Laboratory testing firm Intertek has seen a revenue boost driven by companies putting greater focus on quality, safety and sustainability in their products.
Revenue at the FTSE 100 multinational, which describes itself as a “total quality assurance provider of assurance, testing, inspection and certification services,” rose to £3.3bn, up 7.1 per cent at constant currency and 4.3 per cent at actual rates.
Adjusted operating profit of £551.1m, up 10.9 per cent from £520.1m the year prior, while ‘like-for-like’ revenue grew 6.2 per cent at constant currency, the highest figure in a decade for the company.
Profit before tax came in at £507.2m, up from £488.2m the year prior, while cash flow from operations grew to £643.6m from £609.7m.
Adjusted earnings for the period came in at £361.7m against £341m the year prior, while adjusted diluted earnings per share rose to 223.1p versus 211.1p in 2022.
The firm said it aims to pay out 50 per cent of adjusted profit to shareholders, and on that basis, said it will pay a full-year dividend of 111.7p at a total cost of £181.2m, against £170.6m in 2022.
“Our clients are increasing their focus on Risk-based Quality Assurance to operate with higher standards on quality, safety and sustainability in each part of their value chain, triggering a higher demand for our ATIC solutions which are powered by our Science-based Customer Excellence ATIC Advantage,” said Intertek chief executive, Andre Lacroix.
“In May 2023, we unveiled our Intertek AAA differentiated growth strategy to capitalise on the best-in-class operating platform we have built and target the areas where we have opportunities to get better.
“Our highly engaged, customer-centric organisation is laser-focused to take Intertek to greater heights putting our AAA strategy in action and continuing to deliver sustainable growth and value for all stakeholders.
“Based on our positive momentum, we expect the Group will deliver a robust performance in 2024 with mid-single digit like-for-like revenue growth at constant currency, margin progression and a strong cash flow performance.”