British testing company Intertek said it had made a solid start to the year and reiterated its full-year organic revenue forecast, even though trading in some markets remained challenging.
The firm, which has more than 1,000 laboratories and offices around the world, said global trade and conditions continue to be variable, with regions including North America making a slower recovery.
GROWTH AREAS
“There is good revenue growth coming from areas such as testing of textiles, food, home appliances, lighting, renewable energy, minerals and a better downstream oil and petrochemical market,” Intertek said in a statement yesterday.
However, revenues in the first four months of the year from toy testing, industrial infrastructure services, building products testing and oil and petroleum services in North America were lower, it said.
At constant exchange rates, organic revenue in the January-April period was up 3 percent, but after taking into account foreign exchange rates and acquisitions, reported revenue was broadly in line with last year.
Chief executive Wolfhart Hauser said the company had made a solid start to the year and expected full-year organic revenue to grow at a similar level to last year, weighted to the second half.
KEY DRIVERS
“Our key growth drivers remain intact and as markets recover further we expect to return to high single-digit organic growth rates,” he added.
Intertek stock has risen 17.9 percent in the year to date, outperforming the FTSE All Share Index by 15.9 percent. It closed late on Thursday at £14.80, valuing the company at £2.3 billion (US$3.35 billion).
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