Intertek launches strategic review and reports 5.4% LFL revenue growth in Q1 2026

Intertek Group PLC (LON:ITRK) has announced its strategic review & trading statement.

Strategic Review initiated to accelerate growth, creating two specialist, scale, global ATIC businesses;

Strong start to the year with 5.4%¹ LFL revenue growth in Q1 2026 and Full Year guidance reiterated

Strategic Review

•      Strategic Review initiated to evaluate the potential separation, either through a sale or demerger, of Intertek Energy & Infrastructure from Intertek to accelerate the growth of the Group’s leading business lines in a highly attractive and growing quality assurance market

•      Intertek Testing & Assurance (comprising Consumer Products, Corporate Assurance, and Health and Safety) and Intertek Energy & Infrastructure (comprising of World of Energy, and Industry and Infrastructure) are high-quality global businesses with scale and are renowned for their Science-based Customer Excellence, offering industry-leading ATIC solutions to their clients through their global network

•      The Strategic Review will determine if Intertek Testing & Assurance (£1.9bn revenue²) and Intertek Energy & Infrastructure (£1.6bn revenue²) would be better positioned as separate businesses to unlock their full potential, benefitting from a focused specialist portfolio strategy, sharper capital allocation, and faster in-market execution to deliver greater value for shareholders

Trading Update

•      Strong start to the year with robust LFL revenue growth of 5.4% at CCY in Q1 2026: 6.5% in Consumer Products, 10.8% in Corporate Assurance, 5.9% in Health and Safety, 5.5% in Industry and Infrastructure; stable in World of Energy

•      Continued margin progression driven by mix, pricing, operating leverage, cost controls and productivity gains, with disciplined cash management delivering a strong free cash flow performance

•      Full Year guidance confirmed: on track to deliver a strong 2026 with mid-single digit LFL revenue growth at constant currency, continuous margin progression, strong earnings growth and a strong free cash flow

André Lacroix: Chief Executive Officer statement

“In a highly attractive global ATIC market, and since launching our differentiated AAA strategy in 2023, the Group has delivered mid-single digit revenue growth and double-digit EPS growth, both at constant currency. Today, we are announcing a Strategic Review to evaluate the potential separation and creation of two specialist, independent, market-leading, global ATIC businesses – Intertek Testing & Assurance and Intertek Energy & Infrastructure to unleash their full potential and create more value for all.

Given the leading scale positions we have built in our end markets over the years, and the depth and breadth of our industry leading ATIC offering, we believe that two specialist scale global ATIC businesses could be best positioned to accelerate growth and deliver greater value for shareholders. This would be supported by a focused specialist portfolio strategy, sharper capital allocation, and faster in-market execution.

We have had a strong start to the year in Q1 26, with a robust LFL revenue growth of 5.4% at constant currency, driven by strong performance within Consumer Products, double-digit growth for our risk-based assurance solutions in Corporate Assurance, and robust demand for our ATIC solutions within Health and Safety and Industry and Infrastructure, while the World of Energy division delivered a stable performance. Margin progression continued, reflecting divisional mix, pricing initiatives, operating leverage, and productivity improvements. Operating cash flow and free cash flow were strong which, combined with our strong balance sheet, enables us to continue to invest to seize the exciting growth opportunities ahead.

Over the years, our passionate colleagues have earned the trust of our clients by providing a superior customer service and have successfully positioned Intertek for faster growth through our science-based Customer Excellence Advantage, which we monitor every month through approximately 6,000 customer interviews. The value growth opportunity for all Intertek stakeholders moving forward is significant.

During the Strategic Review – which will be concluded and implemented by the middle of 2027 – Intertek will remain focused on the disciplined execution of its AAA strategy for growth to create value for shareholders, delivering on its corporate goals of mid-single digit LFL revenue growth at constant currency, continuous margin progression, strong earnings growth, strong cash generation, disciplined capital allocation, and an excellent ROIC.”

Note 1: at constant currency; Note 2: 2025 revenue