safety and sustainability.’
For the first 10 months of the year, like-for-like revenue grew 5.2% at constant currency.
For 2022, the company expects a like-for-like revenue growth at constant currency. However, it predicts a margin below 2021’s level due to lockdowns in China in the first half of the year.
Its China arm has since recovered from the first-half Covid-19 hit.
‘We have an excellent business in China with leading and scale positions. The lockdown restrictions had a significant impact in our China business between March and June, with Shanghai the most impacted. It has been operating as normal from July onwards and as expected, our business has rebounded quickly delivering a good like-for-like revenue growth at constant currency in the July to October period,’ Chief Executive Officer Andre Lacroix explained.
Intertek shares were 0.6% higher at 3,884.00 pence each on Thursday morning in London.
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