Last checked at 16 Nov 2011 07:00
16 November 2011
Interim Management Statement
Intertek Group plc ("Intertek"), the leading provider of quality and safety services to a wide range of industries around the world, today releases its Interim Management Statement for the period from 1 July to 15 November 2011. Where stated, financial results are for the period from 1 January to 31 October 2011 ("the period"). All comments in this statement reflect comparisons with the same period during 2010. The Group's full year results to 31 December 2011 will be announced on 5 March 2012.
At constant exchange rates, the year to date organic revenue growth was 8%; in line with the half year. After taking into account revenue arising from the Moody acquisition, along with other acquisitions and currency effects, total reported revenue grew by 26% in the same period.
Despite the global economic turbulence, all divisions reported good organic revenue growth for the first ten months of 2011.
In line with expectations, Consumer Goods improved its performance from the first half. Both Commercial & Electrical and Chemicals & Pharmaceuticals continued to grow well, albeit at slightly slower rates than the first half due to tougher comparatives. Commodities continued to report strong organic revenue growth, driven primarily by growth in the Minerals and the Government & Trade Services industries. Industry & Assurance, including the recently acquired Moody business, is progressing well, benefitting from the integration of Moody with Intertek and a strong structural recovery.
The operating margin for the period, including the dilutive effect of the Moody acquisition, is close to the Intertek margin in the same period in 2010.
The Group remains well financed and has concluded refinancing debt facilities taken out to support the Moody acquisition.
Wolfhart Hauser, Chief Executive Officer, said:
"Despite the economic environment, we continued to see positive trading across all our divisions and we were pleased to see Consumer Goods making solid progress.
"Moody has progressed well during this seasonally strong time period, gaining both from integration with the Intertek portfolio and from the structural recovery in the oil and gas sector.
"Our organic growth drivers remain strong, underpinned by the diversity of our different industries, services and geographies. Whilst there remains significant economic uncertainty, this diversity supports our objectives of continued high single digit organic revenue growth."
Contacts
Aston Swift
Telephone: +44 (0) 20 7396 3400
aston.swift@intertek.com
Richard Mountain, FTI Consulting
Telephone: +44 (0) 20 7269 7291
richard.mountain@fticonsulting.com
Notes to Editors
ABOUT INTERTEK
Intertek is a leading provider of quality and safety solutions serving a wide range of industries around the world. From auditing and inspection, to testing, quality assurance and certification, Intertek people are dedicated to adding value to customers' products and processes, supporting their success in the global marketplace. Intertek has the expertise, resources and global reach to support its customers through its network of more than 1,000 laboratories and offices and 30,000 people in over 100 countries around the world. Intertek Group plc (LSE: ITRK) is listed on the London Stock Exchange and is a constituent of the FTSE 100 index.
www.intertek.com
This Interim Management Statement is prepared for and addressed only to the Company's shareholders as a whole and to no other person. The Company, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this Interim Management Statement is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. Statements contained in this Interim Management Statement are based on the knowledge and information available to the Company's Directors at the date it was prepared and therefore the facts stated and views expressed may change after that date. By their nature, the statements concerning the risks and uncertainties facing the Company in this Interim Management Statement involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. To the extent that this Interim Management Statement contains any statement dealing with any time after the date of its preparation such statement is merely predictive and speculative as it relates to events and circumstances which are yet to occur. The Company undertakes no obligation to update these forward-looking statements.