Intertek sees mixed growth as US and European markets wane
Intertek, the London-based inspection, testing and certification firm, has posted what chief executive Wolfhart Hauser has called a mixed set of results for 2013, with growth varying across its markets.
The group saw a nine per cent increase in profit before income tax to £281.8m in 2013, with revenue rising almost six per cent to £2.18bn. Cash flow increased 14 per cent to £394m.
The progress Intertek made in emerging markets, particularly with textiles in China and India, was offset in the US and Europe, with cyclical headwinds hitting its minerals, chemicals and pharmaceutical businesses. Both the US and Europe saw a decline in services for energy assets, despite strong growth in oil cargo infpection and testing in the former.
The board’s proposing a final dividend of 31p per share, taking the full year dividend to 46p per share – up 12 per cent on 2012.
Chairman Sir David Reid commented on outlook for the firm:
Intertek remains able to capture opportunities to deliver resilient growth and performance despite times of economic uncertainty. The Board is confident of delivering further growth in the future.