IIOC member Intertek give their trading update, reporting a like-for-like revenue growth for the period July to October 2022 of 5.6% at constant currency. Like-for-like revenue was 1,085.6m GBP, an actual increase of 15.6%.
In like-for-like revenue, the Products division delivered revenue 674.4m GBP, a 4% increase at constant currency. With the Products Division, Intertek comment on Business Assurance, ‘Business Assurance delivered double-digit LFL revenue growth globally in the July-Oct period and on YTD basis as the business benefitted 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.’
Intertek describe the outlook for the remainder of 2022 as follows, ‘we expect the Group to deliver a good earnings growth at constant currency and a strong earnings growth and free cash flow at actual rates. We expect to deliver robust LFL revenue growth at the Group level at constant currency, with good LFL revenue growth in Products and robust LFL revenue growth in Trade and Resources’.