(Alliance News) - Intertek Group PLC on Monday said it appointed a new chief financial officer with immediate effect.
The London-based quality assurance service provider said Colm Deasy would replace Jonathan Timmis, who has also stepped down with immediate effect.
Deasy joined Intertek in 2016 as group treasurer, adding the role of tax director to his responsibilities before becoming regional managing director for the Asia Pacific division, followed by president of Global Transportation Technologies, Building & Construction and People Assurance.
Intertek also said on Monday it has established a new group executive committee, effective immediately, which it believes will best position the company "to take advantage of the exciting growth opportunities ahead, in a world where companies are increasing their focus on risk‐based quality assurance to make their businesses stronger".
Regarding current trading, Intertek said it remains in line with expectations, with its full-year guidance from late February remaining unchanged.
Previous guidance was for mid-single digit like-for-like expected revenue growth in 2023, with margin progression and "strong" free cash flow.
Pretax profit in 2022 grew 1.5% to GBP419.8 million from GBP413.4 million in 2021. This was 6.1% below Shore Capital analyst expectations from January of GBP447 million. Revenue grew 15% to GBP3.19 billion from GBP2.79 billion, and largely in line with Shore Capital analysts' expectations of GBP3.18 billion.
"We truly believe that growing our people is central to our growth agenda. We are confident that our diverse group executive committee is the right team to lead Intertek to greater heights capitalising on the demand acceleration we are seeing for our assurance, testing, inspection and certification solutions," said Chief Executive Officer Andre Lacroix.
Shares in Intertek closed down 1.1% to 3,976 pence each in London on Friday last week.
By Greg Rosenvinge, Alliance News reporter
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Intertek Group (ITRK)