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Intertek revenues up 20% despite drop in demand for oil inspection services

Market info
Market info

Revenues at quality assurance giant Intertek went up by 18% to £2.1billion in the first 10 months of the year thanks to income from acquisitions and growth in its products divisions.

Intertek, a FTSE 100 company with bases in Aberdeen, Dundee and Alness, said revenues from its resources business were down 0.8% due to “challenging trading conditions”, however.

The firm said its inspection services were impacted by lower investments and reduced exploration activities by its clients.

But Intertek’s mergers and acquisitions strategy is paying off. Acquisitions made since January 2015 contributed £200million of additional revenues, the firm said.

Earlier this year, Intertek bought food tester FIT Italia and cyber security firm EWA Canada.

Last week, the company said it had won a seven year deal to provide inspection services in Oman.

Intertek chief executive André Lacroix said: “In the first 10 months, we have delivered 10% revenue growth at constant rates and are on track to deliver robust revenue growth, with strong operational discipline, stable margin and good cash generation in 2016.

“The products and trade related divisions, which represent over 90% of our earnings, delivered an excellent performance with good organic growth of 4% at constant rates.

“However, trading conditions remain, as expected, challenging in the resource related division.”

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