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Intertek Group (ITRK) investor relations material
Intertek Group Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Year-to-date revenue reached £2.85 billion, up 4.6% at constant currency, with like-for-like revenue growth of 4.3% and strong trading from July–October led by Consumer Products and Corporate Assurance.
Consumer Products delivered 6.9% like-for-like revenue growth in the first 10 months, and Corporate Assurance posted 6.6% growth in the recent period.
Margin progression was supported by divisional mix, pricing, operating leverage, cost controls, and productivity improvements.
Excellent free cash flow and return on invested capital (ROIC) reported.
On track to meet 2025 earnings expectations and well positioned for 2026.
Financial highlights
Group revenue for the 10 months to October reached £2.85 billion, up 4.6% at constant currency and 1.2% at actual rates.
Like-for-like revenue growth of 4.3% at constant currency, driven by both volume and pricing.
Recent acquisitions contributed £9 million in revenue year-to-date.
£350 million share buyback program progressing, with £328 million already repurchased.
Margin progression was strong, supported by divisional mix, pricing, operating leverage, and cost controls.
Outlook and guidance
Expecting mid-single-digit like-for-like revenue growth at constant currency for 2025, with strong margin progression and excellent cash generation.
High single-digit growth anticipated in Consumer Products and Corporate Assurance; mid-single-digit in Industry and Infrastructure; low single-digit in Health and Safety; stable in World of Energy.
Targeting 18.5%+ operating margin in the next few years.
CapEx investment planned at £135–145 million; net debt expected at £925–975 million due to acquisitions.
Currency volatility could reduce full-year revenue by 350bps and earnings by 500bps.
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Frequently asked questions
British Assurance, Inspection, Testing, and More
Intertek is a British company with multinational operations that specializes in assurance, inspection, product testing, and certification. Intertek operates a network of more than 1,000 laboratories and offices in over 100 countries, providing clients with Total Quality Assurance solutions across various industries, including consumer goods, chemicals, pharmaceuticals, food, energy, and more. Its services are designed to ensure the quality and safety of products and processes, helping businesses meet regulatory standards and reduce risks. The company is headquartered in London, England, and its shares are traded on the London Stock Exchange.
Thomas Edison and a Divestiture
Intertek can trace its roots back to 1888, and the acquisition of three historic companies by Inchcape. One of these companies was known as Electrical Testing Laboratories (ETL), which was established in Thomas Edison's lightbulb testing facility. Inchape divested Intertek in 2002 and listed on the London Stock Exchange in the same year. Today, Intertek operates a network of more than 1,000 laboratories and offices in over 100 countries and operates in the same sector as companies such as SGS, Eurofins Scientific, and Bureau Veritas.
What Intertek Does
The company’s offerings encompass testing, inspection, certification, and auditing. It tests products and materials against safety, regulatory, quality, and performance standards. This involves checking products from electronics to textiles, ensuring they meet specific requirements or certifications. Intertek's inspection services evaluate assets and products at various stages of the production and supply chain process, ensuring compliance with regulatory and quality standards. They also offer certification services that validate that products, processes, systems, or services are compliant with national and international regulations and standards. Additionally, its auditing service provides independent assurance that organizational processes and performance meet predefined criteria.
The Customers
Intertek's testing services are crucial for a multitude of sectors. In consumer goods, ensuring product safety and compliance is key, while in electronics, testing assures functionality and adherence to standards. The chemical industry relies on such services for substance analysis and regulatory compliance. In construction, material and structural testing are essential for safety and standards conformity. Energy sector entities utilize these services for equipment efficiency and environmental compliance. Additionally, the pharmaceutical and food industries depend on rigorous testing to guarantee product safety and quality.
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