Intertek Group Plc (ITRK) - Interim Management Statement
RNS Number : 3893R
Intertek Group PLC
19 November 2012
Interim Management Statement
Intertek Group plc ("Intertek"), a leading provider of quality and safety
services to a wide range of industries around the world, today releases its
Interim Management Statement for the period from 1 July to 18 November 2012.
Where stated, financial results are for the period from 1 January to 31
October 2012 ("period"). All comparative comments in this statement reflect
comparisons with the corresponding period during 2011. The Group's full year
results to 31 December 2012 will be announced on 4 March 2013.
Total reported revenue growth for the period was 20.1%. Organic revenue growth
for the period was 9.1% at constant exchange rates (excluding acquisitions
made in 2011 and 2012).
Each division reported strong organic revenue growth from July to October. The
fast growth in the Industry & Assurance and Commodities divisions in the first
half of the year, moderated as expected, to high single digits. Growth in the
Consumer Goods and Commercial & Electrical divisions continued at high single
digits and the Chemicals & Pharma division saw growth improve. The strongest
growth has come predominantly from the Americas, Asia and the Middle East,
with Europe growing below the Group average. With global economic conditions
remaining uncertain, the Group will ensure operations are aligned with
Since the half year results there have been two notable corporate
developments: the acquisition of a non-destructive testing company (NDT
Services Ltd) in the UK for £17m; and the formation of a long term partnership
with the Quality and Conformity Council of Abu Dhabi (QCC). The acquisition
enhances Intertek's existing services to the energy, petrochemical, power and
aerospace industries in a strongly growing market. The partnership with QCC,
which will initially provide advisory services for the quality programmes in
Abu Dhabi across a number of industries, validates Intertek's strength and
position as a leading provider of outsourced global quality solutions.
For the full year, the Group's adjusted operating profit margin is expected to
be stable on the prior year.
There has been no significant change to the Group's financial position in the
period since the last reported balance sheet date of 30 June 2012.
Wolfhart Hauser, Chief Executive Officer, said:
"Intertek has consistently produced strong organic revenue growth and we have
continued this performance so far in 2012 with growth of 9.1%. We see good
structural growth across many of our industries and geographies while, as
expected due to the unstable global economic conditions, growth in other
markets has moderated from the very strong levels seen in the first half.
"The compelling long term structural drivers for quality and safety services
across a broad range of industries and geographies and our focus on supporting
our customers will help our business to grow organic revenue at high single
digits through the economic cycle."
Aston Swift, Intertek
Telephone: +44 (0) 20 7396 3400
Richard Mountain, FTI Consulting
Telephone: +44 (0) 20 7269 7186
Intertek is a leading provider of quality and safety solutions serving a wide
range of industries around the world. From auditing and inspection, to
testing, quality assurance and certification, Intertek people are dedicated to
adding value to customers' products and processes, supporting their success in
the global marketplace. Intertek has the expertise, resources and global reach
to support its customers through its network of more than 1,000 laboratories
and offices and 33,000 people in over 100 countries around the world.
Intertek Group plc (LSE: ITRK) is listed on the London Stock Exchange and is a
constituent of the FTSE 100 index.
This Interim Management Statement is prepared for and addressed only to the
Company's shareholders as a whole and to no other person. The Company, its
directors, employees, agents or advisers do not accept or assume
responsibility to any other person to whom this Interim Management Statement
is shown or into whose hands it may come and any such responsibility or
liability is expressly disclaimed. Statements contained in this Interim
Management Statement are based on the knowledge and information available to
the Company's Directors at the date it was prepared and therefore the facts
stated and views expressed may change after that date. By their nature, the
statements concerning the risks and uncertainties facing the Company in this
Interim Management Statement involve uncertainty since future events and
circumstances can cause results and developments to differ materially from
those anticipated. To the extent that this Interim Management Statement
contains any statement dealing with any time after the date of its preparation
such statement is merely predictive and speculative as it relates to events
and circumstances which are yet to occur. The Company undertakes no obligation
to update these forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
IMSBIBDBIDBBGDL -0- Nov/19/2012 07:00 GMT
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