Intertek: full-year results fail to convince market

(CercleFinance.com) - British testing and inspections group Intertek beat expectations with a slight increase in 2018 profit, as companies are focusing more on quality and safety.


Intertek posted an adjusted operating profit of 482 million pounds, up 6.9% at constant rates and up 3% at actual rates, for 2018 on revenue that is up 4.7% at constant currency rates and up 1.2% at actual rates.

The company, which has clients in the oil, gas, nuclear and power industries, raised its full-year dividend by 39% to 99.1 pence and was bullish on its prospects for 2019.

Intertek said it expects to deliver a "solid" organic revenue growth in its resources division.

"The group outlook sounds solid, but commentary suggests slowing in product offset by trade/resources," UBS said.

Shares in the company, which have risen by 5% year-to-date, fell by 3.2% to 5,022 pence on Tuesday, valuing the company at around 8.4 billion pounds.

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