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Trading update: Revenue growth slows at Intertek. Revenue growth excluding acquisitions (organic growth) slowed to 9.1% for the year to date, down from 9.9% over the first half year - the share price declined by over 2.5% in early trading. Each division reported organic revenue growth in the third quarter, although the fast growth experienced by both its Industry & Assurance and Commodities divisions in the first half moderated to high single digits. Growth for its Consumer Goods and Commercial & Electrical divisions continued at high single digits, whilst its Chemicals & Pharmaceutical division enjoyed improving growth. On a regional basis, the strongest growth came predominantly from the Americas, Asia and the Middle East, while Europe grew below the group average. In all, and with a strong price rise over the last year (+45% as of 19Nov12) set against some recent slowing in organic revenue growth,
Company overview The company is a leading global provider of quality and safety solutions to a wide range of both corporate and government customers. Through its services Intertek helps customers to assess the products and commodities that they buy and sell against a wide range of safety, regulatory, quality and performance standards. The group was floated on the London Stock Exchange back in May 2002 and is currently a constituent of the FTSE-100 index. Group customers include retailers, distributors, manufacturers, traders, industrial bodies, oil and chemical companies and government organisations. Intertek employs over 30,000 personnel across more than 1,000 laboratories and in over 100 countries.
Wilmington Group: Westhouse Securities raises target price from 123p to 141p, neutral rating kept.
Wolfhart Hauser, Intertek's Chief Financial Officer, commented on Monday morning: ""NDT has a strong reputation and market position and we are pleased to welcome the company to Intertek. "Building on our Moody acquisition, this acquisition enhances our existing services to our energy, petrochemical, power and aerospace clients and reflects our strategy of continually expanding our capabilities to meet the full quality needs of clients in each industry".
Quality control services group Intertek has acquired NDT Services, a provider of non-destructive testing services to the energy, petrochemical, power and aerospace industries. The group was purchased through the acquisition of its parent company, Materials Testing & Inspection Services, from its management shareholders for £17m in cash. NDT's services are used by companies to assess the integrity and reliability of a range of industrial components being manufactured or on installations. It employs 130 staff and is headquartered in Derby, UK. Intertek said: "NDT helps clients to identify flaws or defects in aircraft, pipeline, power station, refinery and oil platform components to assess their projected lifespan in order to reduce the risk of failure and disruption to operations." The firm said that the increasing regulation and standardisation of components, infrastructure and industrial products, as well as increased investment in quality assurance by companies to reduce risks, is driving the demand of NDT's services.
Wolfhart Hauser, Chief Executive, Intertek Group plc, commented: "NDT has a strong reputation and market position and we are pleased to welcome the company to Intertek. Building on our Moody acquisition, this acquisition enhances our existing services to our energy, petrochemical, power and aerospace clients and reflects our strategy of continually expanding our capabilities to meet the full quality needs of clients in each industry".
10 September 2012, 7am London, UK Intertek acquires NDT Services Limited Intertek Group plc (Intertek), the leading international provider of quality services to a wide range of industries, announces that it has acquired Materials Testing & Inspection Services Limited and its operating subsidiary NDT Services Limited (NDT), a provider of non-destructive testing services to the energy, petrochemical, power and aerospace industries. The company was purchased from its management shareholders for a cash consideration of GBP 17 million. NDT's non-destructive testing is used by companies to assess the integrity and reliability of a range of industrial components being manufactured or on installations. NDT helps clients to identify flaws or defects in aircraft, pipeline, power station, refinery and oil platform components to assess their projected lifespan in order to reduce the risk of failure and disruption to operations. Demand for NDT's services is driven by increasing regulation and standardisation of components, new and ageing infrastructure and industrial products, and by increased investment in quality assurance by companies to reduce operational and reputational risks. NDT holds key industry accreditations and is a leading European provider of non-destructive testing to the aerospace industry and is a prominent operator in the power sector. NDT has 130 full-time employees and is located in the UK, with headquarters in Derby and sites near Bristol and Birmingham. The company will form part of Intertek's Industry & Assurance division.
http://www.investegate.co.uk/Article.aspx?id=201209100700058261L
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Positive Points: Growth across all divisions was reported. Management noted that "with the group's balanced industry and geographic portfolio, we continue to expect to grow revenue at high single digits on an organic constant currency basis for the full year." Growth and positive expectations for the future have helped enable a 21.5% rise in the half year dividend. Bolt-on acquisitions continue to be made. The company is the largest tester of consumer goods in the world and has a network of more than 1,000 laboratories across 100 countries.
Negative Points: The group's profit margin has reduced slightly in the wake of recent acquisitions. Growth at its Chemical & Pharmaceutical division remains somewhat pedestrian - total revenue increased to £72.5 million, up 4.2%, of which 3.6% was organic growth. The group transacts in over 80 currencies, and is therefore exposed to volatility in the currency markets. Commodity price volatility and trading volumes can affect demand for associated testing services. Consumer spending trends in Europe and North America can influence demand for consumer testing services.
Financial Highlights: Revenue growth of 29.9% to £991 million. Organic growth on a constant currency basis of 9.9%. Profit grew by 28.2% to £152.2 million. Three bolt on acquisitions since 1 January for £17.4 million. Interim dividend increase of 21.5%.
Half year results: Assisted by bolt-on acquisitions and growth in the Middle East and Africa, the group posted figures which generally pleased investors. Management noted that "demand for quality services across diverse industries and geographies continued to expand." Operating profit came in at £152.2 million, up 28.2%, driven by growth in all divisions. Energy and commodities end-markets provided very good ongoing demand for quality services, whilst demand in the consumer retail and commercial manufactured product industries was strong against a weaker prior year period. In addition, management action in improving the group's underlying organic margin remained a focus, although acquisitions this time round caused a slight reduction. In all, and in the wake of a strong price rise over the last 6 months (+31%),
Company overview The company is a leading global provider of quality and safety solutions to a wide range of both corporate and government customers. Through its services Intertek helps customers to assess the products and commodities that they buy and sell against a wide range of safety, regulatory, quality and performance standards. The group was floated on the London Stock Exchange back in May 2002 and is currently a constituent of the FTSE-100 index. Group customers include retailers, distributors, manufacturers, traders, industrial bodies, oil and chemical companies and government organisations. Intertek employs over 27,000 personnel across more than 1,000 laboratories and in over 100 countries.
There’s no buy recommendation on products testing firm Intertek, but Tempus is very wary of betting against a firm that has had a meteoric rise, up 738% in the last 10 years, 47% in the last year alone. It’s also beginning to offer testing services to the new manufacturing bases like Thailand and Sri Lanka. Trading at 22 times earnings the shares look expensive but, as Tempus says, not many will want to bet against Intertek.
Seymour Pierce downgrades Intertek Group from add to hold, target price unchanged at 2500p.
Revenue increased by 29.9% to £991.0m, principally due to strong organic growth and the acquisition of, and very strong subsequent growth in, the Moody International ('Moody') business. Excluding the results of acquisitions made since 1 January 2011, organic revenue increased by 9.9% at constant exchange rates with all divisions contributing to growth. Operating profit was £152.2m, up 28.2% driven by strong growth in all divisions. The Group made further progress with its margin improvement programme, with Industry & Assurance and Commodities contributing to a 40 basis points increase in the Group's organic margin at constant exchange rates. Total margin at actual exchange rates was 20 basis points lower as good organic margin progression was more than offset by an additional four months and the mix effect of exceptionally strong revenue growth in Moody. Net financing costs were £12.2m, an increase of £4.1m on the first half of 2011, principally due to increased borrowing, partially offset by an interest receipt on a tax repayment relating to prior years. The adjusted effective tax rate was 27.7% (H1 11: 28.0%) and the full year rate is expected to be around this level. Cash flow from operations increased by 29.6% to £118.1m principally due to strong profit growth. The Group completed three bolt-on acquisitions for £17.4m on a cash and debt free basis. The Group ended the period in a strong financial position with net debt of £618.5m and an annualised net debt to EBITDA ratio of 1.6 (H1 11:1.9 on a pro forma basis). Diluted adjusted earnings per share for the six months ended 30 June 2012 increased by 28.2% to 58.2p. Following good progress during the first half and considering the outlook for the Group, the Board has approved a 21.5% increase in the interim dividend to 13.0p per share. The dividend will be paid on 16 November 2012 to shareholders on the register at 2 November 2012.
Wolfhart Hauser, Chief Executive Officer, commented: "Intertek has delivered strong growth in revenue, operating profit and earnings in the first half of the year, as demand for quality services across the diverse industries and geographies that we operate in continues to expand. Our businesses continue to perform well. Within energy and commodities end-markets we are seeing very good demand for global quality services. Demand in consumer retail and commercial manufactured product industries was strong against a weaker prior year period. Customers continue to seek more testing support on the performance, sustainability and compliance of products and new technologies and are seeking greater 'total supply chain' quality solutions. We made further progress on improving the Group's underlying organic margin, whilst the total operating margin reduced slightly due to the dilutive effect of exceptional growth in Moody; acquired in April 2011. Global economic conditions are becoming increasingly uncertain; however, with the Group's balanced industry and geographic portfolio, we continue to expect to grow revenue at high single digits on an organic constant currency basis for the full year."
Intertek Group plc ("Intertek"), a leading international provider of quality and safety services, announces its half year results for the period ended 30 June 2012. Strong growth in revenue and earnings Highlights · Strong revenue growth of 29.9% to £991.0m; constant currency organic growth of 9.9% · Strong profit¹ growth of 28.2% to £152.2m; constant currency organic growth of 12.7% · Adjusted operating profit¹ margin 15.4% · Diluted EPS¹ increase of 28.2% · Three bolt on acquisitions since 1 January for £17.4m · Interim dividend increase of 21.5%
http://www.investegate.co.uk/Article.aspx?id=201207260700095295I