Intertek Group (ITRK) Q3 2025 TU earnings summary

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.