Intertek sees revenues rise 26 per cent

City A.M. Reporter
BRITISH testing firm Intertek said its organic revenue in the year to date grew by eight per cent and it expected the diversity of its business would help it continue to achieve single digit growth against a backdrop of challenging economic conditions.

Intertek, which tests products from toys and clothes to oil and renewable technology, posted total revenue growth in the year to end-October of 26 per cent yesterday, boosted by acquisitions of companies including quality and safety services firm Moody International.

The FTSE 100 company, whose clients include the government of Mozambique and companies such as Carrefour, Kraft Foods and Unilever, said the performance of its consumer goods division had improved in line with expectations in the second half.

Chief executive Wolfhart Hauser said in August that a new EU directive on toys would boost business in its toy-testing consumer goods division, which makes up nearly half of group profit.

Growth in Intertek’s commercial and electric division, which tests and certifies home appliances and lighting products, slowed in the second half after an increased product range in China boosted its first-half performance.

The company’s commodities division, which has benefited from a booming mining industry in Asia and the Pacific this year, reported strong organic growth.

Intertek operates in more than 100 countries and said the diversity of its operations would help it meet its objective of achieving high single digit organic revenue growth, despite the weakening economic environment in many markets.

Shares in Intertek closed up 3.5 per cent yesterday at 1,952p.