Fundsmith Holds 5.1% Intertek Stake After Strong 2017 Results (ALLISS)

LONDON (Alliance News) - Intertek Group PLC said Friday Fundsmith LLP held a 5.1% stake in the FTSE 100-listed industrial testing firm in a transaction on March 8.

Fundsmith held 8.2 million shares in Intertek after the transaction, equivalent to a 5.1% stake. The stake of Fundsmith prior to the transaction was not disclosed.

The transaction came after Intertek hiked its full-year dividend on March 6 after 2017 profit and revenue both grew strongly despite its resources unit experiencing declines as it continued to target faster growth in 2018 and beyond.

In 2017, pretax profit rose 15% to GBP331.3 million from GBP289.3 million the year prior. This was after revenue rose 14% to GBP467.7 million from GBP409.7 million the year before.

Shares in Intertek closed 2.5% higher at 4,707.00 pence on Friday.