Earnings release
Page 1
in Intertek Group plc ( " Intertek " or " the Group " ) , a leading Total Quality Assurance provider to industries worldwide , today releases its November Trading Update for the period from 1 January to 31 October 2021 ( " period " ) . All comparative comments in this statement reflect comparisons with the corresponding period during 2020. The Group's full year results to 31 December 2021 will be announced on 1 March 2022 . Strong Progress in H2 - On Track to Deliver FY Targets ● TRADING STATEMENT 24 November 2021 6.7 % ¹ revenue growth in July - October , 4.8 % ¹ in July / August , 8.5 % ¹ in September / October July - October LfL revenue growth 5.0 % ¹ ; trading days adjusted LFL revenue growth 6.2 % ¹ All Divisions delivered LfL revenue growth , Products 5.5 % ¹ , Trade 3.7 % ¹ , Resources 4.7 % ¹ SAI and JLA acquisitions are performing well in revenue , margin and cash Operational leverage and productivity management delivering an improved margin in H2 versus H1 Day to day performance management discipline delivering a strong cash performance in H2 On track to deliver robust LfL revenue growth ' , year on year margin progression and strong free cash flow André Lacroix : Chief Executive Officer statement " The Group has made strong progress in the second half of the year , delivering total revenue growth of 6.7 % at constant currency in the July - October period , driven by a robust like - for - like revenue performance and the benefits of acquisitions we recently made , while benefiting from positive momentum on margin and cash . Looking to the full year , we are on track to deliver robust like - for - like revenue growth at constant currency , year on year margin progression and a strong free cash flow performance , notwithstanding the lockdown restrictions still in place across some of our global markets and the supply chain challenges that our clients are facing . Moving forward , all stakeholders in society expect governments and corporations to build back a better world with a sharper focus on end - to - end Quality Assurance . The Covid - 19 global pandemic has made the case for Total Quality Assurance clearer and stronger for our clients and we expect the $ 250 billion global Quality Assurance market to grow faster post - Covid . The supply chain disruption being experienced by corporations across multiple industries has made the need for comprehensive risk - based quality , safety and sustainability assurance more critical than ever . Companies are investing in Quality Assurance to build greater resilience and safety , whilst innovating to deliver new high - quality products and services as consumer expectations rapidly evolve . The sprint to Net Zero emissions also means that corporations are having to reinvent the way they reduce their carbon footprints across the entirety of their operations , through verified disclosures , transparency and greater accountability . Thanks to our leading ATIC ( Assurance , Testing , Inspection and Certification ) capability and expertise , innovation and insight , Inte tek is uniquely positioned to seize the highly attractive growth opportunities and to benefit from the GDP + , like - for - like revenue growth prospects in the Quality Assurance industry in the medium- to long - term , leveraging our purpose - led role as a force for good in society . We are investing organically and inorganically to seize the sustained long - term growth opportunities in our industry through a disciplined approach to capital allocation and performance management , targeting high - margin and high growth areas that in turn accelerate margin accretive revenue growth . The acquisitions earlier this year of SAI Global Assurance and JLA are performing well with both businesses delivering strong margin growth and strengthening our existing operations . " ¹Constant currency Intertek Group plc November Trading Update 2021 1 intertek Total Quality . Assured .