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LONDON (Alliance News) - Intertek Group PLC on Tuesday said it remains on track to deliver on its 2018 targets following revenue growth at constant rates in the first ten months
The product testing and certification company said revenue in the ten months to the end of October totalled GBP2.32 billion, up 0.5% year-on-year. On a constant currency basis, revenue rose by 4.8%.
On a divisional basis, revenue in the Products unit was up 3.2% to GBP1.39 billion, driven by broad-based growth across business lines and geographies.
In the Trade division, revenue declined by 2.4% to GBP529.0 million in the ten months, due to the lower export activities in the AgriWorld business.
Revenue in the Resources division was down 4.4% year-on-year at GBP394.2 million, but the company said it expects the unit to grow in the mid to long-term, benefiting from investments in exploration & production of oil and minerals.
During the period, Intertek bought US-based software provider Alchemy Investment Holdings For USD480 million. The acquired business is integrating well, expanding Intertek's fast growing assurance segment, it said.
The company said it expects Achemy's contribution to the 2018 group revenue to be GBP11 million.
"We are on track to deliver our 2018 targets of good organic revenue growth at constant rates with moderate group margin progression and strong cash conversion," said Chief Executive Andre Lacroix.
Intertek will announce its 2018 results on March 5.
The stock was trading 0.4% higher on Tuesday at 4,665.00 pence a share.
