Intertek Group (ITRK) Trading Update summary

Trading performance and revenue growth

• Year-to-date revenue reached £2.82bn, up 6.6% at constant currency and 1.8% at actual rates, with like-for-like growth of 6.3% and acquisitions contributing £13.4m.

• July–October group revenue was £1.15bn, up 6.8% at constant currency, with 6.6% like-for-like growth.

• Consumer Products, Corporate Assurance, and Health and Safety divisions delivered 9.5% combined growth, representing 74% of earnings.

• Consumer Products saw 9.4% like-for-like growth in July–October, with double-digit growth in Softlines and robust performance in Electricals and Hardlines.

• Corporate Assurance and Health and Safety divisions posted 9.9% and 9.1% like-for-like revenue increases, respectively.

Divisional performance and outlook

• Industry and Infrastructure and World of Energy divisions performed in line with guidance, with 1.1% and 6.3% like-for-like growth, respectively, despite weather-related challenges in the U.S.

• Moody division in World of Energy is growing at double digits, with broad-based CapEx investment across regions.

• Assurance division’s People Assurance (Alchemy, PlayerLync) and cybersecurity services are performing well, with SaaS-based, high-margin growth and expanding demand.

• Pruning of low-margin OpEx contracts in Industry and Infrastructure supports focus on higher-value CapEx services.

• Full-year guidance: high single-digit like-for-like growth for Consumer Products, Corporate Assurance, Health and Safety, and World of Energy; low single-digit for Industry and Infrastructure.

Strategic initiatives and sustainability

• Continued investment in organic and inorganic growth, with recent bolt-on acquisitions expanding capabilities in environmental analysis, SaaS-based People Assurance, and minerals testing.

• Intertek’s AAA growth strategy focuses on science-based customer excellence, brand development, and innovation.

• Sustainability is central, with targets to reduce scope 1 and 2 GHG emissions by 50% by 2030 and 70% of suppliers to have science-based targets by 2027.

• Total Sustainability Assurance (TSA) program offers end-to-end ESG assurance and certification solutions.

• China business accelerated to 7.4% like-for-like growth in the last four months, benefiting from export diversification and manufacturing excellence.