Product testing firm Intertek Group reports increase in first-half underlying revenue growth

Product testing firm Intertek Group reports increase in first-half underlying revenue growth

Intertek group has reported a nine per cent jump for its shares – its highest level since May – thanks to maintaining its full year guidance and reporting an improvement in first-half underlying revenue growth.

The company saw a 1.4 per cent rise to £1.01million in the first half of its financial year while Chief Executive Andre Lacroix noted a strong performance in its products-related business which had helped offset demanding conditions in its oil and gas capital spending business.

Pre tax profit grew to £139.1million in the first half of the financial year, from £119.8million the previous year.
Analysts expect Intertek to post full year pre-tax profit of £297.05 million. However, energy companies have been slashing investment budgets following a plunge in oil prices, and with the company attributes 10 per cent of all earnings to this, it’s cause for concern. 
  

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