Intertek posts strong 2023 full year performance

Intertek have announced their 2023 Full Year results.

At 3,328.7m GBP, revenue grew by 7.1% at constant currency (+4.3% actual). Intertek noted that this was the highest like-for-like revenue growth in 10 years at 6.2% (constant currency), actual 3.4%.

Intertek states that this growth is supported by customer research showing

• Higher investments in safer supply
• Higher investments in innovation
• A step change in sustainability
• Higher growth in the World of Energy.

Intertek also comments that supply chain management has shifted since the pandemic, noting, ‘Covid-19 has been a catalyst for many corporations to improve the resilience of their supply chains, seeing a significant change of focus within our clients on how they manage their value chains with:

• Better data on what is happening in all parts of the supply chain
• Tighter risk management with razor-sharp business continuity planning
• A more diversified portfolio strategy with tier 1/2/3 suppliers
• A more diversified portfolio strategy regarding factories
• Investments in processes, technology, training, and independent assurance.’

Within the performance, Intertek report Corporate Assurance delivered revenue increase of 9.5% (constant currency, 6.1% actual rates). The like-for-like revenue growth was 9.0% (constant currency).

This growth was attributed to, ‘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.’

In 2024, high-single digit like-for-like revenue growth is anticipated. Beyond that, the Intertek Corporate Assurance division will , ‘benefit from a greater corporate focus on sustainability, the need for increased supply chain resilience, enterprise cyber-security, People Assurance services and regulatory assurance.’

The Intertek Full Year Results Announcement can be seen here  Intertek 2023 Full Year