Intertek shares upbeat as revenue rises amid energy and safety growth

Shares in Intertek (ITRK) climbed 1.0% on Thursday as the assurance and inspection company reported higher year-to-date revenue, led by its World of Energy and Health & Safety units.

In the ten months to October 31, Intertek said constant currency revenue grew 7.3% to £2.77bn. Growth was driven by an 11% rise in World of Energy sales to £602.9m and a 7.8% increase in Health & Safety to £269.6m. Consumer Products revenue fell 2.7% to £779.5m as clients invested less in new products.

For 2023, however, Intertek expects low single-digit growth in Consumer Products. It forecasts mid-single digit expansion in Health & Safety and high single digits in World of Energy, which it said will benefit from increased investment in renewable energy.

Intertek said it remains on track to deliver mid-single-digit like-for-like revenue growth this year at constant currency. It also expects lower net debt of £630-680m.

Shares have fallen 5% year-to-date but are flat over one year.