Intertek Provides Trading Statement

Source: 11/23/2023, Location: Europe

• YTD revenue of £2.77bn, growth of 7.3% at CCY with broad-based LFL revenue growth of 6.3%
• 5.2% LFL revenue growth at CCY in July-Oct: LFL of 6.9% in Corporate Assurance, Health and Safety, Industry and Infrastructure, and World of Energy combined; Consumer Products LFL of 1%
• Recent acquisitions in high growth, high margin segments performing well; YTD revenue contribution of £26m
• Margin progression driven by pricing initiatives, good operating leverage and disciplined cost controls
• Disciplined performance management delivering strong cash flow and a robust balance sheet
• Investing in organic and inorganic growth opportunities with an accretive capital allocation policy
• Confirming 2023 outlook: Mid-single digit LFL revenue growth at CCY, margin progression and strong free cash flow
• Intertek AAA differentiated growth strategy in place to unlock the significant value growth opportunity ahead

"The Group has delivered 7.3% revenue growth on a YTD basis at CCY, driven by 8.5% LFL revenue growth in Corporate Assurance, Health and Safety, Industry and Infrastructure, and the World of Energy combined, while LFL for Consumer Products was 1.1%. Recent acquisitions in high-growth, high-margin segments are performing well, benefitting from the scale-up opportunities in our global network. We are on-track to deliver our 2023 FY target of mid-single digit LFL revenue growth at CCY, with margin accretion and strong free cash flow performance enabling us to deliver an excellent ROIC.

I would like to recognise my colleagues for their passion, commitment and innovation, delivering a robust financial performance in the first ten months of the year. We have delivered the highest LFL revenue growth in the last 10 years at CCY, benefitting from the robust demand for our ATIC solutions. We have seen margin progression driven by our pricing initiatives, good operating leverage and our disciplined cost approach. Our strong free cash flow combined with our robust balance sheet enables us to invest in growth and accelerate performance.

Our clients are increasing their focus on Risk-based Quality Assurance to operate with higher standards on quality, safety and sustainability in each part of their value chain, triggering a higher demand for our ATIC solutions which are powered by our Science-based Customer Excellence ATIC advantage. We have made significant progress on our portfolio, which is poised for faster growth with all our global business lines expected to benefit from attractive structural growth drivers while the majority of our local businesses are exposed to fast growth opportunities.

Earlier this year, we unveiled our Intertek AAA differentiated growth strategy to capitalise on the best-in-class operating platform we have built and target the areas where we have opportunities to get better. Our passionate, innovative, and customer-centric organisation is laser-focused to take Intertek to greater heights putting our AAA strategy in action and deliver sustainable growth and value for all stakeholders. We are targeting mid-single digit LFL revenue growth, margin accretion to go back to our 17.5% peak margin and beyond, and strong cash generation, while pursuing disciplined investments in attractive growth and margin sectors.

We operate a differentiated, high-quality growth business with excellent fundamentals and intrinsic defensive characteristics, giving our customers the Intertek Science-based ATIC advantage to strengthen their businesses. Our leading ATIC solutions are mission-critical for the world to operate safely and the growth in our end-markets is accelerating. The implementation of our Intertek AAA differentiated growth strategy will capitalise on our high-quality earnings and cash compounder model to unlock the significant value growth opportunity ahead."

Intertek Group plc ("Intertek" or "the Group"), a leading Total Quality Assurance provider to industries worldwide, today releases its November Trading Update for the period from 1 January to 31 October 2023 ("period"). All comparative comments in this statement reflect comparisons with the corresponding period during 2022. The Group's full year results to 31 December 2023 will be announced on 5 March 2024.

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