IIOC member Intertek has posted its 2020 Half Year Results with headline revenue of £1,331m, down 7.8% (actual and constant currency) on 2019.
The Intertek Products division, which includes Business Assurance saw revenue decline 7.7% (8.4% constant currency) to £800.3m.
On Business Assurance Intertek notes, ‘Our Business Assurance business delivered a resilient LfL (like-for-like) revenue performance with high single digit negative revenue performance. The temporary factory and office closures in several of our markets has triggered a delay and/or cancellation of several audits, which was partially offset by the attractive growth in Supply Chain Assurance, the continuous focus on ethical supply, the increased needs of corporations for sustainability assurance, the strong growth in our People Assurance segment and the launch of remote audit solutions’.
Regarding the outlook, Intertek states that, ‘The speed at which the global pandemic has unfolded, the broad-based nature of the lockdown initiatives in every country, the lack of visibility on when the lockdown restrictions will be fully lifted around the world, and the complexity faced by our clients to resume their operations fully with well-functioning supply chains makes it difficult to assess the full impact of Covid-19 and to provide guidance for 2020, although we expect the second half of the year to be better than the first half’.
The full report from Intertek can be viewed here.