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(Alliance News) - Intertek Group PLC on Wednesday affirmed its annual outlook and reported revenue growth across the board in the first four months of 2023, helped by a "good business recovery in China".
The London-based quality assurance service provider reported revenue of GBP1.06 billion in the first four months of 2023, up 11% from GBP951.3 million a year earlier. At constant currency, revenue was 7.6% higher.
Like-for-like revenue improved 6.5% to GBP1.05 billion.
Revenue in Intertek's Products division, which aims to ensure the quality and safety of physical components and products, grew 9.2% to GBP658.1 million.
In its Trade division, aimed at protecting the value of products during transportation and storage, revenue increased 8.9% to GBP212.5 million.
Meanwhile, in Resources, focused on "optimising the use of assets" in the energy and mineral industries, revenue increased 19% to GBP189.0 million.
Intertek said the re-opening of China in January boosted manufacturing and trading activities, and "was welcomed by all of our clients".
Its China business delivered flat revenue growth between January and February, but this improved between March and April to double-digit like-for-like growth. Intertek said its China business delivered like-for-like revenue growth of 7.5% at constant currency over the full four-month period.
Intertek confirmed its full-year outlook, saying it expects mid-single digit LFL revenue growth at constant currency.
"This is a good start for our China business, which will be a significant contributor to the group's performance in 2023 given the base-line effect caused by the Covid disruptions in Q2 and Q4 last year," Intertek said.
It also said its Intertek 30 AAA growth strategy, announced in early May, will "unlock the significant value growth opportunity ahead".
The 30 AAA strategy targets mid-single digit like-for-like revenue growth, strong cash generation, and a return to its 2019 peak margin of 17.5% "and beyond". To this end, Intertek said it is pursuing "disciplined investments" in "attractive" sectors.
Shares in Intertek were 3.3% higher at 4,330.00 pence in London on Wednesday morning.
By Emma Curzon, Alliance News reporter
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