Intertek shares plunge after revenues contract

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Intertek shares plunge after revenues contract
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Revenues at FTSE 100 firm Intertek (LON:ITRK) decreased by 1.8% to £1.347 billion during the first half of 2018 as the firm was negatively impacted by currency movements and sales in the resources division contracted. Profits before taxation rose by 1.6% to £213.6 million as operating margins climbed by 50 basis points.

Chief Executive André Lacroix said that: “The Group has continued to deliver progress in revenue, margin and cash performance in the first half at constant rates, reflecting the Group’s performance management discipline focused on margin accretive revenue growth with strong cash conversion and accretive disciplined capital allocation. We are well positioned to deliver in 2018 good organic revenue growth with moderate group margin progression at constant currency and strong cash conversion […] 

We are on track on our ‘good to great’ journey, making progress on both performance and strategy. We continue to be uniquely positioned to benefit from the GDP+ organic revenue growth prospects in the $250 billion global Quality Assurance Industry in the medium to long term, leveraging our high quality and highly cash generative earnings model.”

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