Intertek slumps as headwinds hit business

 
City A.M. Reporter
TESTING firm Intertek led the FTSE 100 lower yesterday on concerns over a slowdown in its business, falling as much as 4.2 per cent to the bottom of the index after saying says that headwinds experienced in the first-half of the year have continued into the second half.

The firm, which tests products from toys and clothes to oil and renewable technology, also said it had bought Architectural Testing – a North American building products testing and certification – for $95m (£59m) from private equity firm Wafra Partners.

“The headwinds experienced this year in particular in minerals, Europe and some US industrial inspection areas have continued for longer than expected, but will ease next year,” said chief executive Wolfhart Hauser.

“We continue to invest in industries and markets that support our strategic goals and as markets recover these investments will support the continued development of our global quality network,” he added.

The group will announce full year results on 3 March 2014.