Intertek posts H1 2023 results

July 28, 2023

IIOA member Intertek has posted its results for the first half of 2023.

Revenue rose to 1,640m GBP, a 9.9% increase (8.3% at constant rates), representing a like-for-like revenue growth of 8.7% (7.1% constant currency).

Within the overall performance, the Corporate Assurance Division delivered a 13.5% (12.5% constant currency) increase in revenue to 231.8m GBP (identical like-for-like performance).

On the performance from Corporate Assurance Division, Intertek states, ‘Business Assurance delivered double digit LFL revenue growth as the business saw increased investments by our clients to improve the resilience of their supply chains, the continuous focus on ethical supply and the increased need for sustainability assurance.’

Intertek notes that it is seeing faster growth for assurance, testing, inspection and certification. It continues that, ‘Our industry has always benefitted from attractive growth drivers and in a post-Covid world everyone wants to build an ever-better world.

Based on our research, corporations will invest more in quality, safety, and sustainability, accelerating the demand for our ATIC industry-leading solutions. Indeed, our customer research shows these attractive structural growth drivers will be augmented by:

  • An increase in new clients
  • Higher investments in safer supply
  • Higher investments in innovation
  • A step change in sustainability
  • Higher growth in the World of Energy’.

Given this, Intertek believes that the outlook for 2023 is of, ‘Mid-single digit LFL revenue growth, margin progression and strong free cash flow’.

See the complete Intertek 2023 Half Year Announcement here