11th May 2007 07:01
Intertek Group PLC11 May 2007 11 May 2007, 7:00am (UK), London Intertek AGM Statement on Trading Intertek Group plc holds its AGM at 11am today. Vanni Treves, Chairman, willmake the following statement regarding 2007 trading and Board changes. "Global trade and other trends that drive our business remain robust and tradingin the current year has started well and in line with expectations. However, theweakness in the US dollar against sterling will mean that growth in reportedrevenue and profit will be lower than the growth shown at constant exchangerates. "Approximately 80% of the Group's earnings are in US dollar and USdollar-related currencies and the reporting rate of the US dollar is currentlyabout 12% weaker against sterling than this time last year. "As outlined in the 2006 preliminary results announcement in March, the groupcontinues to invest in and develop the business organically and throughselective acquisitions. The three main divisions accounting for over 90% of thegroup by revenue are continuing their good performance on an organic andconstant currency basis. So far this year, we have invested £40 million in threeacquisitions, the largest of which was Genalysis, the Australian-based mineralslaboratory analysis company, acquired in April for £23.3 million. Theseacquisitions will accelerate our growth in 2007. "As previously announced, Raymond Kong has retired as a non executive directorfrom the Board with effect from today. As one of the two founders of theConsumer Goods division over thirty years ago, he has played an extremelyimportant role in the growth and development of the Company, particularly inAsia. He was Chief Executive of the Consumer Goods division until July 2006 andbecame a director of the Company in May 2004. "I would like to express my deep gratitude to him, on behalf of all his fellowdirectors, employees and customers, for his outstanding contribution toIntertek. We wish him a happy and healthy retirement." For further information, please contactContactsAston Swift, IntertekTelephone: +44 (0) 20 7396 [email protected] Richard Mountain Financial DynamicsTelephone: +44 (0) 20 7831 [email protected] About IntertekIntertek is a leading international provider of quality and safety services to awide range of global and local industries. Partnership with Intertek bringsincreased value to customers' products and processes, ultimately supportingtheir success in the global market place. Intertek has the experience,expertise, resources and global reach to support its customers through theirnetwork of more than 930 laboratories and offices, 18,000 people in 109countries around the world.For further information, visit www.intertek.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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