UK's Intertek logs higher interim profit on strong demand, cost controls
UK's Intertek logs higher interim profit on strong demand, cost controls July 31 (Reuters) - Product testing firm Intertek ITRK.L on Friday posted higher first-half profit on the back of strong demand, strict cost discipline and pricing actions, ahead of the expected completion of its buyout by Swedish private equity EQT EQTAB.ST.
Here are some details on its results:
The firm made £309.7 million ($416.48 million) in adjusted operating profit for the six month ended June 30, lower than £276.3 million it reported an year ago.
"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 higher demand for our assurance testing, inspection, certification solutions," CEO André Lacroix said in a statement.
It retained its forecast for mid-single digit like-for-like revenue growth at constant currency, continuous margin progression, strong earnings growth and a strong free cash flow for 2026.
It also reaffirmed its medium-term guidance.
Intertek's agreement last month ended a months-long saga that saw EQT table four bids, three of which were rejected, as the company pursued its own strategic review, before eventually coming to a conclusion amid shareholder pressure.
The £10.9 billion deal is set to become Britain's third-largest private equity takeover ever behind the acquisitions of British airports operator BAA in 2006 and pharmacy chain owner Alliance Boots in 2007, per LSEG data.
($1 = 0.7436 pounds)
(Reporting by Prerna Bedi in Bengaluru; Editing by Nivedita Bhattacharjee)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))