Intertek 2010 Half Year Results
02 Aug 2010
Intertek Group plc ("Intertek"), a leading international provider of quality and safety services, announces its half year results for the period ended 30 June 2010.
| Good results – Improved 2010 Outlook | ||||
|---|---|---|---|---|
| Adjusted results (1) | H1 10 | H1 09 | Change as reported |
Change at constant rates |
| Revenue | £652.6m | £622.3m | 4.9% | 5.2% |
| Operating profit | £103.7m | £103.5m | 0.2% | 1.2% |
| Operating profit margin | 15.9% | 16.6% | (70)bps | (60)bp |
| Profit before tax | £97.3m | £94.2m | 3.3% | |
| Diluted earnings per share | 40.6p | 40.2p | 1.0% | |
| Statutory results | H1 10 | H1 09 | Change as reported | |
| Operating profit | £90.9m | £97.0m | (6.3)% | |
| Profit before tax | £84.5m | £87.7m | (3.6)% | |
| Diluted earnings per share | 34.6p | 36.9p | (6.2)% | |
| Basic earnings per share | 35.2p | 37.5p | (6.1)% | |
| Interim dividend | 9.3p | 8.2p | 13.4% | |
(1) Adjusted results are stated before separately disclosed items which include amortisation of acquisition intangibles, acquisition and related integration costs and certain claims and settlements (see Presentation of Results and note 3 to the Interim Financial Statements).
Highlights
- Organic revenue growth of 4.6% at constant exchange rates – growth in all divisions
- Organic operating profit growth of 1.5% at constant exchange rates
- Three acquisitions now completed, for total consideration of £30.4m
- Interim dividend increased by 13.4% to 9.3p
- Improved 2010 outlook
Wolfhart Hauser, Chief Executive Officer, said:
"Intertek has reported a good first half of the year with trading improving during the period. We are continuing to invest in organic growth and also completed three acquisitions in the year to date. With a strong financial position, we continue to make targeted bolt-on acquisitions and to evaluate medium-sized strategic acquisitions to increase shareholder value.
While the Group's overall growth drivers remain strong, the pace of recovery in our markets continues to vary. However, environmental regulations, the expansion of renewable energy industries and consumers' concern over the health and safety of their products continue to drive good growth and offset some weaker markets. With the trading outlook improving, we now expect to achieve 2010 organic revenue growth of mid single digits with a broadly similar margin compared to 2009, and as markets recover further we expect to return to high single digit organic growth rates."
Contacts
For further information, please contact:
Aston Swift, Investor Relations
Telephone: +44 (0) 20 7396 3400
aston.swift@intertek.com
Sophie Kernon, Financial Dynamics
Telephone: +44 (0) 20 7269 7225
sophie.kernon@fd.com
Richard Mountain, Financial Dynamics
Telephone: +44 (0) 20 7269 7291
richard.mountain@fd.com
Analysts' meeting
There will be a meeting for analysts at 9.30am today at JPMorgan Cazenove, 20 Moorgate, London EC2R 6DA. A copy of the presentation will be available on the website later today.
Corporate website: www.intertek.com
View the 2010 Interim Report (148 KB PDF).
About Intertek
Intertek is a leading provider of quality and safety solutions serving a wide range of industries around the world.
From auditing and inspection, to testing, quality assurance and certification, Intertek people are dedicated to adding value to customers' products and processes, supporting their success in the global marketplace.
Intertek has the expertise, resources and global reach to support its customers through its network of more than 1,000 laboratories and offices and over 26,000 people in more than 100 countries around the world.