Intertek publishes trading update

May 24, 2024

IIOA member Intertek publishes its latest trading update.

Revenue grew to 1080m GBP, a growth of 7.5% at constant currency, +2% actual. Like-for-like revenue growth is reported at 7% for this January-April 2024 period.

Within the growth, Intertek report that the Corporate Assurance division,  ‘In the four-month period to the end of April 2024 delivered LFL revenue of £152.0m, 7.6% higher year-on-year at constant currency.

• 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.

• The Assuris business reported mid-single digit LFL revenue growth as we continue to benefit from improved demand for our regulatory assurance solutions and from increased corporate investment in ESG.’

Looking ahead into the rest of 2024, Intertek comment for the Corporate Assurance division that they anticipate the, ‘Corporate Assurance division to deliver high-single digit LFL revenue growth at constant currency.’

In the medium to long-term, Intertek state the, ‘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. Our mid to long-term guidance for Corporate Assurance is high-single digit to double-digit LFL revenue growth at constant currency.’

Overall, Intertek confirm, ‘Significant value growth opportunity ahead’. Intertek state the driver for this as, ‘Our clients are increasing their focus on Risk-based Quality Assurance to operate with higher standards on quality, safety and sustainability in each part of their value chain, triggering a higher demand for our ATIC solutions which are powered by our Science-based Customer Excellence ATIC Advantage’.

The full Intertek trading update is available here.