Intertek hails 'strong' start to year, underpinned by consumer products arm

24th May 2024 07:34

(Sharecast News) - Intertek backed its full-year expectations on Thursday as it hailed a strong start to the year, with 7% growth in like-for-like revenue, driven by a recovery in the consumer products segment.

In the four months to the end of April, total group revenue rose 7.5% at constant currency to £1.1bn. Within that, the consumer products arm saw 6.2% growth to £297.6m.

In corporate assurance, LFL revenue was up 7.6% at £152m, while the health and safety segment saw a 9.9% jump to £105.2m

LFL revenue in the industry and infrastructure business was up 4.2% to £273.2m, while Word of Energy saw a 9.4% increase to £246.1m.

Chief executive Andre Lacroix said: "We have had a strong start to 2024, delivering broad-based 7.0% LFL revenue growth1, driven by a strong recovery in Consumer Products, whilst Corporate Assurance, Health and Safety, Industry and Infrastructure and World of Energy continue to benefit from increased demand for our ATIC solutions.

"Recent acquisitions are performing well, benefitting from the scale-up opportunities within our global network, and we continue to invest in organic and inorganic opportunities in high-growth and high-margin segments."

Based on its strong start to the year, Intertek reaffirmed its guidance for 2024. It continues to expect mid-single digit LFL revenue growth at constant currency, margin progression and a strong cash flow performance.