Intertek Group (LSE:ITRK) reported first-half revenue of £1,771m, up 6.1% at constant currency and 5.9% at actual rates, with like-for-like revenue growth of 4.9%.
Adjusted operating profit rose 12.4% at constant currency to £309.7m, lifting the adjusted operating margin by 100 basis points to 17.5%.
Growth was broad-based across divisions: Corporate Assurance led with 10% like-for-like growth, followed by Health and Safety at 6.3%, Consumer Products at 5.3% and Industry and Infrastructure at 4.5%, while World of Energy was stable.
Adjusted diluted earnings per share climbed 12.4% at constant currency, and adjusted operating cash flow grew 27.2% year on year to £338.1m, with cash conversion of 116%.
Free cash flow reached £138.5m, up £82.5m on the prior year.
Chief executive André Lacroix said revenue grew "twice as fast as expected 2026 global GDP growth", with EPS growing twice as fast as revenue and cash flow more than twice as fast as EPS.
The group increased capital expenditure by 7.9% and completed acquisitions of AePVI and QTEST, both in solar and electrical testing niches, alongside a solar PV laboratory purchase in Gujarat from Mitsui Chemicals India.
Financial net debt stood at £1,145.5m, up from £800.6m a year earlier, with net debt to adjusted EBITDA at 1.4x.
The board has recommended EQT's prospective acquisition of the group at £61.077 per share, inclusive of the 107.7p FY25 final dividend already paid; no interim dividend has been proposed as a result.
Intertek reiterated its full-year outlook for mid-single digit like-for-like revenue growth, continuous margin progression and strong free cash flow.
News Intelligence what this means for the company
Intertek delivered first-half results showing revenue growth of 6.1% at constant currency and adjusted EPS growth of 12.4%, with operating margin expanding 100 basis points to 17.5% and free cash flow jumping £82.5m year-on-year. The board has now formally recommended EQT's takeover offer at £61.077 per share inclusive of the FY25 dividend, effectively ending the company's independent trading narrative; no interim dividend was declared as a result of the pending acquisition.
The results demonstrate operational momentum—broad-based divisional growth, margin expansion and strong cash conversion—but are now subordinate to the EQT acquisition process. Shareholders face a choice on a recommended bid rather than an assessment of standalone growth prospects; the company's full-year guidance for mid-single digit like-for-like growth and margin progression applies only if the deal does not close.
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