Intertek Reports Strong Financial Performance and Raises Dividend Payout
Leading inspection and product-testing company, Intertek, reports impressive financial results with substantial profit and revenue growth, leading to an increased dividend payout. The company reaffirms its full-year guidance and remains well-position...
Troy D. Hanson
July 29, 2023
Intertek, the leading inspection and product-testing company, has announced its financial results for the first half of the year. The company reported a substantial growth in profits and revenue, and as a result, it has decided to increase its interim dividend payout.
In the first half of 2022, Intertek's pretax profit reached an impressive £191.7 million ($245.3 million), compared to £182.8 million in the same period last year. Furthermore, the revenue rose from £1.49 billion to £1.64 billion, reflecting a significant growth rate of 7.1% on a like-for-like basis. This represents the highest like-for-like revenue growth the company has experienced in the past decade.
The operating profit for the first half of the year stood at £215 million, up from £197.0 million in the previous year. The company's margin remained strong at 13.1% despite a slight decrease from 13.2%.
In light of these positive financial results, Intertek's board has decided to declare an interim dividend of 37.7 pence per share, marking an increase from the previous year's dividend of 34.2 pence.
Looking ahead, Intertek reaffirms its full-year guidance, projecting mid single-digit like-for-like revenue growth at constant currency. The company expects its total revenue for the year to reach £3.35 billion, with an operating profit of £553 million and a margin of 16.5%, according to the company's consensus forecast.
Intertek's strong financial performance in the first half of the year demonstrates its resilience and ability to navigate challenging market conditions. The company remains committed to delivering value to its shareholders and is well-positioned for further growth and success in the future.