1st Aug 2019 09:39
(Alliance News) - Intertek Group PLC on Thursday said broad-based organic revenue growth and the contribution from acquisitions led to a rise in first-half earnings.
The inspection, product testing and certification company also said it remains on track to deliver on 2019 targets of good organic revenue growth at constant rates, with moderate margin expansion and strong cash conversion.
For the six months to June 30, Intertek recorded pretax profit of GBP206.3 million, up 4.9% from GBP196.6 million in the comparative year-ago period. Revenue increased to GBP1.44 billion from GBP1.35 billion.
The London-based company saw organic revenue growth of 3.0%, plus 1.9% revenue growth contribution from acquisitions. Adjusted operating margins inched higher year-on-year to 16.9% from 16.8%.
Intertek lifted its half-year dividend by 7.2% to 34.2 pence per share from 31.9p, saying this was in line with its dividend policy and supported by its high-margin and cash-generative earnings model.
It anticipates good organic revenue growth from all of its three division, Products, Trade and Resources in all of 2019.
Shares in Intertek were up 2.8% at 5,870.00 pence each on Thursday morning.
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