IIOC member Intertek confirms its trading update to 31 October 2020.
Overall, like-for-like revenue at constant rates for July-October 2020 was 6.3% down on 2019; year-to-date revenue was done 7.3%.
Within this, the Products area saw a 4.0% decline in July-October, with a 6.8% like-for-like decline for the year-to-date. For comparison, May to June saw a 12.4% like-for -like decline.
Intertek note that, ‘In the second half of the year, we have benefited from a rebound in Assurance, Testing, Inspection and Certification activities in all regions and we are on track to deliver a resilient full year 2020 financial performance’.
Within the Products area, ‘Business Assurance business delivered a stable LfL revenue performance in the July‐October period resulting in a mid‐single digit decline in LfL revenue on a YTD basis. The easing of lockdown restrictions in the last four months has driven a rebound in the number of ISO audits in some of our operations, while we continue to benefit from attractive growth in supply chain assurance, the continuous focus on ethical supply, the increased needs of corporations for sustainability assurance and the strong growth in our People Assurance segment.’
For the full year, the Products division anticipates a ‘mid-single digit decline’ in like-for-like revenue. Overall, Intertek anticipate they, ‘are on track to deliver a resilient FY 2020 performance, with a mid‐single digit LfL revenue decline at constant rates’.
Further details can be seen with the Intertek November 2020 Trading Statement Presentation and Intertek 2020 November Trading Statement.