2012 HALF YEAR RESULTS ANNOUNCEMENT
26 JULY 2012
Intertek Group plc ("Intertek"), a leading international provider of quality and safety services, announces its half year results for the period ended 30 June 2012.
Strong growth in revenue and earnings
Highlights
- Strong revenue growth of 29.9% to £991.0m; constant currency organic growth of 9.9%
- Strong profit growth of 28.2% to £152.2m; constant currency organic growth of 12.7%
- Adjusted operating profit¹ margin 15.4%
- Diluted EPS increase of 28.2%
- Three bolt on acquisitions since 1 January for £17.4m
- Interim dividend increase of 21.5%
|
Adjusted results (1) |
2012 |
2011 |
Growth as reported |
Organic growth at constant currency |
|
Revenue |
£991.0m |
£763.1m |
+29.9% |
+9.9% |
|
Operating profit |
£152.2m |
£118.7m |
+28.2% |
+12.7% |
|
Profit before tax |
£140.0m |
£110.6m |
+26.6% |
|
|
Diluted earnings per share |
58.2p |
45.4p |
+28.2% |
|
1. Adjusted results are stated before separately disclosed items which include amortisation of acquisition intangibles £15.0m (H1 11: £9.5m), acquisition and related integration costs £1.1m (H1 11: £9.5m), Project costs £1.8m (H1 11: £6.3m). See Presentation of Results and note 3 to the Interim Financial Statements.
|
Statutory results |
2012 |
2011 |
Growth |
|
Operating profit |
£134.3m |
£93.4m |
+43.8% |
|
Profit before tax |
£122.1m |
£85.3m |
+43.1% |
|
Diluted earnings per share |
50.7p |
32.6p |
+55.5% |
|
Interim dividend per share |
13.0p |
10.7p |
+21.5% |
Wolfhart Hauser, Chief Executive Officer, commented:
"Intertek has delivered strong growth in revenue, operating profit and earnings in the first half of the year, as demand for quality services across the diverse industries and geographies that we operate in continues to expand.
Our businesses continue to perform well. Within energy and commodities end-markets we are seeing very good demand for global quality services. Demand in consumer retail and commercial manufactured product industries was strong against a weaker prior year period. Customers continue to seek more testing support on the performance, sustainability and compliance of products and new technologies and are seeking greater 'total supply chain' quality solutions. We made further progress on improving the Group's underlying organic margin, whilst the total operating margin reduced slightly due to the dilutive effect of exceptional growth in Moody; acquired in April 2011.
Global economic conditions are becoming increasingly uncertain; however, with the Group's balanced industry and geographic portfolio, we continue to expect to grow revenue at high single digits on an organic constant currency basis for the full year."
