Intertek Group (LSE:ITRK) on Wednesday reported third-quarter revenue growth of 7.0% at constant currency, with revenue for the three months to 30 September rising to £941.8m, as the London-listed testing, inspection and certification group said it remains on track for a strong 2026.
Like-for-like revenue growth reached 6.4% in the quarter, with year-to-date revenue at £2.7bn, up 6.4% at constant currency, comprising 5.4% like-for-like growth and 1.0% from acquisitions.
Growth was broad-based across the FTSE 100 group's divisions: Consumer Products delivered 9.8% like-for-like growth in the quarter, Industry and Infrastructure 9.2%, Health and Safety 7.5% and Corporate Assurance 4.3%, while World of Energy declined 0.6%.
Chief executive André Lacroix said the company "delivered a strong Q3 trading performance with broad based revenue growth of 7.0%", crediting margin progression to "divisional mix, pricing, operating leverage linked to growth, disciplined cost control and productivity improvements."
Within Consumer Products, Softlines posted double-digit like-for-like growth on increased client investment in e-commerce and sustainability, while Government & Trade Services also grew at a double-digit rate on contract wins.
Industry and Infrastructure's Minerals business grew at a double-digit rate, helped by new contracts and the recent acquisition of Base Met Labs, while Industry Services benefited from higher capital expenditure in oil and gas exploration and renewables.
World of Energy's weakness was concentrated in Transportation Technologies, which posted a negative double-digit like-for-like decline as automotive clients cut research and development spending amid a challenging trading environment; Caleb Brett, its crude oil and refined products testing business, still grew at a low-single-digit rate.
Intertek reiterated full-year guidance for mid-single digit like-for-like revenue growth at constant currency, continuous margin progression, strong earnings growth and strong free cash flow, alongside divisional guidance of mid-single digit growth in Consumer Products, high-single digit growth in Corporate Assurance, mid-single digit growth in Health and Safety and Industry and Infrastructure, and stable revenue in World of Energy.
Read more about Intertek
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The company guided to net finance costs of £69m to £70m, an effective tax rate of 25.5% to 26.5%, minority interests of £20m to £21m, and full-year net debt in the range of £800m to £850m before any material movements from currency or acquisitions.
The statement reiterated that the recommended £60.00-per-share all-cash acquisition by Isotope Bidco, a vehicle controlled by EQT Private Equity, has been approved by shareholders and remains on track to complete in the fourth quarter of 2026 or the first quarter of 2027, subject to outstanding regulatory approvals.
Intertek's board, advised by Goldman Sachs, J.P. Morgan Cazenove and PJT Partners, unanimously recommended the deal in June following a months-long approach from EQT that began at £51.50 per share and rose through several revisions before settling at the agreed terms.