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Intertek Group PLC on Thursday said revenue increased during the year to date, with particularly strong growth in its World of Energy and Health & Safety divisions. The London-based quality assurance service provider said that in the ten months that ended on October 31, revenue increased 5.1% at actual rates and 7.3% at constant currency, to £2.77 billion from £2.63 billion for the same period in 2022. In the last four months of that period, group revenue decreased 1.3% but rose 5.9% at constant currency rates to £1.13 billion from £1.14 billion. Intertek said that most of its divisions showed growth during the current year on a reported basis. Health & Safety revenue increased 7.8% in the ten-month period to £269.6 million from £250.1 million. World of Energy revenue increased 11% to £602.9 million from £542.5 million. Corporate Assurance revenue rose 7.6% to £391.9 million, while Industry & Infrastructure revenue increased 7.1% to £721.8 million. Consumer Products revenue, however, decreased 2.7% to £779.5 million. In Consumer Products, Intertek said client investments in e-commerce and sustainability were offset by lower investments in new product development. For 2023, however, Intertek expects the division to deliver low single-digit LFL growth on a constant currency basis. Intertek expects Health & Safety to deliver mid-single digit growth, while World of Energy should deliver growth in the high single digits. In the long term, Intertek expects the latter to benefit from ‘benefit from increased investment from energy companies to meet growing demand and consumption of energy from the growing global population,’ including for renewable energy and ‘greener fuels’. Intertek said it is on track to meet its full-year targets, having said in late July that it expected mid-single digit LFL revenue growth at constant currency. It also anticipates net debt to be between £630 million and £680 million, down from £737.9 million in 2022. Shares in Intertek were up 1.0% at 3,867.20 pence in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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