IIOC member Intertek reports on its trading performance for the first four months of 2021.
With a ‘good start to the year’, Group revenue was at 855m GBP, +1.7% at constant currency, down 3% actual. Like-for-like revenue was up 2.7% at constant currency.
The Products business showed like-for-like growth of 7.4%. Within this, Intertek notes that, ‘Our Business Assurance business reported double digit revenue growth. Our clients caught up on ISO audits in the first months of the year, we saw an increased investment in supply chain resilience and we benefited from continuing strong demand for our operational and corporate sustainability solutions.’
In noting future prospects, Intertek comments about the impact of the Covid-19 pandemic: ‘Covid-19 has demonstrated that there were major risks in the operations of our clients that were not properly identified nor mitigated. Moving forward, all stakeholders expect corporations and governments to sharpen their focus on risk-based quality assurance in three areas:
• safer supply chain
• better personal safety
• lower carbon economy.’
In the first trading update since the 13 May 2021 announcement of Intertek’s acquisition of SAI Global Assurance, Intertek notes that this will, ‘scale up our global assurance business and seize the high growth opportunities in the high margin and capital light assurance market.’
Further details of this trading update can be seen here.
More information from the 13 May 2021 SAI Global acquisition announcement are here.