Intertek posts H1 2024 results

IIOA member Intertek reports its results for the first half of 2024, with revenue up 6.6% (constant currency) to 1,669.5m GBP, an actual increase of 1.8%. Like-for-like revenue growth was 6.1%.

As regards the outlook, Intertek state, ‘We enter the second half of the year with confidence, given the day-adjusted LFL growth rate acceleration in the May/June period and we expect the Group will deliver a strong performance in 2024 with mid-single digit LFL revenue growth at constant currency.

Intertek makes note of the, ‘Faster global growth for ATIC solutions:
Our industry has always benefitted from attractive growth drivers and now more than ever everyone wants to build an ever-better world which means that corporations will invest more in quality, safety and sustainability, accelerating the demand for our industry-leading ATIC (Assurance, Testing, Inspection and Certification) solutions.

Indeed, our customer research shows the well-known attractive structural growth drivers in the Risk-based Quality Assurance industry will be augmented by:
• The need to operate with safer and more resilient supply chains
• Continued investments by corporations in new products and services
• A step-change in how companies manage Sustainability
• Increased investments in traditional Oil & Gas (‘O&G’) and renewables
• An increase in the number of new clients, both in developed and emerging economies’.

Within the Intertek results, the Corporate Assurance Division delivered like-for-like revenue growth of 8.3% (constant currency) to 242.1m GBP. Intertek commented, ‘Business Assurance delivered high-single digit LFL revenue growth in the period driven by increased investments by our clients to improve the resilience of their supply chains, the continuous corporate focus on ethical supply and the greater need for sustainability assurance.

Intertek are targeting, ‘High-single digit to double digit in Corporate Assurance.’

Intertek’s Half Year Results Announcement can be viewed here.