4th Jan 2006 07:00
Intertek Group PLC04 January 2006 4 January 2006, 7am (UK) Intertek Group plc ("Intertek") Nigeria contract termination Intertek, the global testing, inspection and certification company, reports thatit has yesterday received notification that the pre-shipment inspection (PSI)contract with the Government of Nigeria has been terminated with effect from 31December 2005. There will be a three month run off period for all work inprogress at 31 December 2005. This contract is operated by the Foreign Trade Standards division of Intertek(FTS) and accounted for approximately 2.7% of Intertek's 2005 full yearrevenues. The Nigeria PSI contract was a significant part of FTS' revenues andits loss will necessitate a reduction in costs. While it is too soon todetermine exactly how the division will be restructured, it is estimated that aprovision of up to £2 million will be required in the 2005 accounts. FTS signed a new Standards contract with the Government of Nigeria at the startof 2005 and whilst this contract is still developing it is expected that itcould eventually replace up to a third of the revenues lost from the PSIcontract. Intertek will announce preliminary results on 6 March 2006 at which pointfurther information on the restructuring will be given. For further information, please contactAston Swift, Treasurer and Investor Relations Telephone: +44 (0) 20 7396 3400 [email protected] Tim Lynch, Tulchan Communications Telephone: +44 (0) 20 7353 4200 [email protected] Corporate website: www.intertek.com High resolution images of Intertek Group plc businesses are available todownload, free of charge from www.vismedia.co.uk. ABOUT INTERTEKIntertek is a leading international testing, inspection and certificationorganisation which assesses customers' products and commodities against a widerange of safety, regulatory, quality and performance standards and certifies themanagement systems of customers. Intertek has over 300 laboratories and over14,500 people around the world and is increasingly undertaking outsourcedtesting work for its customers. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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