Intertek H1 profits surge following 'robust' performance in May and June

(Sharecast News) - Assurance and product testing group Intertek said on Friday that interim profits had surged on the back of a strong performance in both May and June.
Intertek stated pre-tax profits had climbed by 29.3% year-on-year to £169.1m in the six months ended 30 June, while revenues fell 1% during the period to £1.32bn.

Like-for-like revenue growth accelerated in May and June to 12.0%, with products revenue growing 13.9%, trade revenues up 8.5% and resources revenue increasing 9.5%.

As a result, the FTSE 100-listed company declared an interim dividend of 34.2p per share, in line with its prior-year payout.

Looking forward, Intertek expects its products division, which makes up roughly 85% of earnings, to deliver "robust" like-for-like revenue growth at constant currency in 2021.

Chief executive Andre Lacroix said: "The group is on track to deliver a strong 2021 with robust like-for-like revenue growth, year on year margin progression and a strong free cashflow performance, notwithstanding the lockdown restrictions in several of our markets impacting the supply chains of our clients and mobility."

As of 0945 BST, Intertek shares were down 6.67%% at 5,230.0p.