REG - Intertek Group Plc - Final Results
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260303:nRSC0230Va&default-theme=true
RNS Number : 0230V Intertek Group PLC 03 March 2026
2025 FULL YEAR RESULTS ANNOUNCEMENT
3 March 2026
Double-digit(1) EPS growth momentum and significant value growth opportunity
ahead
• Robust revenue growth
o Revenue of £3,432m, up 4.3% at constant currency, and +1.1% at actual
rates
o LFL growth of 3.9% at constant currency: Consumer Products 6.3%, Corporate
Assurance 6.8%, Health and Safety 2.4%, Industry and Infrastructure 4.7%, and
World of Energy (1.3%)
• Excellent margin progression to 18.1%
o Adjusted operating profit of £620m, up 9.3% at constant currency and up
5.0% at actual rates
o Adjusted margin up 90bps(1) driven by mix, pricing, operating leverage,
cost control and productivity gains
o Recent acquisitions in attractive growth and high margin segments
performing well
• Third consecutive year of double-digit(1) adjusted EPS growth:
+10.1% at constant currency; 5.4% at actual rates
• Continued strong cash performance: 110% cash conversion delivers
adjusted operating cash flow of £762m
• Disciplined capital allocation
o Invested £300m in growth: capex £144m (+7%); four acquisitions completed
for £156m
o Value accretive M&A with last three years' acquisitions delivering 34%
margin
o Balance sheet: net financial debt of £1bn and net debt/EBITDA of 1.3x
after investments
o Excellent ROIC of 21.3%
• Strong total shareholder return of £602m
o Full year dividend of 165.0p, +5.4% year-on-year in line with dividend
policy of c.65% payout ratio
o £350m share buyback programme completed
• AAA Strategy execution on track, delivering Quality Growth ahead
of targets in the 23-25 period
o 6.0%(1) average revenue growth
o 240bps(1) margin accretion
o 12.1%(1) average EPS growth
o £2.3bn cumulative operating cash flow
o 17.0% average dividend growth
• Strong growth outlook for 2026 and on track to deliver
medium-term targets
o FY26: Expecting mid-single digit LFL(1) revenue growth, continuous margin
progression, strong earnings growth and strong free cash flow
o Consumer Products guidance upgrade to mid-single digit LFL(1) revenue
growth
o Reiterating medium term targets of mid-single digit annual LFL(1) revenue
growth, 18.5%+ margin, strong cash and strong ROIC
A FY25 results video is available on our website:
https://www.intertek.com/investors/2025-year-in-review-video/
(https://www.intertek.com/investors/2025-year-in-review-video/)
Note 1: at constant currency
André Lacroix: CEO statement
"Our 2025 results demonstrate, once again, Intertek's ability to consistently
deliver quality growth, improving its performance on a sustainable basis and
delivering another year of record performance. I would like to recognise all
my colleagues for having delivered a strong performance in 2025 in customer
service, revenue growth, margin accretion, earnings growth, cash generation
and ROIC.
Since announcing our differentiated AAA strategy in 2023, successful execution
of our high-quality earnings model has delivered at constant currency annual
revenue growth of 6%, 240bps margin accretion and grown EPS 12% on average per
annum. Importantly we have delivered £2.3bn cumulative operating cash flow,
have invested more than £600m in organic and inorganic growth, increased the
dividend by an average of 17% and returned £985m to shareholders.
We have delivered a strong operating profit growth every quarter in 2025
resulting in a 10.1% EPS growth at constant rates for the year and we are
entering 2026 with confidence, targeting a strong performance with mid-single
digit LFL revenue growth, continuous margin progression, strong earnings
growth and strong cash generation.
We are well positioned to seize the exciting growth opportunities ahead, given
the continued increased investments of our 400,000 clients in Risk-based
Quality Assurance to operate with ever-higher quality, safety and
sustainability standards in each part of their value chain, triggering greater
demand for our solutions.
Everyone at Intertek is focused on executing our AAA Strategy to consistently
deliver quality growth based on our corporate targets: mid-single digit LFL
revenue growth at constant currency, margin progression with significant
upside to 18.5%+ over time, strong cash generation, and disciplined
investments in both organic and inorganic opportunities to deliver superior
ROIC."
Key Adjusted Financials 2025 2024 Change at actual rates Change at constant rates(1)
Revenue £3,431.6m £3,393.2m 1.1% 4.3%
Like-for-like revenue(2) £3,416.3m £3,391.8m 0.7% 3.9%
Operating profit(3) £619.6m £590.1m 5.0% 9.3%
Operating margin(3) 18.1% 17.4% 70bps 90bps
Profit before tax(3) £569.0m £547.8m 3.9% 8.5%
Diluted earnings per share(3) 253.5p 240.6p 5.4% 10.1%
Dividend per share 165.0p 156.5p 5.4%
Cash flow from operations less net capex(3) £627.6m £659.2m (4.8%)
Adjusted Free Cash Flow(3) £352.2m £408.8m (13.8%)
Net financial debt(4) £996.8m £499.8m 99.4%
Net financial debt / EBITDA(3, 4) 1.3x 0.7x 0.6x
ROIC(5) 21.3% 22.4% (110bps) (100bps)
Organic ROIC(5) 23.0% 22.5% 50bps 70bps
Key Statutory Financials 2025 2024 Change at actual rates (1) Constant rates are calculated by translating 2024 results at 2025 exchange
rates.
Revenue £3,431.6m £3,393.2m 1.1% (2) LFL revenue includes acquisitions following their 12-month anniversary of
ownership and excludes the historical contribution of any business
disposals/closures.
(3) Adjusted results are stated before Separately Disclosed Items ('SDIs'),
see note 3 to the Condensed Consolidated Financial Statements.
(1,2,3) Reconciliations for these measures are shown in the Presentation of
Results section.
(4) Net financial debt excludes the IFRS 16 lease liability of £322.2m. Total
net debt is £1,319.0m. See note 6.
(5) ROIC is defined as adjusted profit after tax divided by invested capital.
Organic ROIC includes acquisitions following their 12-month anniversary of
ownership and removing the historical contribution of any business
disposals/closures.
Operating profit £542.3m £535.7m 1.2%
Operating margin 15.8% 15.8% -
Profit before tax £493.4m £490.0m 0.7%
Profit after tax £363.2m £367.2m (1.1%)
Diluted earnings per share 216.0p 212.7p 1.6%
Cash generated from operations £737.1m £775.8m (5.0%)
The Directors will propose a final dividend of 107.7p per share (2024:102.6p)
at the Annual General Meeting on 20 May 2026, to be paid on 24 June 2026 to
shareholders on the register at close of business on 29 May 2026.
Contacts
For further information, please contact:
Denis Moreau, Investor Relations
Telephone: +44 (0) 20 7396 3415
investor@intertek.com
Jonathon Brill/James Styles, DGA Group
Telephone: +44 (0) 7836 622 683
intertek@dgagroup.com
Analysts' Call
A live audiocast for analysts and investors will be held today at 9.30am.
Details can be found at www.intertek.com/investors/
(http://www.intertek.com/investors/) together with presentation slides and a
pdf copy of this report.
A recording of the audiocast will be available later in the day.
Annual Report
The Annual Report comprising the Strategic, Sustainability and Financial
Reports for the year ended 31 December 2025 will be available on the Company's
website www.intertek.com (http://www.intertek.com/) on 20 March 2026.
Intertek is a leading Total Quality Assurance provider to industries
worldwide.
Our network of more than 1,000 laboratories and offices in more than 100
countries, delivers innovative and bespoke Assurance, Testing, Inspection and
Certification solutions for our customers' operations and supply chains.
Intertek is a purpose-led company bringing Quality, Safety and Sustainability
to life. We provide 24/7 mission-critical Quality Assurance solutions to our
clients to ensure that they can operate with well-functioning supply chains in
each of their operations.
Our Customer Promise is: Intertek Total Quality Assurance expertise, delivered
consistently, with precision, pace and passion, enabling our customers to
power ahead safely.
intertek.com
Intertek CEO Letter
Our 2025 results demonstrate, once again, Intertek's ability to consistently
deliver quality growth, improving its performance on a sustainable basis and
delivering another year of record performance. I would like to recognise all
my colleagues for having delivered a strong performance in 2025 in customer
service, revenue growth, margin accretion, earnings growth, cash generation
and ROIC. Since announcing our differentiated AAA Strategy in 2023, our
successful execution has delivered at constant currency annual revenue growth
of 6%, 240bps margin accretion and grown EPS 12% on average per annum.
Importantly we have delivered a £2.3bn cumulative operating cash flow, have
invested in organic and inorganic growth, increased the dividend by an average
of 17% and returned £985m to shareholders. Given the excellent earnings
growth momentum in the business, we are entering 2026 with confidence
targeting a strong performance with mid-single digit LFL revenue growth,
continuous margin progression, strong earnings growth and strong cash
generation.
In 2025, we grew revenue by 4.3% at constant rates driven by robust LFL
revenue growth and the contribution of acquisitions. Our adjusted operating
margin improved 90bps benefitting from portfolio mix, pricing, operating
leverage, our disciplined cost approach, productivity improvements and margin
accretive investments. Our cash performance was once again excellent with a
cash conversion of 110% delivering an adjusted operating cash flow of £762m.
We have delivered a strong operating profit growth every quarter resulting in
10% EPS growth at constant rates for the year. We have a strong balance sheet
with gearing of 1.3x net debt to EBITDA after investing over £300m to seize
the exciting organic and inorganic opportunities in high growth and high
margin segments. We are pleased with the performance of our acquisitions and
the integration of the four acquisitions we completed. ROIC was strong,
demonstrating our high quality earnings model in action and the Board is
recommending a full year dividend of 165.0p per share, a year-on-year increase
of 5.4%, reflecting the Group's dividend policy based on a payout ratio of
c.65%.
Quality Growth. Assured.
Our AAA Strategy is about being the best every day for our stakeholders and
our commitment to our customers, employees, communities and shareholders is
simple, demanding and compelling: Quality Growth. Assured.
Intertek is a company built on trust, science and performance. Every day, our
experts help our customers all over the world bring quality, safety and
sustainability to life for the products they design, the assets they operate
and the services they provide.
Our growth model starts with the trust of our clients and delivers high
performance through the superior execution of our AAA differentiated strategy
for growth. Clients invite Intertek into the most critical parts of their
value chains, because they know that our science, our independence and our
ethics are non-negotiable. On that foundation, we build durable, through-cycle
growth by deepening relationships, launching new ATIC solutions and scaling
digital platforms that embed us in our customers' workflows. Our portfolio is
focused on structurally attractive markets where regulation, complexity and
innovation are rising year after year. Within that, we are constantly
improving our mix, prioritising services that are more value accretive and
more recurring. Disciplined pricing, site-level productivity and careful
capital allocation then translate our earnings into strong cash generation. It
is a model that has proven its resilience across cycles and continues to
compound value over time.
A decade ago, we recognised that TIC solutions were necessary but not
sufficient to give Quality Assurance and peace of mind to our clients, given
the complexity of their global operations. Intertek invented 'ATIC' to deliver
a superior customer service with our industry leading Risk-based Quality
Assurance, and we have set the benchmark for end-to-end Quality Assurance
making us the premium leader in the industry.
· We start with assurance, where we work alongside management teams to
identify and mitigate intrinsic risks in operations, supply chains and quality
systems.
· We then test products and materials rigorously to verify that they
meet and exceed standards of safety, sustainability and performance.
· Through inspection, we validate the condition and conformity of
assets and goods as they move through production and logistics.
· Finally, we certify that products, services and systems meet trusted
external and internal requirements, giving our customers and their
stakeholders confidence and peace of mind.
Our end-to-end ATIC capability, delivered through a single trusted partner, is
what allows our clients to move ahead at speed while managing risk with
precision through their whole value chain.
We are pleased to report that our performance has accelerated since we
introduced our AAA Strategy in 2023:
· Total revenue has grown at an average of 6.0% at constant rates.
· Our adjusted operating margin has expanded by 240bps to 18.1%.
· Our adjusted EPS has grown at an average 12% at constant currency.
· We have increased dividend per share by an average of 17.0% per
annum.
· We have maintained a strong ROIC with a three year average of 21.4%.
· Our cash conversion has been excellent at an average of 118% and we
have delivered £2.3bn in operating cash flow and £1.1bn in free cash flow.
· We have invested £396m in capex, and £211m in acquisitions while
returning £985m to shareholders £635m through dividends and a further £350m
via a share buyback.
Moving forward, the value growth opportunity is significant.
· We continue to expect our revenue to grow at a mid-single digit.
· Margin accretive growth remains our priority, and we expect our
operating margin to increase to 18.5%+.
· We will remain focused on cash conversion and expect strong cash
generation.
· We will seize the organic and inorganic growth opportunities with
disciplined capital allocation.
· Finally, our returns to shareholders will remain strong with our
progressive dividend policy based on a 65% payout.
We are mission-critical for the world to operate safely and for the global
economy to thrive sustainably
True to our purpose of bringing quality, safety and sustainability to life, we
are mission-critical in keeping the supply chains of our clients safe every
day around the world in our five divisions that cover more than 15 industries:
Consumer Products, Corporate Assurance, Health and Safety, Industry and
Infrastructure and World of Energy.
Our role in society is unique and we deliver independent Quality Assurance of
product specifications and performance for our clients during the R&D
phase; on the manufacturing assets that our clients invest in to build their
supply chains; on the raw materials that the suppliers of our clients provide
to start the production process; on finished products before they leave our
client's factories; and on the raw materials and finished products when
products arrive in their countries of destination.
Our global colleagues are recruited from the best universities, operate in
state of the art high-tech operations and are trained to deliver a
best-in-class independent Quality Assurance using our Intertek proprietary
operating procedures. They are valued by our customers for their scientific
expertise and outstanding customer service delivering our Customer Promise
every day: our innovative Assurance, Testing, Inspection and Certification
solutions delivered 24/7 with precision, pace and passion, enabling our
customers to power ahead safely.
Intertek has always been a pioneer in the Quality Assurance industry,
capitalising on its Science-based Customer Excellence competitive advantage to
identify the unmet Quality Assurance needs of our clients, invest in the
development of industry- leading Quality Assurance innovations to take our
customer service to greater heights and then rigorously monitor the
satisfaction of our clients with c. 6,000 NPS customer interviews a month.
In 2015, after an extensive global market research programme, we decided to
re-invent our value proposition by adding the 'A' with our Assurance solutions
to our well known 'TIC' (Testing, Inspection and Certification) solutions. The
main insight behind our value proposition re-invention was that given the fact
that the global operations of our clients had become so vast and complex, our
Testing, Inspection and Certification quality control offering was necessary
but not sufficient to provide end-to-end independent Quality Assurance.
Said differently, we realised that our clients could not do quality control at
every point of their entire value chain and that's why we added the 'A' to our
'TIC' offering. Our Assurance solutions provide an audit of operating
procedures and management systems to identify the end-to-end risks in the
entire value chains of our clients and once the risk- assessment is done, our
Testing, Inspection and Certification solutions assess the quality, safety and
sustainability standards that our clients need in the high risk areas of their
operations.
The Quality Assurance industry is an exciting space in terms of growth moving
forward, building on the sustainable growth that the industry has seen in the
last few decades. We are at an interesting inflection point as whilst
companies invest more today than in the past in Quality Assurance, we know
that they are not investing enough. This is evidenced by the regular product
recalls that make the news too often, by the numerous and well-known customer
complaints in all sectors and importantly, by the significant regulatory gaps
that exist and will need to be closed in the next few years in terms of
quality, safety and technology.
Our unique ATIC proposition, which consists of providing our ATIC solutions
across five divisions and in more than 100 countries, underpins our earnings
model with exciting Risk-based Quality Assurance growth drivers for each of
our four ATIC solutions:
• Assurance (https://www.intertek.com/assurance/) represented 22% of
our FY25 Group revenue and has been the fastest growing solution between 2015
and 2025 with a revenue CAGR of 13%, benefitting from the Corporate Assurance
division's growth, and the depth and breadth of assurance solutions in each of
our business lines. Assurance is all about assessing risks in our clients'
value chains through audits of operating procedures and operating systems. It
will continue to be the fastest growing, as corporations continue to increase
their focus on risk management, given the increased complexity of their global
operations and the fact that their stakeholders can be very vocal on social
media, creating huge reputational challenges if a major risk is not well
mitigated.
• Testing (https://www.intertek.com/testing/) is Intertek's largest
solution representing 45% of our FY25 revenue, with a consistent revenue CAGR
of 3.1% between 2015 and 2025. We do not test the quantity of products
manufactured but instead the number of product types or SKUs (Stock Keeping
Units) manufactured. This means that the growth driver for our testing
activities is linked to the SKUs launched by our clients and the number of
tests per product. The megatrend supporting the growth of our testing
activities is extremely positive as consumers will never stop asking for more
choices and choices of higher quality.
• Inspection (https://www.intertek.com/inspection/) is the second
largest solution at Intertek representing 24% of our FY25 revenue and has a
good track record with a revenue CAGR of 2.8% between 2015 and 2025. We
provide inspections for our clients in both their upstream and downstream
operations, with engineering-based inspection of the manufacturing assets
clients are building to expand their supply chains, and an end-to-end quality,
safety and sustainability assessment of the products they manufacture either
before leaving the country of production or when arriving in the country of
consumption. The future growth drivers for our inspection businesses are very
positive, as we expect continuous investments in safer and greener
infrastructure as well as sustainable growth in consumption.
• Certification (https://www.intertek.com/certification/) is our
smallest solution representing 9% of our FY25 revenue but has a strong track
record of sustainable growth of nearly 6% revenue CAGR between 2015 and 2025.
We provide a rigorous assessment of the quality, safety and sustainability
performance of products for our clients, based on the quality, safety and
sustainability standards imposed by regulators to authorise consumption
locally. This is a very exciting solution in terms of growth moving forward as
the development of new products to increase customer satisfaction usually
requires higher technology content in the design. This raises the quality,
safety and sustainability risks, which in turn increases the need for the
regulator to increase its quality, safety and sustainability thresholds.
We have built a high quality portfolio to deliver superior customer service to
our clients, offering a unique suite of industry-leading ATIC solutions in
each of our five divisions. We usually hold leadership positions at both the
local and global level in all our business lines and we target ATIC innovation
opportunities in high growth and high margin segments to deliver superior
returns. Importantly, our ATIC portfolio has strong intrinsic defensive
characteristics given the fact that the ATIC solutions we offer are
mission-critical for our clients, we operate a highly diversified set of
revenue streams (geographically, by business lines and by ATIC solutions) and
we enjoy strong and lasting relationships with our clients.
Faster Global Growth for ATIC Solutions
Our industry has always benefitted from attractive growth drivers and now more
than ever everyone wants to build an ever better world which means that
corporations will invest more in quality, safety and sustainability,
accelerating the demand for our industry-leading ATIC solutions. Our superior
Assurance offering means we are well positioned to help our clients reduce the
intrinsic risks in their operations.
Our clients are also scaling up their investments in product and service
innovation to meet the evolving needs of their customers. Recent research
conducted by Capgemini
(https://www.capgemini.com/insights/research-library/engineering-research-development-pulse-2026/)
shows that 84% of organisations surveyed plan to increase their R&D
investments in 2026, especially for breakthrough technologies like Artificial
Intelligence (AI). These investments in innovation mean a higher number of
SKUs and a higher number of tests per SKU that will be beneficial for our
industry leading Testing and Certification solutions.
The other major area of investment by corporations is sustainability.
Companies are reinventing the way they manage their sustainability agenda with
greater emphasis on independently verified non-financial disclosures. This is
an excellent development for our industry-leading Total Sustainability
Assurance solutions. Sustainability is the movement of our time.
The growth opportunities in the World of Energy remain highly attractive as
energy companies around the world move to scale up their investments to meet
accelerating demand produced by a growing global population and the rapid
adoption of energy-intensive technologies like AI. Heightened concerns about
energy security and affordability as well as historic under-investment in
traditional Oil and Gas exploration and production, mean that investment in
Oil and Gas will continue to increase alongside renewables, growth drivers
directly benefitting our Intertek Caleb Brett and Moody businesses.
We are seeing significant growth in the number of companies globally given the
lower barriers to entry for any brand with e-commerce capabilities. The lack
of Quality Assurance expertise of these young companies is excellent news for
our Global Market Access solutions. Our decentralised, Customer-First,
organisation has a strong track record of winning new clients.
We are uniquely positioned to help companies navigate the current environment,
capitalising on our data-driven insights and technical expertise in each of
the industries we operate in. Intertek is a true pioneer in the Total Quality
Assurance market, always anticipating the needs of clients and bringing to
market industry-leading innovations with agility and pace to accelerate
growth. A great example of our pioneering approach is SupplyTek, which
empowers our clients to confidently navigate today's fast changing global
environment, turning uncertainty into opportunity. It is at times like this
where our purpose comes to life and our passion for science-based excellence
makes a huge difference for our clients.
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 ATIC solutions. We
believe the current environment creates additional growth opportunities for
Intertek with new global trade routes to assure, more products to test and
certify, and more factories to audit and inspect.
Intertek AAA Differentiated Growth Strategy
At our Capital Markets event in May 2023, we unveiled our Intertek AAA
differentiated strategy for growth to seize the increased demand for our
industry-leading ATIC solutions, capitalising on the best-in-class operating
platform we have built and targeting the areas where we have opportunities to
get better. Our passionate, innovative, and customer-centric organisation is
energised to take Intertek to greater heights delivering AAA performance for
all stakeholders.
As shown earlier, we made strong progress between 2023 and 2025 delivering
quality growth for our stakeholders and we are very excited about the
significant growth value opportunity ahead, capitalising on our
Science‐based Customer Excellence TQA advantage.
Our Intertek AAA differentiated growth strategy is about being the best and
creating significant value for every stakeholder, every day. We want to be the
most trusted TQA partner for our customers, the employer of choice with our
employees, to demonstrate Sustainability Excellence everywhere in our
community and deliver significant growth and value for our shareholders.
To seize the significant value growth opportunity ahead we will be
laser-focused on three strategic priorities and three strategic enablers. Our
strategic priorities are defined as Science-based Customer Excellence TQA,
Brand Push & Pull and Winning Innovations; and our three strategic
enablers are based on 10X Purpose-based Engagement, Sustainability Excellence
and Margin Accretive Investments. We will both further improve where we are
already strong and address the areas where we can get better.
Medium Term Mid-Single Digit LFL Revenue Growth target
We operate a high-quality portfolio with distinct value growth drivers and
expect to deliver sustainable mid-single digit LFL growth in revenue over the
medium term.
In the last three years, we have delivered mid-single digit LFL revenue growth
in line with our AAA goals with Consumer products, our largest division in
revenue and profit being at the upper end of our guidance reporting 5.2% LFL
revenue growth between 2023 and 2025.
We are upgrading our corporate guidance for Consumer Products to deliver
mid-single digit growth and continue to expect to deliver high-single digit to
double digit growth in Corporate Assurance, mid-single digit to high-single
digit growth in Healthy and Safety and Industry and Infrastructure, and growth
of low to mid-single digit in World of Energy.
Medium Term Margin Target of 18.5%+
Margin accretive revenue growth is central to the way we deliver value, and we
are pleased to report that we are ahead of our AAA goals, having increased our
margin by 80bps on average per year in the last three years.
We are confident that we will deliver the substantial upside to our medium
term margin target of 18.5%+. Our confidence is based on three simple reasons:
we continue to expect mid-single digit revenue growth enabling us to benefit
from a good operating leverage; we will continue to drive efficiencies in our
business; and we will continue to pursue higher margin opportunities in our
portfolio.
Pioneering Innovations and Investments in growth
True to our pioneering spirit, we continue to lead the industry and innovate
to meet the emerging needs of our customers with winning ATIC solutions.
We are constantly learning from our customers, using extensive feedback they
provide us with every month through our comprehensive NPS research programme
to help deliver ever better solutions for their evolving requirements.
We believe that successful innovation starts with investing in the insight
advantage, which means having a deep understanding of what our customers need
and want. With the ability to access world-class customer intelligence
site-by- site from anywhere across our global network, we have a continuous
stream of data that enables us to build on our insights and develop new ATIC
solutions.
During 2025, we launched SupplyTek (https://www.intertek.com/supplytek/) , a
unique, end-to-end suite of solutions designed to help companies around the
world navigate growing supply chain complexity. Capitalising on Intertek's
leading-edge Consulting, Training, and Assurance solutions, SupplyTek enables
customers to optimise operations, identify alternative suppliers, and remain
fully compliant with regulations, allowing them to achieve faster market
access amidst a rapidly evolving global landscape.
As AI reshapes our world at an unprecedented pace, we recently introduced
Intertek AI² (https://www.intertek.com/ai/) , the world's first independent,
end-to-end AI assurance programme. Covering the entire AI lifecycle from
ideation through to deployment and beyond, Intertek AI² provides
organisations across various industries with comprehensive Assurance solutions
designed to ensure their AI systems are smarter, safer, and trusted.
Value Accretive M&A
The acquisitions we have made over the last few years since the launch of our
AAA Strategy in high growth and high margin segments are adding real value to
Intertek.
In April 2023, we announced the acquisition of Controle Analítico Análises
Técnicas Ltda
(https://www.intertek.com/news/2023/04-03-intertek-to-acquire-controle-analitico/)
, a leading provider of environmental analysis, with a focus on water testing,
based in Brazil. The acquisition was a strong strategic fit, expanding our
footprint of leading Food and Agri TQA solutions in Brazil.
In August 2023, we announced the acquisition of US-based PlayerLync
(https://www.intertek.com/news/2023/08-24-intertek-acquires-playerlync/) , a
leading provider of high quality mobile-first training and learning content to
frontline workforces at some of the world's leading consumer brands,
strengthening our position as a leader in SaaS-based, technology-enabled
People Assurance services. We invested in our People Assurance business with
the acquisition of Alchemy/Wisetail in 2018, and PlayerLync provides a
compelling opportunity to further enhance our differentiated TQA proposition
and customer excellence advantage in what is a fast-evolving landscape.
In March 2024, we announced the acquisition of Base Metallurgical Laboratories
(Base Met Labs)
(https://www.intertek.com/news/2024/intertek-to-acquire-base-met-labs/) , a
leading provider of metallurgical testing services for the Minerals sector
based in North America, reinforcing and expanding Intertek's ATIC offering in
the Minerals industry. The acquisition of Base Met Labs is highly
complementary to our ATIC service offering, establishing a Minerals testing
footprint for Intertek on the American continent and creating attractive
growth opportunities with existing and new clients.
In May 2025, we announced the acquisition of Tecnologia e Qualidade de
Sistemas em Engenharia Ltda (TESIS
(https://www.intertek.com/news/2025/intertek-expands-into-brazils-attractive-building--construction-industry-with-acquisition-of-leading-building-products-testing-company/)
),
(https://www.intertek.com/news/2025/intertek-expands-into-brazils-attractive-building--construction-industry-with-acquisition-of-leading-building-products-testing-company/)
a provider of high quality testing and conformity assessment services across a
broad range of building products in São Paulo, Brazil. The acquisition
expands our leading Building & Construction Total Quality Assurance
business into Brazil's construction industry, while also complementing
Intertek's existing building products testing and assurance business in North
America, opening up an attractive high growth, high margin sector for our
cutting-edge ATIC solutions.
In September 2025, we announced the acquisition of Envirolab
(https://www.intertek.com/news/2025/intertek-strengthens-its-environmental-testing-footprint-through-the-acquisition-of-envirolab-in-australia/)
, a high quality environmental testing business in Australia with strong
growth and margin track record. The acquisition establishes Intertek as one of
the market leaders in Australia's attractive environmental testing sector and
unlocks compelling commercial synergies through Intertek's broad client base
in Australia and complementary industry-leading sustainability solutions.
In early November 2025, Intertek expanded its ATIC footprint in Central
America with the acquisition of Suplilab,
(https://www.intertek.com/news/2025/intertek-expands-atic-footprint-in-central-america-with-acquisition-of-leading-costa-rican-testing-business-suplilab/)
a market-leading provider of food safety and medical devices testing services,
based in San José, Costa Rica. The acquisition will enable Intertek to
establish a leading position in Costa Rica's food and medical devices sectors,
offering immediate access to a large customer base and a fast-growing ATIC
market in Central America.
In late November 2025 we acquired Professional Testing Laboratory (PTL
(https://www.intertek.com/news/2025/intertek-strengthens-its-products-testing-business-with-acquisition-of-leading-flooring-products-testing-company/)
),
(https://www.intertek.com/news/2025/intertek-strengthens-its-products-testing-business-with-acquisition-of-leading-flooring-products-testing-company/)
a leading provider of high-quality testing services for the flooring industry,
based in the USA. The acquisition is highly complementary to our TQA offering
in North America, strengthening our presence in a high‑growth, high‑margin
flooring materials market and creating strong commercial synergies across
Intertek's global ATIC portfolio.
These acquisitions contributed £35.5m to 2025 revenue and delivered a margin
of 34%.
Since the year end, in February 2026, we announced the acquisition of Aerial
PV Inspection (AePVI),
(https://www.intertek.com/news/2026/intertek-strengthens-global-solar-assurance-leadership-with-acquisition-of-tek-based-inspection-provider-aepvi/)
a leading provider of high-speed TEK-powered inspection and diagnostic
solutions for solar PV systems. The acquisition is highly complementary to
Intertek's CEA world-leading end-to-end Quality Assurance offering for the
solar industry.
Also in February 2026, we acquired Laboratorio Electromecánico QTEST S.A.S.
QCERT S.A.S. (QTEST),
(https://www.intertek.com/news/2026/intertek-etl-to-expand-presence-in-colombia-with-acquisition-of-qtest/)
a market leading provider of high-quality electrical testing and certification
services based in Colombia. This most recent acquisition represents an
exciting growth opportunity for Intertek ETL, our Electrical business line,
allowing us to expand into a highly attractive, high-growth economy, whilst
providing our customers across Latin America and international markets with a
broader suite of industry-leading ATIC solutions.
We see a steady pipeline of M&A opportunities in attractive high margin
and high growth areas to broaden our ATIC portfolio of solutions with new
services we can offer to our clients and to expand our regional coverage.
High Quality Cash Compounder Earnings Model
We operate a differentiated, high quality growth business model with excellent
fundamentals and intrinsic defensive characteristics, giving our customers the
Intertek Science-based ATIC advantage to strengthen their businesses.
To deliver quality growth and value on a sustainable basis, we will stay
focused on our AAA Intertek Virtuous Economics based on the compounding effect
year after year of mid-single digit LFL revenue growth, margin accretive
revenue growth, strong free cash‐flow and disciplined investments in high
growth and high margin sectors.
We pursue a disciplined accretive capital allocation policy.
· Our first priority is to support organic growth, and we target a
Capex investment of 4-5% of our revenue to expand our footprint organically,
develop industry winning innovations that are largely technology based,
maintain our state of the art global network and invest in technology to
digitise and streamline our processes. In 2025, we invested £145m in Capex,
an increase of 7% on 2024.
· Our second priority is to reward our shareholders with a progressive
dividend policy that targets a c.65% payout ratio. For 2025, the Board is
recommending a full year dividend of 165.p per share, a year-on-year increase
of 5.4%.
· Our third priority is to select and acquire businesses to strengthen
our leadership positions in high-growth and high-margin ATIC spaces. In 2025,
we made four acquisitions for a total consideration of £157m.
· Our fourth priority is to maintain leverage within a 1.3-1.8x net
debt/EBITDA, with the optionality to return excess capital when it cannot be
deployed at attractive returns. At 31 December 2025, our leverage was 1.3x net
debt/EBITDA.
Sustainability Excellence
Sustainability is the movement of our time and is central to everything we do
at Intertek, anchored in our Purpose, our Vision, our Values and our Strategy.
Sustainability is important to all stakeholders in society who are
consistently demanding faster progress and greater transparency in
sustainability reporting. Companies therefore continuously need to upgrade and
reinvent how they manage their sustainability agenda, particularly with regard
to how they disclose their non-financial performance.
This is why, under our global Total Sustainability Assurance (TSA) programme,
we provide our clients with proven independent, systemic and end-to-end
assurance on all aspects of their sustainability strategies, activities and
operations.
The TSA programme comprises three elements:
• Intertek Operational Sustainability Solutions
• Intertek ESG Assurance
• Intertek Corporate Sustainability Certification
For Intertek's Sustainability Excellence programme, we focus on the 10 highly
demanding TSA standards which are truly end-to-end and systemic.
As a business, Intertek is committed to:
• Reducing absolute scope 1 and 2 GHG emissions by 50% by 2030 from
a 2019 base year;
• Reducing absolute scope 3 GHG emissions from business travel and
employee commuting by 50% within the same timeframe;
• Ensuring 70% of its suppliers by spend will have science-based
targets by 2027.
In 2025, we have made progress in several areas:
· Levels of Hazard Observations increased for the fifth consecutive
year, reflecting greater levels of activity across our sites as well as
greater awareness and reporting of health and safety overall.
· Since 2015, we have used the Net Promoter Score ('NPS') process to
listen to our customers, enabling us to improve our customer service over the
years consistently. In 2025, we conducted an average of 6,059 NPS interviews
per month
· We are driving environmental performance across our operations
through science-based reduction targets to 2030, validated by the SBTi.
Through energy efficiency initiatives, process optimisation and the increased
use of low-carbon technologies, we reduced our market-based emissions and met
our scope 1 and 2 target early, delivering a 54.7% reduction against our 2019
base year. We also met our scope 3 target, achieving a 53.4% reduction against
the same 2019 baseline.
· In 2025, we strengthened our double materiality assessment ('DMA') by
building on the preliminary work undertaken in 2024.
· We recognise the importance of employee engagement in driving
sustainable performance for all stakeholders. We measure employee engagement
against our Intertek ATIC Engagement Index and in 2025 we increased our score
for the third consecutive year to a new high of 93 (2024: 91).
· Our voluntary permanent employee turnover improved to a six-year low
rate of 10.1% in 2025 (2024: 11.2%).
We will continue to lead by example by pursuing our Sustainability Excellence
agenda, energising deeply and genuinely all stakeholders: our people, our
customers, our regulators, our suppliers, our communities and our
shareholders.
Read more about Sustainability Excellence at Intertek and access our reporting
suite. (https://www.intertek.com/about/our-responsibility/)
You'll be amazed where you find Intertek
We are a purpose-led company and in over 100 countries, we bring quality,
safety and sustainability to life, helping our customers operate with
confidence through our industry-leading differentiated ATIC solutions.
Our people's dedicated customer-centric approach, along with our science-based
expertise reaches billions of consumers and more than 400,000 customers around
the world every day - and is wherever you look, often in places you would
never expect.
From helping leading consumer brands meet global safety standards, to
conducting hurricane-resilience testing on flood walls in West Palm Beach, to
validating charging-station performance in Hong Kong, to supporting cave
operators in Vietnam as they lower their carbon footprint, you'll be amazed
where you find Intertek.
In our Consumer Products division
(https://www.intertek.com/amazed/consumer-products/) ,
(https://www.intertek.com/amazed/consumer-products/) we bring everyday quality
to life - testing global cultural icons like Pop Mart's Labubu to establish
their authenticity, validating hypoallergenic and sweat-proof claims for
Nike's latest "After Dark Tour" jewellery range, and certifying smart-enabled
smoke alarms to ensure they meet rigorous industry safety standards.
In our Corporate Assurance division
(https://www.intertek.com/amazed/corporate-assurance/) , we turn ambition into
action - conducting a comparative Life Cycle Assessment alongside a range of
performance tests that have enabled The London Essence Co. to make smart,
data-led improvements to how to bottle their drinks, in the process lowering
the company's footprint and raising the bar for sustainable packaging.
In our Health and Safety division
(https://www.intertek.com/amazed/health-safety/) , we safeguard people and
supply chains in highly regulated environments, leveraging our science-based
expertise to certify Low GI food claims, confirm different Arabica coffee
varieties via cutting-edge DNA analysis, and improving in‑car air quality
through volatile organic compound testing on automotive interiors for leading
manufacturers.
In our Industry and Infrastructure division
(https://www.intertek.com/amazed/industry-infrastructure/) , we protect the
structures societies rely on, simulating hurricane‑force conditions to
demonstrate the readiness of flood defence systems, scanning historic Spitfire
airframes with advanced X-rays to identify potential defects, and reducing
safety incidents at construction sites across Mexico through our "red helmets"
programme.
In our World of Energy division
(https://www.intertek.com/amazed/world-of-energy/) , we are powering the
future, inspecting and testing petroleum cargoes for Samsung C&T,
analysing pyrolysis oil to support the conversion of hard-to-recycle plastics
into clean feedstock, and securing the full energy value chain through EV
vibration testing and the real‑world development of bp Castrol's
next-generation hybrid engine oil.
Explore the full range of inspiring stories about how Intertek Total Quality
Assurance is making the world better, safer and more sustainable here
(https://www.intertek.com/amazed/divisions/) .
Strong performance expected in 2026
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.
Given our strong performance in 2025, we expect to deliver a strong
performance in 2026 with mid-single digit LFL revenue growth at constant
currency, continuing margin progression, strong earnings growth and strong
free cash flow.
Our mid-single digit LFL revenue growth at constant rates will be driven by:
• Mid-single digit LFL revenue growth in Consumer Products
• High-single digit LFL revenue growth in Corporate Assurance
• Low-single digit LFL revenue growth in Health and Safety
• Mid-single digit LFL revenue growth in Industry and Infrastructure
• Low-single digit LFL revenue growth in the World of Energy
Our financial guidance for 2026 is that we expect:
• Capital expenditure in the range of £150-160m
• Net finance costs in the £71-72m range
• Effective tax rate in the 25.5-26.5% range
• Minority interests of between £21-22m
• Targeted dividend payout ratio of c.65%
FY26 net financial debt to be in the range of £930-980m, prior to any
material movements due to FX or M&A.
Our currency guidance for 2026 is that the average sterling exchange rate in
the last three months applied to the full year results of 2025 would be
broadly neutral on our revenue and operating profit.
Significant Value Growth Opportunity Ahead
We have seen a significant performance acceleration in the last three years,
based on the strong delivery of our AAA differentiated strategy for growth
and, moving forward, we are very excited about the significant value growth
opportunity.
To deliver quality growth and value for our shareholders, we will capitalise
on our high quality cash compounder earnings model, benefitting year after
year from the compounding effect of mid-single digit LFL revenue growth,
margin accretion, strong free cash flow and disciplined investments in high
growth and high margin sectors.
Our enduring competitive advantages underpin our confidence to deliver quality
growth moving forward.
• We have a high quality portfolio with leading scale positions in
attractive industries poised for global growth.
• We are the premium leader in Quality Assurance with a superior
ATIC offering giving us the trust of our clients.
• Our high quality cash compounder earnings model is underpinned
by disciplined performance management, both financial and non-financial.
• Our Science-based high performance organisation attracts and
develops the best talents in the industry.
• We operate with a culture of Doing Business the Right Way, with
strong controls, compliance and governance.
All of my colleagues are energised about the opportunities ahead and
laser-focused on the delivery of quality growth for our stakeholders.
André Lacroix
Chief Executive Officer
Operating Review
For the year ended 31 December 2025
To present the performance of the Group in a clear, consistent and comparable
format, certain items are disclosed separately on the face of the income
statement. These items, which are described in the Presentation of Results
section of this report and in note 3, are excluded from the adjusted results.
The figures discussed in this review (extracted from the income statement and
cash flow) are presented before Separately Disclosed Items ('SDIs').
Overview of performance
2025 2024 Change at actual Change at constant
£m £m rates Rates(1)
Revenue 3,431.6 3,393.2 1.1% 4.3%
Like-for-like revenue(2) 3,416.3 3,391.8 0.7% 3.9%
Adjusted Operating profit(3) 619.6 590.1 5.0% 9.3%
Margin(3) 18.1% 17.4% 70bps 90bps
Net financing costs(3) (50.6) (42.3) 19.6% 19.1%
Income tax expense(3) (146.2) (135.2) 8.1% 12.9%
Adjusted Earnings for the period(3) 403.1 390.8 3.1% 7.8%
Adjusted diluted earnings per share(3) 253.5p 240.6p 5.4% 10.1%
1. Constant rates are calculated by translating 2024 results at 2025
exchange rates.
2. LFL revenue includes acquisitions following their 12-month anniversary
of ownership and excludes the historical contribution of any business
disposals/closures.
3. Adjusted results are stated before SDIs, see note 3 to the Condensed
Consolidated Financial Statements.
Total reported Group revenue increased by 4.3%(1), with 0.4% growth
contributed by acquisitions, a LFL revenue increase of 3.9%(1) and a decrease
of 320bps from foreign exchange reflecting sterling appreciation against most
of the Group's trading currencies.
The Group's LFL revenue at constant currency consisted of an increase of 6.3%
in Consumer Products, 6.8% in Corporate Assurance, 2.4% in Health and Safety,
4.7% in Industry and Infrastructure and (1.3%) in World of Energy.
We delivered adjusted operating profit of £619.6m, up 9.3% at constant
currency and 5.0% at actual rates.
The Group's adjusted operating margin was 18.1%, an increase of 90bps from the
prior year at constant exchange rates and 70bps at actual rates.
Net Financing Costs
Adjusted net financing costs were £50.6m, an increase of £8.3m on 2024
resulting from higher interest expenses. This comprised £3.7m (2024: £2.5m)
of finance income and £54.3m (2024: £44.8m) of finance expense.
Tax
The adjusted effective tax rate was 25.7%, an increase of 1.0% on the prior
year (2024: 24.7%). The tax charge, including the impact of SDIs, of £130.2m
(2024: £122.8m), equates to an effective rate of 26.4% (2024: 25.1%), the
increase mainly driven by one off prior year credits in FY24.
Earnings per share
Adjusted diluted earnings per share at actual exchange rates was 5.4% higher
at 253.5p (2024: 240.6p). Diluted earnings per share after SDIs was 216.0p
(2024: 212.7p) per share and basic earnings per share after SDIs was 218.1p
(2024: 214.4p).
Returns to shareholders
The Board recommends a full year dividend of 165.0p per share, a year-on-year
increase of 5.4%, reflecting the Group's dividend policy based on a payout
ratio of c.65%.The full year dividend of 165.0p equates to a total cost of
£260.3m or c. 65% of adjusted profit attributable to shareholders of the
Group for 2025 (2024: £254.2m and 65%). The dividend is covered 1.5 times by
earnings (2024: 1.5 times), based on adjusted diluted earnings per share
divided by dividend per share.
Separately Disclosed Items ('SDIs')
A number of items are separately disclosed in the financial statements as
exclusion of these items provides readers with a clear and consistent
presentation of the underlying operating performance of the Group's business.
Reconciliations of the statutory to adjusted measures are provided in the
Presentation of Results section.
When applicable, these SDIs include amortisation of acquisition intangibles;
impairment of goodwill and other assets; the profit or loss on disposals of
businesses or other significant fixed assets; costs of acquiring and
integrating acquisitions; the cost of any fundamental restructuring; the costs
of any significant strategic projects; significant claims and settlements; and
unrealised market or fair value gains or losses on financial assets or
liabilities, including contingent consideration.
Adjusted operating profit excludes the amortisation of acquired intangible
assets, primarily customer relationships, as we do not believe that the
amortisation charge in the income statement provides useful information about
the cash costs of running our business as these assets will be supported and
maintained by the ongoing marketing and promotional expenditure, which is
already reflected in operating costs. Amortisation of software, however, is
included in adjusted operating profit as it is similar in nature to other
capital expenditure. The costs associated with our cost reduction programme,
started in 2022, are excluded from adjusted operating profit where they
represent changes associated with operational streamlining, technology
upgrades or related asset write-offs and are costs that are not expected to
reoccur. The cost reduction programme is expected to last up to five years.
The impairment of goodwill and other assets that by their nature or size are
not expected to recur, the profit and loss on disposals of businesses or other
significant assets and the costs associated with successful, active, or
aborted acquisitions are excluded from adjusted operating profit in order to
provide useful information regarding the underlying performance of the Group's
operations.
The SDIs charge for 2025 comprises amortisation of acquisition intangibles of
£35.9m (2024: £32.3m); acquisition and integration costs relating to
successful, active, or aborted acquisitions of £4.3m (2024: £2.5m);
significant legal claims of £nil (2024: £3.8m); and restructuring costs of
£37.1m (2024: £15.8m).
Details of the SDIs for the twelve months ended 31 December 2025 and the
comparative period are given in note 3 to the Condensed Consolidated Financial
Statements.
Acquisitions and investments
The Group completed four main acquisitions in the year (2024: one):
· In April 2025, the Group acquired Tecnologia e Qualidade de Sistemas
em Engenharia Ltda ("TESIS"), a leading provider of building products testing
and assurance services, based in São Paulo, Brazil.
· In September 2025, the Group acquired Envirolab, an industry leading
provider of environmental testing and analysis in Australia.
· In November 2025, the Group acquired Suplilab, a market-leading
provider of food safety and medical devices testing services, based in San
José, Costa Rica, and Professional Testing Laboratory LLC ("PTL"), a leading
provider of high-quality testing services for the flooring industry, based in
the USA.
Total consideration was £157.0m, net of cash acquired of £5.9m. The combined
purchase price includes cash consideration of £155.9m and further contingent
consideration payable of £1.1m. Spend in the year in relation to
consideration for prior year acquisitions was £31.2m.
In 2024, the Group completed one acquisition with consideration paid of
£23.6m, net of cash acquired of £0.3m.
The Group invested £144.5m (2024: £135.0m) organically in laboratory
expansions, new technologies and equipment and other facilities. This
investment represented 4.2% of revenue (2024: 4.0%).
Cash flow
The Group's cash performance was strong with adjusted free cash flow of
£352.2m (2024: £408.8m), down from our 2024 peak due to a lower cash
generated from operations, higher interest and borrowing costs, higher cash
tax outflow following our strong EPS progression and higher capex investments.
Adjusted cash flow from operations was £762.3m (2024: £789.2m). Statutory
cash flow from operations was £737.1m (2024: £775.8m). Net cash flows
generated from operating activities were £536.5m (2024: £597.1m).
Financial position
The Group ended the period in a strong financial position. Financial net debt
was £996.8m, an increase of £497.0m on 31 December 2024, as a result of
operational initiatives and strategic investments including acquisitions in
2025. The undrawn headroom on the Group's existing committed borrowing
facilities at 31 December 2025 was £345.5m (2024: £655.7m) and cash and cash
equivalents were £324.6m (2024: £336.5m).
Total net debt, including the impact of the IFRS 16 lease liability, was
£1,319.0m (2024: £799.4m).
Our financial guidance for 2026 is that we expect:
• Capital expenditure in the range of £150-160m
• Net finance costs in the £71-72m range
• Effective tax rate in the 25.5-26.5% range
• Minority interests of between £21-22m
• Targeted dividend payout ratio of c. 65%
• FY26 net financial debt to be in the range of £930-980m, prior to
any material movements due to FX or M&A.
Operating Review by Division
To reflect the value creation drivers identified in the Intertek AAA Strategy,
we report our revenue, operating profit and margin in five divisions: Consumer
Products, Corporate Assurance, Health and Safety, Industry and Infrastructure
and World of Energy.
Revenue Adjusted operating profit
2025 2024 Change at actual rates Change at constant rates 2025 2024 Change at actual rates Change at constant rates
£m £m £m £m
Consumer Products 983.4 958.8 2.6% 6.2% 299.3 268.7 11.4% 16.0%
Corporate Assurance 514.0 496.3 3.6% 6.8% 116.3 117.2 (0.8%) 3.0%
Health and Safety 347.1 337.2 2.9% 5.5% 45.2 46.0 (1.7%) 2.3%
Industry and Infrastructure 858.1 843.6 1.7% 5.3% 95.4 80.7 18.2% 24.1%
World of Energy 729.0 757.3 (3.7%) (1.3%) 63.4 77.5 (18.2%) (15.0%)
Group 3,431.6 3,393.2 1.1% 4.3% 619.6 590.1 5.0% 9.3%
Consumer Products Division
FY 2025 FY 2024 Change at actual rates Change at constant rates
£m
£m
Revenue 983.4 958.8 2.6% 6.2%
Like-for-like revenue 983.4 957.4 2.7% 6.3%
Adjusted operating profit 299.3 268.7 11.4% 16.0%
Adjusted operating margin 30.4% 28.0% 240bps 250bps
Intertek Value Proposition
Our Consumer Products division focuses on the ATIC solutions we offer to our
clients to develop and sell better, safer, and more sustainable products to
their own clients. This division was 29% of our revenue and 48% of operating
profit in 2025 and includes the following business lines: Softlines,
Hardlines, Electrical & Connected World and Government & Trade
Services (GTS). As a trusted partner to the world's leading retailers,
manufacturers and distributors, the division supports a wide range of
industries including textiles, footwear, toys, hardlines, home appliances,
consumer electronics, information and communication technology, automotive,
aerospace, lighting, building products, industrial and renewable energy
products, and healthcare.
Strategy
Our TQA Value Proposition provides a systemic approach to support the Quality
Assurance efforts of our Consumer Products-related customers in each of the
areas of their operations. To do this we leverage our global network of
accredited facilities and world leading technical experts to help our clients
meet high quality, safety, regulatory and brand standards, and develop new
products, materials and technologies, as well as the import of goods in their
markets, based on acceptable quality and safety standards. Ultimately, we
assist them in getting their products to market quickly and safely, to
continually meet evolving consumer demands.
Innovations
We continue to invest in innovation to deliver a superior customer service in
our Consumer Products-related businesses:
SupplyTek
Navigating supply chains in a dynamic world
Intertek's SupplyTek is the first comprehensive suite of ATIC global market
access solutions, designed to help companies navigate the complexities of
supply chain re-engineering with clarity and speed. Harnessing our global
footprint, science‑based Quality Assurance solutions, and unrivalled supply
chain intelligence, SupplyTek empowers businesses to optimise operations,
identify trusted alternative suppliers, and ensure full compliance with
international trade regulations, enabling faster, safer market access
worldwide.
Intertek AI²
Building smarter, safer, trusted AI
Intertek AI² is the world's first independent, end-to-end AI assurance
programme, designed to give organisations confidence at every stage of the AI
life cycle. From ideation through deployment and beyond, AI² delivers
comprehensive, science-based solutions that ensure systems are smarter, safer,
and trusted. By setting the highest standards of reliability and integrity,
Intertek drives innovation and uniquely empowers customers to harness AI
responsibly.
InterLink 2.0
Enabling leading brands and retailers to eFile with confidence
InterLink 2.0 is our market‑leading digital compliance platform, enabling
seamless eFiling with the US Consumer Product Safety Commission (CPSC)
ahead of mandatory electronic submissions in July 2026. Referenced by the
CPSC in the Federal Register, it helps prevent unsafe products from entering
the US market. With major retailers and brands already onboarded, InterLink
2.0 digitises General Certificates of Conformity (GCC) and Children's Product
Certificates (CPC) workflows. This enables direct entry, bulk upload and API
integration - reducing manual processes, strengthening compliance assurance
and accelerating market access.
Advancing respiratory product testing
Intertek Electrical has expanded its capabilities in respiratory protective
device testing with the acquisition of ATOR Labs' Automated Breathing
Metabolic Simulator (ABMS). One of only nine such systems worldwide, the ABMS
replicates human respiration with exceptional accuracy, enabling rigorous,
real‑world testing of respirators, self-contained breathing apparatus, and
powered air-purifying respirators. This cutting‑edge capability accelerates
development, streamlines compliance with global standards, and empowers
manufacturers to deliver safer, high‑performance respiratory solutions with
confidence.
FY 2025 Performance
In FY 25 our Consumer Products-related business delivered revenue of £983.4m
up year-on-year by 6% at constant currency and 3% at actual rates. We
delivered an adjusted operating profit of £299.3m up 16.0% year-on-year at
constant currency and 11% year-on-year at actual rates resulting in an
adjusted operating margin of 30.4%, up 250bps year-on-year at constant
currency, as we benefitted from a strong operating leverage, productivity
gains and portfolio mix.
• Our Softlines business delivered high-single digit LFL revenue
growth at constant currency benefitting from additional ATIC investments by
our clients in e-commerce and sustainability, as well as an increased focus on
new products.
• Hardlines reported mid-single digit LFL revenue growth at constant
currency, driven by ATIC investments from our clients in e-commerce and
sustainability, as well as new product development in both the toy and
furniture segments.
• With increased ATIC activities driven by higher regulatory
standards in energy efficiency, more demand for medical devices and 5G
investments, our Electrical & Connected World business delivered
mid-single digit LFL revenue growth at constant currency.
• Our Government & Trade Services business, which provides
certification services to governments in the Middle East and Africa to
facilitate the import of goods in their markets based on acceptable quality
and safety standards, reported double-digit LFL revenue growth at constant
currency.
2026 growth outlook
We expect our Consumer Products division to deliver mid-single digit LFL
revenue growth at constant currency.
Mid to long-term growth outlook
In the last three years, Consumer Products LFL revenue performance has been
at the upper end of our guidance with 5.2% LFL revenue growth between 2023
and 2025, therefore we are upgrading our corporate guidance for Consumer
Products to deliver mid-single digit revenue growth at constant currency. Our
Consumer Products division will benefit from growth in new brands, SKUs and
e-commerce, increased regulation, a greater focus on sustainability and
technology, as well as a growing middle class.
Corporate Assurance Division
FY 2025 FY 2024 Change at actual rates Change at constant rates
£m £m
514.0 496.3 3.6% 6.8%
Revenue
Like-for-like revenue 514.0 496.3 3.6% 6.8%
Adjusted operating profit 116.3 117.2 (0.8%) 3.0%
Adjusted operating margin 22.6% 23.6% (100bps) (90bps)
Intertek Value Proposition
Our Corporate Assurance division focuses on the industry agnostic assurance
solutions we offer to our clients to make their value chains more sustainable
and more resilient end-to-end. This division was 15% of our revenue and 19%
operating profit in 2025 and includes Business Assurance and Assuris.
Strategy
Business Assurance and Assuris are central to our ATIC offering and are some
of the most exciting businesses within Intertek, given the increased focus on
operational risk management within the value chain of every company. Intertek
Business Assurance provides a full range of business process audit and support
services, including accredited third-party management systems auditing and
certification, second-party supplier auditing and supply chain solutions,
sustainability data verification, process performance analysis and training.
Assuris' global network of experts provides a global network of scientists,
engineers, and regulatory specialists to provide support to navigate complex
scientific, regulatory, environmental, health, safety, and quality challenges
throughout the value chains of our clients.
Innovations
We continue to invest in ATIC innovations to deliver a superior customer
service in our Corporate Assurance related businesses:
360° Brand Assurance
Strengthening Brand Reputation Through Independent Verification
360° Brand Assurance is a comprehensive service from Intertek designed to
help organisations protect and strengthen brand reputation in an increasingly
digital and consumer-driven marketplace. The programme independently assesses
the key drivers of brand trust, including customer experience, online
reputation, health and safety risk management, sustainability performance, and
operational quality, using a tailored, data-driven approach. By combining
expert audits, analytics, and benchmarking against global best practices,
360° Brand Assurance enables businesses to identify risks early, demonstrate
due diligence, enhance consumer confidence, and support long-term, sustainable
brand value.
Intertek People Assurance
Powering training with generative AI
Intertek People Assurance has partnered with Synthesia, the UK's largest
generative AI media company, to deliver consistent, high‑quality training
content across our global frontline teams. By integrating advanced
AI‑powered video technology into our products, Intertek's People Assurance
clients can scale dynamic, multi‑lingual, branded training videos to local
teams at speed and with lower production costs.
Expanding Trust in Responsible AI through ISO 42001
In 2025, Intertek expanded its assurance portfolio with the addition of ISO
42001 Artificial Intelligence Management Systems, reinforcing our leadership
in emerging technology assurance. As organisations increasingly deploy AI
across critical business processes, ISO 42001 provides a globally recognised
framework to manage AI risks, governance, ethics, security, and continual
improvement. By offering independent certification to this new standard,
Intertek enables businesses to demonstrate responsible AI practices,
strengthen regulatory readiness, and build confidence with customers,
regulators, and stakeholders. This addition reflects Intertek's ongoing
investment in future-focused assurance services that help clients innovate
with confidence while managing risk in a rapidly evolving digital landscape.
FY 2025 Performance
In FY 25, our Corporate Assurance-related business reported revenue of
£514.0m, LFL revenue growth of 7% at constant currency and at actual rates,
4%. We delivered adjusted operating profit of £116.3m up 3% year-on-year at
constant currency and down 1% year-on-year at actual rates, with an adjusted
operating margin of 22.6%, down 90bps year-on-year at constant currency after
a strong 2024 due to investments in growth and portfolio mix.
• Business Assurance reported high-single digit LFL revenue growth
at constant currency driven by increased client investments to improve the
resilience of their supply chains, the continuing corporate focus on ethical
supply and the greater need for sustainability assurance.
• The Assuris business reported low-single digit LFL revenue growth
at constant currency as we continue to benefit from improved demand for our
regulatory assurance solutions and from increased corporate investment in ESG.
2026 growth outlook
We expect our Corporate Assurance division to deliver high-single digit LFL
revenue growth at constant currency.
Medium- to long-term growth outlook
Our Corporate Assurance division will benefit from a greater corporate focus
on sustainability, the need for increased supply chain resilience, enterprise
cyber-security, People Assurance services and regulatory assurance. Our mid to
long-term guidance for Corporate Assurance is high-single digit to
double-digit LFL revenue growth at constant currency.
Health and Safety Division
FY 2025 FY 2024 Change at actual rates Change at constant rates
£m
£m
347.1 337.2 2.9% 5.5%
Revenue
Like-for-like revenue 336.8 337.2 (0.1%) 2.4%
Adjusted operating profit 45.2 46.0 (1.7%) 2.3%
Adjusted operating margin 13.0% 13.6% (60bps) (40bps)
Intertek Value Proposition
Our Health and Safety division focuses on the ATIC solutions we offer to our
clients to make sure we all enjoy a healthier and safer life. This division
was 10% of our revenue and 7% of our operating profit in 2025 and includes our
AgriWorld, Food, and Chemicals & Pharma business lines.
Strategy
Our TQA value proposition provides our Health and Safety-related customers
with a systemic, end-to-end ATIC offering at every stage of the supply chain.
In an industry with significant structural growth drivers, our science-based
approach supports clients as the sustained demand for food safety testing
activities increases along with higher demand for hygiene and safety audits in
factories. Our longstanding experience and expertise in the Chemicals and
Pharma industries enables clients to mitigate risks associated with product
quality and safety and processes, supporting them with their product
development, regulatory authorisation, chemical testing and production.
Innovations
We continue to invest in innovation to deliver a superior customer service in
our Health and Safety related businesses:
Polymer Science solutions
Accelerating sustainable polymer innovations
In October 2025, we launched Polymer Science solutions, a global suite of
services designed to help businesses bring safe, high quality, and
sustainable polymer innovations to market with greater speed and confidence.
Polymers are vital to modern life, driving progress in packaging, healthcare,
transport, and renewable energy. As demand grows, the industry faces rising
regulatory demands, increasing costs, sustainability challenges, resource
pressures and complex supply chains. Leveraging four decades of expertise and
a worldwide network of engineers, chemists, and regulatory specialists, we
offer lab‑scale compounding, advisory, testing, and compliance support
across virgin and recycled materials. From automotive and packaging to
healthcare and renewable energy, our solutions empower manufacturers to
innovate while meeting evolving regulatory demands.
Intertek HoneyTrace
Safeguarding integrity from hive to jar
Intertek HoneyTrace is an innovative blockchain‑based traceability solution
that protects the integrity of every stage in the honey supply chain. By
tracking each batch with precision and minimising opportunities for
adulteration, HoneyTrace empowers brands to meet regulatory requirements,
safeguard consumers, and build trust through unparalleled traceability and
accountability.
Advancing DNA testing across the food value chain
Intertek AgriTech has expanded its cutting‑edge DNA‑based testing
technology based on genetic information extracted from plant tissues and
products derived from plants. Our technologies deliver cost‑effective,
end‑to‑end testing across the entire agricultural and food value chain. By
combining innovative DNA techniques with trusted Quality Assurance solutions,
Intertek AgriTech enables agricultural and food businesses to assure the
safety, authenticity, and quality of crops and products - strengthening
confidence and sustainability in global food systems.
FY 2025 Performance
In FY 25, our Health and Safety-related business delivered LFL revenue growth
of 2.4% at constant currency to £336.8m, a year-on-year decrease of 0.1% at
actual rates. Adjusted operating profit was £45.2m, up 2% year-on-year at
constant currency but down 2% at actual rates. Adjusted operating margin was
13.0%, lower by 40bps year-on-year at constant currency after a strong 2024,
due to portfolio mix.
• AgriWorld provides inspection activities to ensure that the global
food supply chain operates fully and safely. The business reported low-single
digit LFL revenue growth at constant currency as we continue to see more
demand for inspection activities driven by sustained growth in the global food
industry.
• Our Food business registered double-digit LFL revenue growth at
constant currency as we continue to benefit from increased demand for food
safety testing activities as well as hygiene and safety audits in factories.
• Chemicals & Pharma reported negative low-single digit LFL
revenue performance at constant currency due to a demanding comparative base
in the previous year and a temporary reduction in R&D by our clients. The
business continues to benefit from the increased demand for regulatory
assurance and chemical testing and higher R&D investment in the
pharmaceutical industry.
2026 growth outlook
We expect our Health and Safety division to deliver low-single digit LFL
revenue growth at constant currency.
Medium- to long-term growth outlook
Our Health and Safety division will benefit from the demand for healthier and
more sustainable food, to support a growing global population, increased
regulation, and new R&D investments in the pharmaceutical industry. Our
mid to long-term guidance for our Health and Safety division is mid to
high-single digit LFL revenue growth at constant currency.
Industry and Infrastructure Division
FY 2025 FY 2024 Change at actual rates Change at constant rates
£m £m
858.1 843.6 1.7% 5.3%
Revenue
Like-for-like revenue 853.1 843.6 1.1% 4.7%
Adjusted operating profit 95.4 80.7 18.2% 24.1%
Adjusted operating margin 11.1% 9.6% 150bps 170bps
Intertek Value Proposition
Our Industry and Infrastructure division focuses on the ATIC solutions our
clients need to develop and build better, safer and greener infrastructure.
This division was 25% of our revenue and 15% of our operating profit in 2025
and includes Industry Services, Minerals and Building & Construction.
Strategy
Our TQA value proposition helps our customers to mitigate the risks associated
with technical failure or delay, ensuring that their projects proceed on time
and meet the highest quality standards as demand for more environmentally
friendly buildings and infrastructure grows. By helping to improve safety
conditions and reduce commercial risk, our broad range of assurance, testing,
inspection, certification and engineering services allows us to assist clients
in protecting both the quantity and quality of their mined and drilled
products.
Innovations
We continue to invest in innovation to deliver a superior customer service in
our Industry and Infrastructure-related businesses:
Advanced Unmanned Robotics
Enabling faster, safer inspections in hazardous environments
Intertek has partnered with DroneQ Robotics to deliver global advanced
unmanned robotics services (AURS) for ports, industry, and offshore energy.
Combining robotics, AI, and data science, this enables inspections, surveys,
3D imaging, and non‑destructive testing in risky or inaccessible conditions.
From subsea corrosion mapping to underwater weld inspections, AURS provides
faster, safer, and more accurate data capture that allows our clients to
optimise performance, reduce potential downtime, and ensure the integrity of
their critical assets worldwide.
New Sample Preparation facility
Strengthening our minerals capabilities
We have further expanded our minerals capabilities with the establishment of a
new sample preparation facility in Kota Kinabalu, Malaysia. As the first phase
of our investment into the region, the strategically located Pusat
Perindustrian Sepanggar site delivers efficient, reliable geochemical data
services for exploration, production and trading. By reducing turnaround times
and improving operational efficiency, the facility improves cross‑country
operations and supports Malaysia's Minerals Industry Transformation Plan.
Through investments such as this, we are strengthening our presence across
Southeast Asia's growing minerals sector and continuing to build the
capabilities and relationships we need for the long term.
Intertek Data Centre Solutions
Assurance for a zero‑downtime world
At Intertek, we understand that data centres are the backbone of the digital
economy. To help our partners navigate this rapidly evolving sector, we
provide a full Data Centres Solutions service. Our experts provide
end‑to‑end assurance across design, build and commissioning, de‑risking
blueprints, validating materials and systems, and verifying operational
readiness before go‑live. Through our trusted ATIC approach, we help ensure
safety, compliance and long‑term reliability, empowering customers to build
resilient, sustainable, and high-performing data centres.
FY 2025 Performance
Our Industry and Infrastructure-related business reported FY25 revenue growth
of 5.3% at constant currency and up 1.7% at actual rates to £858.1m. Adjusted
operating profit of £95.4m was up 24% at constant currency and up 18% year-on
year at actual rates. Adjusted operating margin was 11.1%, 170bps higher
year-on-year at constant currency, as we benefitted from operating leverage,
productivity gains and portfolio mix.
• Industry Services, which includes Moody, our industry-leading
engineering-based inspections in energy and infrastructure production assets,
delivered mid-single digit revenue growth at constant currency benefitting
from increased capex investment in traditional Oil and Gas exploration and
production as well as in renewables.
• The continuing high demand for testing and inspection activities
drove double-digit LFL revenue growth at constant currency in our Minerals
business.
• We continue to benefit from growing demand for more
environmentally friendly buildings and the increased number of infrastructure
projects in our Building & Construction business in North America, which
led to low-single digit LFL revenue growth at constant currency.
2026 growth outlook
We expect our Industry and Infrastructure division to deliver a mid-single
digit LFL revenue growth at constant currency.
Medium- to long-term growth outlook
Our Industry and Infrastructure division will benefit from increased
investment from energy companies to meet growing demand and consumption of
energy from the growing global population, the scaling up of renewables,
increased R&D investments that OEMs are making in EV/hybrid vehicles and
from the development of greener fuels and the increased investment in data
centre infrastructure. We expect mid to high-single digit LFL revenue growth
in the medium-term at constant currency.
World of Energy Division
FY 2025 FY 2024 Change at actual rates Change at constant rates
£m £m
729.0 757.3 (3.7%) (1.3%)
Revenue
Like-for-like revenue 729.0 757.3 (3.7%) (1.3%)
Adjusted operating profit 63.4 77.5 (18.2%) (15.0%)
Adjusted operating margin 8.7% 10.2% (150bps) (140bps)
Intertek Value Proposition
Our World of Energy division focuses on the ATIC solutions we offer to our
clients to develop better and greener fuels as well as renewables. This
division was 21% of our revenue and 10% of our operating profit in 2025 and
includes Intertek Caleb Brett, Transportation Technologies (TT) and Intertek
CEA.
Strategy
Our TQA Value Proposition provides world leading expertise to enable our
clients to benefit from the significant opportunities in the World of Energy.
We do this by providing specialist cargo inspection, analytical assessment,
calibration and related research and technical services to the world's
petroleum and biofuels industries.
We provide rapid testing and validation services to the transportation
industry, leveraging our TT subject matter expertise that is recognised by
leading manufacturers worldwide. We evaluate everything from automobiles and
energy storage to airplanes, and deliver top tier testing for emerging
markets, such as autonomous and electric/hybrid vehicles.
Intertek CEA is a market-leading provider of Quality Assurance, supply-chain
traceability and technical services to the fast-growing solar energy sector.
Its leading assurance service offering includes in-line monitoring that allows
clients to oversee the management and traceability of their supply chains,
offering a comprehensive, end-to-end service to support customers on their
decarbonisation and energy sustainability journeys.
Innovations
We continue to invest in innovation to deliver a superior customer service in
our World of Energy related businesses:
Advancing Large-Scale Hydrogen Storage with Exolum
In 2025, Intertek Caleb Brett partnered with Exolum on a world-first hydrogen
storage project at Immingham in the UK, safely adapting existing energy
infrastructure for the transport and storage of hydrogen. Intertek Caleb Brett
provided rigorous testing and technical assurance to confirm the stability,
safety, and performance of Liquid Organic Hydrogen Carriers throughout the
process. This collaboration showcased how robust quality, safety, and
compliance frameworks can unlock innovation, reduce risk, and accelerate
cost-effective pathways toward a net-zero energy system.
Cutting‑edge fuel testing
Driving performance and compliance
We launched our highly specialised CEC‑TDG‑F‑113 fuel testing service at
Intertek's state‑of‑the‑art Milton Keynes facility. This rarely
available service helps fuel and additive manufacturers ensure that their
products maintain injector cleanliness, optimise engine performance, and meet
critical emissions standards. By combining advanced testing technologies with
regulatory assurance, the service supports industry leaders in delivering
high‑quality, compliant products that enhance efficiency and sustainability
across the fuel and engine sectors.
Intertek CEA
Clean Energy Associates has become Intertek CEA, delivering seamless
end‑to‑end quality assurance solutions across the global clean energy
sector. With expertise spanning product testing, certification, supply chain
traceability, and advisory services, Intertek CEA helps developers, owners,
and financiers mitigate risk and optimise performance. Having supported
projects in over 85 countries, Intertek CEA empowers businesses to navigate
complex markets, accelerate decarbonisation, and ensure the safety, quality,
and sustainability of solar power and energy storage.
FY 2025 performance
FY 25 saw our World of Energy-related business report revenue of £729m, below
last year on a LFL basis by 1.3% at constant currency and 3.7% at actual rates
after a strong 2024 when we reported 8% LFL revenue growth at constant
currency. Adjusted operating profit was £63.4m, down 15% year-on-year at
constant currency and 18% at actual rates. Adjusted operating margin of 8.7%
is 140bps lower year-on-year at constant currency due to the decline in
revenue and portfolio mix effect.
• Caleb Brett, the global leader in the Crude Oil and Refined
products global trading markets, delivered a low-single digit LFL revenue
performance at constant currency.
• Transportation Technologies reported negative high-single digit
LFL revenue in the period due to a baseline effect with high-single digit LFL
revenue growth in 2024, and to a temporary reduction of investments by some
clients in new projects as they focus on reducing their cost base in a more
challenging trading environment.
• Our Intertek CEA business continued to benefit from the increased
investments in solar panels, the fastest growing form of renewable energy, but
delivered negative high-single digit LFL revenue performance at constant
currency due to a demanding comparative base as we delivered a strong double
digit revenue performance in 2024.
2026 growth outlook
We expect our World of Energy division to deliver low-single digit LFL revenue
growth at constant currency.
Medium- to long-term growth outlook
Our World of Energy division will benefit from increased investment by energy
companies to meet growing demand and consumption of energy from the growing
global population, the scaling up of renewables, increased R&D investments
that OEMs are making in EV/hybrid vehicles and from the development of greener
fuels. Our mid to long-term LFL guidance at constant currency for the World of
Energy division is low to mid-single digit.
Presentation of Results
For the year ended 31 December 2025
Adjusted results
To present the performance of the Group in a clear, consistent and comparable
format, certain items are disclosed separately on the face of the income
statement. These items, which are described in the Presentation of Results
section of this report and in note 3, are excluded from the adjusted results.
The figures discussed in this review (extracted from the income statement and
cash flow) are presented before Separately Disclosed Items (SDIs).
Like-for-Like revenue
LFL revenue includes acquisitions following their 12-month anniversary of
ownership and excludes the historical contribution of any business disposals
and closures.
Constant exchange rates
In order to remove the impact of currency translation from our growth figures
we present revenue and profit growth at constant exchange rates. This is
calculated by translating 2024 results at 2025 exchange rates.
Separately Disclosed Items
A number of items are separately disclosed in the financial statements as
exclusion of these items provides readers with a clear and consistent
presentation of the underlying operating performance of the Group's business.
Reconciliations of the statutory to adjusted measures are provided in the
Presentation of Results section.
When applicable, these SDIs include amortisation of acquisition intangibles;
impairment of goodwill and other assets; the profit or loss on disposals of
businesses or other significant fixed assets; costs of acquiring and
integrating acquisitions; the cost of any fundamental restructuring; the costs
of any significant strategic projects; material claims and settlements; and
unrealised market or fair value gains or losses on financial assets or
liabilities, including contingent consideration.
Adjusted operating profit excludes the amortisation of acquired intangible
assets, primarily customer relationships, as we do not believe that the
amortisation charge in the income statement provides useful information about
the cash costs of running our business as these assets will be supported and
maintained by the ongoing marketing and promotional expenditure, which is
already reflected in operating costs. Amortisation of software, however, is
included in adjusted operating profit as it is similar in nature to other
capital expenditure. The costs associated with our cost reduction programme,
started in 2022, are excluded from adjusted operating profit where they
represent changes associated with operational streamlining, technology
upgrades or related asset write-offs and are costs that are not expected to
reoccur. The cost reduction programme is expected to last up to five years.
The impairment of goodwill and other assets that by their nature or size are
not expected to recur, the profit and loss on disposals of businesses or other
significant assets and the costs associated with successful, active, or
aborted acquisitions are excluded from adjusted operating profit in order to
provide useful information regarding the underlying performance of the Group's
operations.
Details of the SDIs for the twelve months ended 31 December 2025 and the
comparative period are given in note 3 to the Condensed Consolidated Financial
Statements.
Reconciliation of Results to Adjusted Performance Measures (£m)
2025 2025 2025 2024 2024 2024
Reported SDIs Adjusted Reported SDIs Adjusted
Operating profit 542.3 77.3 619.6 535.7 54.4 590.1
Operating margin 15.8% 2.3% 18.1% 15.8% 1.6% 17.4%
Net financing costs (48.9) (1.7) (50.6) (45.7) 3.4 (42.3)
Profit before tax 493.4 75.6 569.0 490.0 57.8 547.8
Income tax expense (130.2) (16.0) (146.2) (122.8) (12.4) (135.2)
Profit for the year 363.2 59.6 422.8 367.2 45.4 412.6
Cash flow from operations 737.1 25.2 762.3 775.8 13.4 789.2
Cash flow from operations less net capex 602.4 25.2 627.6 645.8 13.4 659.2
Free cash flow 327.0 25.2 352.2 395.4 13.4 408.8
Basic earnings per share 218.1p 37.8p 255.9p 214.4p 28.2p 242.6p
Diluted earnings per share 216.0p 37.5p 253.5p 212.7p 27.9p 240.6p
2025 2024 Change
Reconciliation of revenue £m £m %
Reported revenue 3,431.6 3,393.2 1.1%
Less: Acquisitions / disposals / closures (15.3) (1.4)
Like-for-like revenue 3,416.3 3,391.8 0.7%
Impact of foreign exchange movements - (103.7)
Like-for-like revenue at constant currency 3,416.3 3,288.1 3.9%
Reconciliation of financial net debt for adjusted EBITDA (£m)
2025 2024
Net debt (1,319.0) (799.4)
IFRS 16 lease liability 322.2 299.6
Net financial debt (996.8) (499.8)
Reported operating profit 542.3 535.7
Depreciation 150.8 144.4
Amortisation 16.2 17.3
EBITDA 709.3 697.4
SDIs 77.3 54.4
Adjusted EBITDA 786.6 751.8
Net financial debt / adjusted EBITDA 1.3x 0.7x
2025 2024 Change
Constant currency reconciliations £m £m %
Adjusted operating profit at actual rates 619.6 590.1 5.0%
Impact of foreign exchange movements - (23.4)
Adjusted operating profit at constant rates 619.6 566.7 9.3%
Adjusted diluted EPS at actual rates 253.5p 240.6p 5.4%
Impact of foreign exchange movements - (10.3p)
Adjusted diluted EPS at constant rates 253.5p 230.3p 10.1%
Diluted EPS at actual rates 216.0p 212.7p 1.6%
Impact of foreign exchange movements - (10.7p)
Diluted EPS at constant rates 216.0p 202.0p 6.9%
As seen in previous years of numerous acquisitions, Organic ROIC is included
as a key performance metric to reflect underlying performance. Organic ROIC is
defined as Adjusted profit after tax (including acquisitions following their
12-month anniversary of ownership and removing the historical contribution of
any business disposals/closures) divided by invested capital (excluding
invested capital in acquisitions on the same basis as above).
Reconciliation of Organic ROIC at actual rates (£m) 2025 2024
Adjusted operating profit 619.6 590.1
less: adjusted tax (1) (159.2) (145.6)
Adjusted profit after tax 460.4 444.5
less: acquisition/ disposal profit after tax (3.3) (2.0)
LfL Adjusted profit after tax 457.1 442.5
Invested Capital (2) 2,164.5 1,982.9
Less: acquisition/ disposal investment (181.3) (13.4)
Organic Invested Capital 1,983.2 1,969.5
Organic ROIC % 23.0% 22.5%
(1) Calculated by applying the adjusted effective tax rate (2025: 25.7%,
2024: 24.7%) to adjusted operating profit.
(2) Net assets excluding tax balances, net financial debt and net pensions
liability
Full Year Report
If you require a printed copy of this statement, please contact the Group
Company Secretary. This statement is also available on www.intertek.com
(http://www.intertek.com/) . (http://www.intertek.com/)
Legal Notice
This Full Year Report and announcement contain certain forward-looking
statements with respect to the financial condition, results, operations and
business of Intertek Group plc. These statements and forecasts involve risk
and uncertainty because they relate to events and depend upon circumstances
that will occur in the future. There are a number of factors that could cause
actual results or developments to differ materially from those expressed or
implied by these forward-looking statements and forecasts. Nothing in this
announcement should be construed as a profit forecast. Past performance cannot
be relied upon as a guide to future performance.
Condensed Consolidated Income Statement
For the year ended 31 December 2025
2025 2024
AdjustedResults Separately Disclosed Items* Total 2025 Adjusted results Separately Disclosed Items* Total 2024
Notes £m £m £m £m £m £m
Revenue 2 3,431.6 - 3,431.6 3,393.2 - 3,393.2
Operating costs (2,812.0) (77.3) (2,889.3) (2,803.1) (54.4) (2,857.5)
Group operating profit/(loss) 2 619.6 (77.3) 542.3 590.1 (54.4) 535.7
3.7 - 3.7
Finance income 2.5 - 2.5
Finance expense (54.3) 1.7 (52.6) (44.8) (3.4) (48.2)
Net financing costs (50.6) 1.7 (48.9) (42.3) (3.4) (45.7)
Profit/(loss) before income tax 569.0 (75.6) 493.4 547.8 (57.8) 490.0
Income tax (expense)/credit (146.2) 16.0 (130.2) (135.2) 12.4 (122.8)
Profit/(loss) for the year 2 422.8 (59.6) 363.2 412.6 (45.4) 367.2
Attributable to:
Equity holders of the Company 403.1 (59.6) 343.5 390.8 (45.4) 345.4
Non-controlling interest 19.7 - 19.7 21.8 - 21.8
Profit/(loss) for the year 422.8 (59.6) 363.2 412.6 (45.4) 367.2
Earnings per share
Basic 4 255.9p 218.1p 242.6p 214.4p
Diluted 4 253.5p 216.0p 240.6p 212.7p
Dividends in respect of the year 165.0p 156.5p
* See note 3.
Condensed Consolidated Statement of Comprehensive Income
For the year ended 31 December 2025
2025 2024
Notes £m £m
Profit for the year 2 363.2 367.2
Other comprehensive income/ (expense)
Remeasurements on defined benefit pension schemes 5 4.6 3.7
Tax on comprehensive income/(expense) items 1.6 6.0
Items that will never be reclassified to profit or loss 6.2 9.7
Foreign exchange translation differences of foreign operations (90.8) (64.8)
Net exchange gain/(loss) on hedges of net investments in foreign operations 27.5 1.7
Tax on items that are or may be reclassified subsequently to profit or loss 2.4 -
Items that are or may be reclassified subsequently to profit or loss (60.9) (63.1)
Total other comprehensive income/ (expense) for the year (54.7) (53.4)
Total comprehensive income for the year 308.5 313.8
Total comprehensive income for the period attributable to:
Equity holders of the Company 289.1 291.4
Non-controlling interest 19.4 22.4
Total comprehensive income for the year 308.5 313.8
Condensed Consolidated Statement of Financial Position
As at 31 December 2025
Notes 2025 2024
£m £m
Assets
Property, plant and equipment 8 760.9 692.8
Goodwill 7 1,422.3 1,365.9
Other intangible assets 329.4 304.2
Trade and other receivables 20.0 15.4
Defined benefit pension asset 5 31.2 27.2
Deferred tax assets 34.8 34.5
Total non-current assets 2,598.6 2,440.0
Inventories* 20.1 19.0
Trade and other receivables* 769.7 754.9
Cash and cash equivalents 6 329.2 343.0
Current tax receivable 43.9 42.4
Total current assets 1,162.9 1,159.3
Total assets 3,761.5 3,599.3
Liabilities
Interest bearing loans and borrowings 6 (163.6) (101.3)
Current taxes payable (49.7) (67.2)
Lease liabilities (70.3) (70.1)
Trade and other payables* (759.1) (757.6)
Provisions* (31.6) (53.9)
Total current liabilities (1,074.3) (1,050.1)
Interest bearing loans and borrowings 6 (1,162.4) (741.5)
Lease liabilities (251.9) (229.5)
Deferred tax liabilities (96.5) (69.9)
Defined benefit pension liabilities 5 (3.9) (5.2)
Other payables* (35.5) (49.8)
Provisions* (9.5) (8.4)
Total non-current liabilities (1,559.7) (1,104.3)
Total liabilities (2,634.0) (2,154.4)
Net assets 1,127.5 1,444.9
Equity
Share capital 1.5 1.6
Share premium 257.8 257.8
Other reserves (254.2) (191.2)
Retained earnings 1,077.8 1,333.7
Total equity attributable to equity holders of the Company 1,082.9 1,401.9
Non-controlling interest 44.6 43.0
Total equity 1,127.5 1,444.9
* Working capital of negative £45.7m (2024: negative £95.9m) comprises the
asterisked items in the above Statement of Financial Position less IFRS16
lease receivable of £0.2m (2024: £0.1m).
Condensed Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
Attributable to equity holders of the Company
Other Reserves
Share capital Share premium Translation reserve Other Retained earnings Total before non- controlling interest Non- controlling interest Total equity
£m £m £m £m £m £m £m £m
At 1 January 2024 1.6 257.8 (133.8) 6.3 1,191.5 1,323.4 36.7 1,360.1
Total comprehensive income/(expense)
for the period
Profit - - - - 345.4 345.4 21.8 367.2
Other comprehensive income - - (63.7) - 9.7 (54.0) 0.6 (53.4)
Total comprehensive income - - (63.7) - 355.1 291.4 22.4 313.8
for the year
Transactions with owners of the company
recognised directly in equity
Contributions by and distributions to the
owners of the company
Dividends paid - - - - (206.1) (206.1) (16.1) (222.2)
Adjustment arising from changes in non- - - - - - - - -
controlling interest
Purchase of own shares - - - - (24.7) (24.7) - (24.7)
Tax paid on share awards vested(1) - - - - (7.4) (7.4) - (7.4)
Equity-settled transactions - - - - 24.4 24.4 - 24.4
IFRS16 effects of deferred tax rate - - - - 0.9 0.9 - 0.9
Change
Total contributions by and distributions - - - - (212.9) (212.9) (16.1) (229.0)
to the owners of the company
At 31 December 2024 1.6 257.8 (197.5) 6.3 1,333.7 1,401.9 43.0 1,444.9
1.6 257.8 (197.5) 6.3 1,333.7 1,401.9 43.0 1,444.9
At 1 January 2025
Total comprehensive (expense)/income
for the period
Profit - - - - 343.5 343.5 19.7 363.2
Other comprehensive (expense)/income - - (63.0) - 8.6 (54.4) (0.3) (54.7)
Total comprehensive (expense)/income - - (63.0) - 352.1 289.1 19.4 308.5
for the year
Transactions with owners of the
company recognised directly in equity
Contributions by and distributions to the
owners of the company
Dividends paid - - - - (252.2) (252.2) (16.1) (268.3)
Adjustment arising from changes in non- - - - - - - (1.7) (1.7)
controlling interest
Purchase of own shares (0.1) - - - (367.8) (367.9) - (367.9)
Tax on share buy back - - - - (1.8) (1.8) - (1.8)
Tax paid on share awards vested(1) - - - - (10.1) (10.1) - (10.1)
Equity-settled transactions - - - - 24.3 24.3 - 24.3
Income tax on equity-settled transactions - - - - (0.4) (0.4) - (0.4)
Total contributions by and distributions to the owners of the company (0.1) - - - (608.0) (608.1) (17.8) (625.9)
At 31 December 2025 1.5 257.8 (260.5) 6.3 1,077.8 1,082.9 44.6 1,127.5
1. The tax paid on share awards vested is related to settlement of the tax
obligation by the Group via the sale of a portion of the equity-settled
shares.
The £165.3m dividend paid on 20 June 2025 represented a final dividend of
102.6p per ordinary share in respect of the year ended 31 December 2024. The
£119.3m dividend paid on 21 June 2024 represented a final dividend of 74p per
ordinary share in respect of the year ended 31 December 2023. No ordinary
shares were issued in the period to satisfy the vesting of share awards.
Condensed Consolidated Statement of Cash Flows
For the year ended 31 December 2025
2025 2024
Notes £m £m
Cash flows from operating activities
Profit for the year 2 363.2 367.2
Adjustments for:
Depreciation charge 150.8 144.4
Amortisation of software 16.2 17.3
Amortisation of acquisition intangibles 35.9 32.3
Impairment of goodwill and other assets 5.3 6.9
Equity-settled transactions 24.3 24.4
Net financing costs 48.9 45.7
Income tax expense 130.2 122.8
Profit on disposal of property, plant, equipment and software (5.7) (3.9)
Operating cash flows before changes in working capital and operating 769.1 757.1
Provisions
Change in inventories (3.5) (2.2)
Change in trade and other receivables (43.4) (45.6)
Change in trade and other payables 0.9 69.8
Change in provisions 14.0 (3.3)
Cash generated from operations 737.1 775.8
Interest and other finance expense paid (66.1) (52.2)
Income taxes paid (134.5) (126.5)
Net cash flows generated from operating activities* 536.5 597.1
Cash flows from investing activities
Proceeds from sale of property, plant, equipment and software* 9.8 5.0
Interest received* 3.6 2.7
Acquisition of subsidiaries, net of cash received (155.9) (14.9)
Consideration paid in respect of prior year acquisitions (4.7) -
Acquisition of property, plant, equipment, software* 8 (144.5) (135.0)
Net cash flows used in investing activities (291.7) (142.2)
Cash flows from financing activities
Purchase of own shares (367.9) (24.7)
Tax paid on share awards vested (11.9) (7.4)
Drawdown of borrowings 605.6 24.7
Repayment of borrowings (92.3) (98.4)
Repayment of lease liabilities* (78.4) (74.4)
Purchase of non-controlling interest (28.1) -
Dividends paid to non-controlling interest (16.1) (16.1)
Equity dividends paid (252.2) (206.1)
Net cash flows generated used in financing activities (241.3) (402.4)
Net increase in cash and cash equivalents 6 3.5 52.5
Cash and cash equivalents at 1 January 6 336.5 298.6
Effect of exchange rate fluctuations on cash held 6 (15.4) (14.6)
Cash and cash equivalents at 31 December 6 324.6 336.5
* Free cash flow of £327.0m (2024: £395.4m) comprises the asterisked items
in the above Statement of Cash Flows.
Adjusted cash flow from operations of £762.3m (2024: £789.2m) comprises
statutory cash generated from operations of £737.1 (2024: £775.8m) before
cash outflows relating to Separately Disclosed Items of £25.2m (2024:
£13.4m).
Notes to the Condensed Consolidated Financial Statements
1. Material accounting policies
Basis of preparation
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 December 2025 and 2024 but is
derived from the 2025 accounts. A full copy of the 2025 Annual Report and
Accounts will be available online at www.intertek.com
(http://www.intertek.com/) in March 2026. Statutory accounts for 2024 have
been delivered to the Registrar of Companies, and those for 2025 will be
delivered in due course. The auditors have reported on those accounts; their
reports were (i) unqualified, (ii) did not include references to any matters
to which the auditors drew attention by way of emphasis without qualifying
their reports and (iii) did not contain statements under Sections 498(2) or
498(3) of the Companies Act 2006.
The preparation of the financial statements requires management to make
estimates and assumptions that affect the reported amount of revenues,
expenses, assets and liabilities at the date of the financial statements. If
in the future such estimates and assumptions, which are based on management's
best judgement at the date of the financial statements, deviate from the
actual circumstances, the original estimates and assumptions will be modified
as appropriate in the year in which the circumstances change.
Significant accounting policies
There are no significant new accounting standards that have a material effect
on the results of the Group.
Key Estimations and Uncertainties
The preparation of financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
In preparing these Condensed Consolidated Financial Statements, the key
sources of estimation were impacted with levels of estimation uncertainty in
relation to assumptions used in:
· impairment assessments (e.g. cash flow projections, long-term growth,
discount rate); and
· employee post-retirement benefit obligations.
Risks and uncertainties
The Group has a broad customer base across its multiple business lines and in
its different geographic regions and is supported by a robust balance sheet
and strong operational cash flows.
The Board has reviewed the Group's financial forecasts up to 31 December 2027
to assess both liquidity requirements and debt covenants.
In addition, the Group's financial forecasts for 2026 and 2027, and the
related liquidity position and forecast compliance with debt covenants, have
been sensitised for a severe yet plausible decline in economic conditions
(including an illustrative sensitivity scenario of a reduction of 30% to the
base profit forecasts and the corresponding impact to cash flow forecasts in
each of these years). In addition, reverse stress testing has also been
applied to the model which represents a significant decline in cashflows
compared with the 30% downside sensitivity. Such a scenario is considered to
be remote. The Board remains satisfied with the Group's funding and liquidity
position, with the Group forecast to remain within its committed facilities
and compliant with debt covenants even following the 30% downside sensitivity.
Mitigating actions (e.g. dividend cash payments, non-essential overheads and
non-committed capital expenditure) are within management control and could be
initiated, if deemed required, within the downside scenario.
The undrawn headroom on the Group's committed borrowing facilities at 31
December 2025 was £345.6m (2024: £655.7m). The maturity of our borrowing
facilities is disclosed in Note 14 of the financial statements with repayment
of two senior notes totalling US$120m required by 31 December 2025. Our models
forecast these to be repaid using existing facilities. Full details of the
Group's borrowing facilities and maturity profile are outlined in note 14 of
the Annual Report and Accounts.
On the basis of its forecasts to 31 December 2027, both base case and severe
yet plausible downside, and available facilities, the Board has concluded that
there are no material uncertainties over going concern, including no
anticipated breach of covenants, and therefore the going concern basis of
preparation continues to be appropriate.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair
value adjustments arising on acquisition, are translated to sterling at
foreign exchange rates ruling at the reporting date. The income and expenses
of foreign operations are translated into sterling at cumulative average rates
of exchange during the year.
The most significant currencies for the Group were translated at the following
exchange rates:
Assets and Liabilities Income and expenses
Actual Rates Cumulative average rates
Value of £1 2025 2024 2025 2024
US dollar 1.35 1.26 1.32 1.28
Euro 1.15 1.21 1.17 1.18
Chinese renminbi 9.47 9.18 9.50 9.21
Hong Kong dollar 10.50 9.76 10.32 9.99
Australian dollar 2.02 2.02 2.05 1.94
2. Operating segments
Business analysis
The Group is organised into business lines, which are the Group's operating
segments and are reported to the CEO, the chief operating decision maker.
These operating segments are aggregated into five segments, which are the
Group's reportable segments, based on similar nature of products and services
and mid- to long-term structural growth drivers. When aggregating operating
segments into the five segments we have applied judgement over the
similarities of the services provided, the customer-base and the mid- to
long-term structural growth drivers. The costs of the corporate head office
and other costs which are not controlled by the five segments are allocated
appropriately. A description of the activity in each segment is given in the
Operating Review by Division.
The results of the segments are shown below:
For the year ended 31 December Revenue from external customers Depreciation and software amortisation Adjusted operating profit
£m £m £m
2025 Employee costs Separately Disclosed Items Operating profit
£m £m £m
Consumer Products 983.4 (377.6) (51.3) 299.3 (6.0) 293.3
Corporate Assurance 514.0 (193.9) (12.3) 116.3 (23.7) 92.6
Health and Safety 347.1 (150.9) (22.3) 45.2 (13.3) 31.9
Industry and Infrastructure 858.1 (413.5) (33.0) 95.4 (13.9) 81.5
World of Energy 729.0 (344.4) (48.1) 63.4 (20.4) 43.0
Total 3,431.6 (1,480.3) (167.0) 619.6 (77.3) 542.3
Group operating profit 619.6 (77.3) 542.3
Net financing income/(costs) (50.6) 1.7 (48.9)
Profit before income tax 569.0 (75.6) 493.4
Income tax (expense)/credit (146.2) 16.0 (130.2)
Profit for the year 422.8 (59.6) 363.2
For the year ended 31 December Revenue from Depreciation and Adjusted operating
external customers software amortisation profit
£m £m £m
2024 Separately Operating
Employee costs Disclosed Items profit
£m £m £m
Consumer Products 958.8 (387.1) (49.9) 268.7 (11.7) 257.0
Corporate Assurance 496.3 (192.2) (12.0) 117.2 (20.7) 96.5
Health and Safety 337.2 (147.4) (19.4) 46.0 (6.3) 39.7
Industry and Infrastructure 843.6 (416.9) (31.4) 80.7 (12.8) 67.9
World of Energy 757.3 (348.8) (49.0) 77.5 (2.9) 74.6
Total 3,393.2 (1,492.4) (161.7) 590.1 (54.4) 535.7
Group operating profit 590.1 (54.4) 535.7
Net financing costs (42.3) (3.4) (45.7)
Profit before income tax 547.8 (57.8) 490.0
Income tax (expense)/credit (135.2) 12.4 (122.8)
Profit for the year 412.6 (45.4) 367.2
3. Separately Disclosed Items (SDIs)
2025 2024
£m £m
Operating costs
Amortisation of acquisition intangibles (a) (35.9) (32.3)
Acquisition and integration costs (b) (4.3) (2.5)
Restructuring costs (c) (37.1) (15.8)
Significant claims and settlements (d) - (3.8)
Total operating costs (77.3) (54.4)
Net financing income/(costs) (e) 1.7 (3.4)
Total before income tax (75.6) (57.8)
Income tax credit on Separately Disclosed Items (f) 16.0 12.4
Total (59.6) (45.4)
Refer to the Presentation of Results section for further details on SDIs
(1) Of the amortisation of acquisition intangibles in the current
period, £0.2m relates to the customer relationships acquired with the
purchase of Technologia e Qualidade de Sistemas em Engenharia Ltda ("TESIS")
and £1.3m relates to the customer relationships and trade names acquired with
the purchase of Envirolab in 2025.
(2) Acquisition and integration costs comprise £3.8m (2024: £1.3m)
for transaction and integration costs in respect of successful, active and
aborted acquisitions in the current year, and £0.5m in respect of
prior-years' acquisitions (2024: £1.2m).
(3) During 2022, the Group initiated the first year of a cost
reduction programme. In 2025, costs of £37.1m (2024: £15.8m) were associated
with operational streamlining which included consolidating sites and offices,
streamlining headcount and related asset write-offs.
(4) Significant claims and settlements relate to commercial claims
that are separately disclosable due to their size and nature. The associated
claims have now settled.
(5) Net financing income of £1.7m (2024: cost of £3.4m) relate to
the unwinding of discounts and changes in the fair value of contingent
considerations in relation to acquisitions.
(6) Income tax credit on SDIs totalled £16.0m (2024: £12.4m)
mainly relating to deferred tax impact of the movement in amortisation on
intangibles.
4. Earnings per share (EPS)
2025 2024
£m £m
Based on the profit for the year:
Profit attributable to ordinary shareholders 343.5 345.4
Separately Disclosed Items after tax (note 3) 59.6 45.4
Adjusted earnings 403.1 390.8
Number of shares (millions):
Basic weighted average number of ordinary shares 157.5 161.1
Potentially dilutive share awards 1.5 1.3
Diluted weighted average number of shares 159.0 162.4
218.1p 214.4p
Basic earnings per share
Potentially dilutive share awards (2.1)p (1.7)p
Diluted earnings per share 216.0p 212.7p
255.9p 242.6p
Adjusted basic earnings per share
Potentially dilutive share awards (2.4)p (2.0)p
Adjusted diluted earnings per share 253.5p 240.6p
5. Pension schemes
The significant actuarial assumptions used in the valuation of the Group's
material defined benefit pension schemes as at 31 December 2025 have been
reviewed. The discount and inflation rates used to value the pension
liabilities, as well as the updated asset valuations and the net pension
liabilities, have not moved materially since 31 December 2024. A net actuarial
gain before taxation of £4.6m (2024: £3.7m gain) has been recognised in the
consolidated statement of comprehensive income. The net pension asset stands
at £31.2m for the UK pension scheme (2024: £27.2m) and a net pension
liability of £3.9m for the Swiss pension scheme as at 31 December 2025 (2024:
£5.2m).
The total income recognised in the consolidated income statement for the
Group's material defined benefit pension schemes of £0.1m (2024: £0.2m)
includes the current service cost and administration expenses of £1.3m (2024:
£0.8m) recognised in operating profit, and net pension interest income of
£1.4m (2024: £1.0m) recognised in net financing costs.
6. Analysis of net debt
2025 2024
£m £m
Cash and cash equivalents per the statement of financial position 329.2 343.0
Overdrafts (4.6) (6.5)
Cash per the statement of cash flows 324.6 336.5
The components of net debt are outlined below:
1 January Cash flow Non-cash adjustments Exchange adjustments 31 December
2025 £m £m £m 2025
£m £m
Cash 336.5 3.5 - (15.4) 324.6
Borrowings:
Revolving credit facility US$850m 2030 (20.0) (560.5) - (8.1) (588.6)
Revolving credit facility £350m 2027 - (45.0) - - (45.0)
Senior notes US$120m 2025 (95.4) 92.3 - 3.1 -
Senior notes US$75m 2026 (59.6) - - 4.1 (55.5)
Senior notes US$150m 2027 (119.2) - - 8.2 (111.0)
Senior notes US$165m 2028 (131.2) - - 9.1 (122.1)
Senior notes US$165m 2029 (131.2) - - 9.0 (122.2)
Senior notes US$160m 2030 (127.1) - - 8.8 (118.3)
Senior notes EUR€120m 2026 (99.5) - - (5.1) (104.6)
Senior notes EUR€25m 2027 (20.7) - - (1.1) (21.8)
Senior notes EUR€40m 2028 (33.2) - - (1.7) (34.9)
Other* 0.8 (0.1) 2.0 (0.1) 2.6
Total borrowings (836.3) (513.3) 2.0 26.2 (1,321.4)
Total financial net debt (499.8) (509.8) 2.0 10.8 (996.8)
Lease liability (299.6) 78.4 (109.5) 8.5 (322.2)
Total net debt (799.4) (431.4) (107.5) 19.3 (1,319.0)
* Other includes uncommitted borrowings of £0.9m (2024: £0.7m) and facility
fees of £3.5m (2024: £1.5m).
2025 2024
£m £m
Borrowings due in less than one year 159.0 94.8
Borrowings due in one to two years 177.0 158.6
Borrowings due in two to five years 984.7 455.1
Borrowings due in over five years 0.7 127.8
Total borrowings 1,321.4 836.3
Description of borrowings
Total undrawn committed borrowing facilities as at 31 December 2025 were
£345.5m (2024: £655.7m).
Key facilities
US$850m revolving credit facility
The Group has a US$850m multi-currency revolving credit facility which was
refinanced in May 2025. The facility has a five-year term and is due to mature
in May 2030. Advances under the facility bear interest at a rate equal to
a risk-free rate, or their local currency equivalent, plus a margin,
depending on the Group's financial leverage. Drawings under this facility at
31 December 2025 were £588.5m (2024: £20.0m).
GBP£350m revolving credit facility
In May 2025 the Group entered into a £350m revolving credit facility for 2
years, due to mature in May 2027. Advances under the facility bear interest at
a rate equal to a risk-free rate, or their local currency equivalent, plus a
margin, depending on the Group's financial leverage. Drawings under the
facility at 31 December 2025 were £45.0m (2024: £nil).
Private placement bonds
In October 2011 the Group issued US$140m of senior notes repaid on 18 January
2022 at a fixed annual interest rate of 3.75% and US$105m repaid on 18 January
2024 at a fixed annual interest rate of 3.85%.
In February 2013 the Group issued US$80m of senior notes. These notes were
issued in two tranches, with US$40m repaid on 14 February 2023 at a fixed
annual interest rate of 3.10% and US$40m repaid on 14 February 2025 at a fixed
annual interest rate of 3.25%.
In July 2014 the Group issued US$110m of senior notes. These notes were issued
in four tranches with US$15m repaid on 31 July 2021 at a fixed annual interest
rate of 3.37%, US$20m repaid on 02 July 2024 at a fixed annual interest rate
of 3.86%, US$60m repayable on 31 October 2026 at a fixed annual interest
rate of 4.05% and US$15m repayable on 31 December 2026 at a fixed annual
interest rate of 4.10%.
In December 2020 the Group issued US$200m of senior notes. These notes were
issued in two tranches with US$120m repaid on 2 December 2023 at a fixed
annual interest rate of 1.97% and US$80m repaid on 2 December 2025 at a fixed
annual interest rate of 2.08%.
In December 2021 the Group issued US$640m of senior notes. These notes were
issued in four tranches with US$150m repayable on 13 January 2027 at a fixed
annual interest rate of 2.24%, US$165m repayable on 15 March 2028 at a fixed
annual interest rate of 2.33%, US$165m repayable on 15 March 2029 at a
fixed annual interest rate of 2.47% and US$160m repayable on 15 March 2030 at
a fixed annual interest rate of 2.54%.
In December 2023 the Group issued EUR€185m of senior notes. These notes were
issued in three tranches with EUR€120m repayable on 21 December 2026 at a
fixed annual interest rate of 3.94%, EUR€25m repayable on 21 December 2027
at a fixed annual interest rate of 3.89% and EUR€40m repayable on 21
December 2028 at a fixed annual interest rate of 3.88%.
7. Acquisition of businesses
(a) Acquisitions
The Group completed four acquisitions in 2025 (2024: one).
In April 2025, the Group acquired Tecnologia e Qualidade de Sistemas em
Engenharia Ltda ("TESIS"), a leading provider of building products testing and
assurance services, based in São Paulo, Brazil, for a purchase price of
£9.4m (£9.3m net of cash acquired), generating goodwill of £7.4m.
In September 2025, the Group acquired Envirolab, an industry leading provider
of environmental testing and analysis in Australia, for a purchase price of
£126.5m (£122.7m net of cash acquired), generating goodwill of £73.2m,
which includes £1.6m of acquired goodwill.
In November 2025, the Group acquired Suplilab, a market-leading provider of
food safety and medical devices testing services, based in San José, Costa
Rica, and Professional Testing Laboratory LLC ("PTL"), a leading provider of
high-quality testing services for the flooring industry, based in the USA, for
a combined purchase price of £27.1m (£25.0m net of cash acquired),
generating goodwill of £19.8m.
(b) Prior period acquisitions
£31.2m (2024: £nil) was paid during the period in respect of prior period
acquisitions.
(c) Details of 2024 acquisitions
One acquisition was made during 2024. Full details of the acquisition made in
the year ended 31 December 2024 are disclosed in note 10 to the Annual Report.
(d) Impairment
Goodwill generated from past acquisitions has been tested annually as required
by accounting standards. No impairments were identified during the period and
as such no impairment charge was recorded (2024: nil).
(e) Reconciliation of goodwill
£m
Goodwill at 1 January 2025 1,365.9
Additions 100.4
Transfers -
Foreign exchange (44.0)
Goodwill at 31 December 2025 1,422.3
8. Property, plant, equipment and software
Additions
During the year, the Group acquired fixed assets with a cost of £229.5m
(2024: £202.0m). The Group acquired £19.6m of fixed assets through business
combinations (2024: £3.1m). At 31 December 2025, the IFRS 16 right of use
asset is £302.7m (2024: £280.5m).
9. Subsequent events
On 11 February 2026, subsequent to the reporting period, the Group entered
into a new senior note agreement for USD$80 million, with a maturity of five
years.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR UUAARNAUORUR
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Intertek
See all newsREG - Intertek Group Plc - Director/PDMR Shareholding
AnnouncementREG - Intertek Group Plc - Final Results
AnnouncementREG - Intertek Group Plc - Acquisition
AnnouncementREG - Intertek Group Plc - Acquisition
AnnouncementREG - Intertek Group Plc - Holding(s) in Company
Announcement