Intertek: expects a solid H2 in 2024

(CercleFinance.com) - The group reports H1 2024 sales of £1,669.
5m, up +6.6% at constant exchange rates and +1.8% at actual exchange rates.

Sales growth reached 6.0% in Consumer Products, 8.3% in Business Insurance, 8.5% in Health & Safety, 2.2% in Industry & Infrastructure and 8.3% in Energy.

Its EBITA margin reached 15.9% (£265m), above the consensus (£254m at 15.2%), Oddo BHF says.

Adjusted operating profit was £265.1m, up +14.2% at constant exchange rates and +8.0% at actual rates.

The group posted double-digit adjusted EPS growth of +17.5% at constant exchange rates and +10.2% at actual rates.

Management expects a solid H2 2024, and believes it is on track to achieve its medium-term targets of single-digit LFL sales growth and a margin of over 17.5%.

However, the group is revising down its forecast in Industry & Infra to 'low single digit' from mid single digit (26% of sales and 16% of profits), Oddo BHF stresses in its daily comments.


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