26th May 2021 09:05
(Alliance News) - Intertek Group PLC on Wednesday said it is on track to meet full-year targets, with trading improving over March and April.
The London-based assurance, inspection, product testing and certification company said revenue in the first four months of the year fell 3.0% year-on-year to GBP855.4 million from GBP881.6 million.
On a constant currency, like-for-like basis, revenue was 2.7% higher year-on-year.
Intertek's fortunes improved in March and April. In the first two months of the year, like-for-like revenue fell 4.1% on a constant currency basis, before increasing 9.3% in March and April.
The resurgence was led by its Products division, which saw 14% like-for-like constant currency growth between March and April.
Chief Executive Officer Andre Lacroix said: "We are on track to deliver our full-year targets of good LFL revenue growth at constant currency, with year-on-year margin progression and a strong free cash flow performance, notwithstanding the continuing lockdown restrictions in several markets impacting the supply chain of our clients and mobility.
"We expect our Products division to deliver robust LFL revenue growth, our Trade division to deliver solid LFL revenue growth and our Resources division to be broadly stable."
Intertek shares were down 2.5% at 5,798.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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