(Alliance News) - Testing specialist Intertek Group PLC on Friday held its interim payout but profit during the first half slumped by more than a third.
In the six months ended June 30, revenue slipped 7.8% year-on-year to GBP1.33 billion from GBP1.44 billion in the year prior. On a like-for-like basis, revenue was down 7.9%.
First half pretax profit fell 37% to GBP130.8 million from GBP206.3 million. On an adjusted basis - not including one-off items which totalled GBP20.7 million - the fall was more tempered at 33% to GBP151.5 million.
Intertek held its interim payout at 34.2 pence a share.
"We have announced an unchanged half year dividend of 34.2p per share, based on our strong cash generation, robust balance sheet, the strength of our earnings model and our confidence in the group's future growth opportunities," Chief Executive Officer Andre Lacroix said.
"The speed at which the pandemic has unfolded and the lack of visibility on the lifting of lockdown restrictions around the world today continues to make it difficult to assess the full impact of Covid-19 and to provide guidance for 2020."
Separately, Intertek said it has entered a new exclusive services agreement with Bangladesh Export Import Co Ltd, one of South Asia's largest vertically integrated textile and garment companies. Intertek will help long-time client Beximco provide quality assurance at its new personal protective equipment facility, set up recently near its headquarters in Dhaka.
Intertek will provide Beximco with "complete end-to-end solutions to manufacture, test and distribute PPE equipment around the globe".
Shares in the FTSE 100 firm were 1.8% lower at 5,522.00p each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Intertek Group (ITRK)