IIOC member Intertek has published its trading update for the period 1 January to 30 April 2022.
Revenue rose 11.2% (9.1% at constant currency) to 951.3m GBP. This was a like-for-like revenue growth of 4.8% (constant currency). However, Intertek note that excluding China, like-for-like revenue saw 6.8% growth at constant currency. They note that with 20% of revenue coming from China, ‘the Covid-19 lockdown restrictions have caused a temporary disruption to our business on a regional basis’. They anticipate this situation will be resolved by 1 July 2022.
Within these results, the Products Division, ‘delivered a LfL revenue growth at constant currency of 4.5% and of 7.0% outside of China’ of 602.9m GBP’.
In the Products Division, ‘Business Assurance delivered double digit LfL revenue growth globally and outside of China as the business benefited from the increased investments by our clients to improve the resilience of their supply chains, the continuous focus on ethical supply, the increased need for sustainability assurance and the strong growth in our People Assurance segment.’
Regarding the outlook, they comment that, ‘The Group remains well-positioned to deliver on our guidance for 2022 with robust LfL constant currency revenue growth for both the Group as a whole and for each of our divisions’