Intertek Group PLC (LON:ITRK) has announced its latest trading statement.
Robust trading in Q3 with 7% revenue growth1 – On track to deliver strong performance in 2026
• YTD revenue of £2.7bn, growth of 6.4%1, with LFL revenue growth of 5.4%1 and 1.0% growth from M&A
• 7.0%1 revenue growth and 6.4%1 LFL revenue growth in Q3: 9.8% LFL in Consumer Products, 4.3% LFL in Corporate Assurance, 7.5% LFL in Health and Safety, 9.2% LFL in Industry and Infrastructure, and (0.6%) LFL in World of Energy
• Robust performance of recently made acquisitions in high-growth and high-margin segments
• Strong margin progression driven by divisional mix, pricing, operating leverage, cost controls and productivity improvements
• Daily cash management discipline delivering strong free cash flow
• Excellent returns driving good year-on-year increase in ROIC
• Strong financial performance expected in 2026, with mid-single digit LFL revenue growth at constant currency, continuous margin progression, strong earnings growth and a strong free cash flow
• Acquisition by EQT progressing – expected to complete Q4 2026 – Q1 2027
André Lacroix: Chief Executive Officer statement
“We delivered a strong Q3 trading performance with broad based revenue growth of 7.0%1, and a robust year to date revenue growth of 6.4%1, with strong margin progression driven by our divisional mix, pricing, operating leverage linked to growth, disciplined cost control and productivity improvements. Our free cash flow was strong and our ROIC was excellent. Our strong year to September performance underpins our confidence in delivering a strong performance in 2026, with mid-single digit LFL revenue growth at constant currency, continuous margin progression, strong earnings growth and a strong free cash flow.
We have a mission-critical role for society, providing a unique suite of industry-leading and differentiated ATIC solutions to over 400,000 clients across every industry and region in each of our five divisions to make the world safer. Our clients continue to increase their investments in Risk-based Quality Assurance to operate with ever-higher quality, safety and sustainability standards in each part of their value chain, triggering greater demand for our ATIC solutions. At this time of increased trade and supply chain complexity, clients need our consulting, training and systemic ATIC solutions more than ever, enabling them to achieve global market access without compromising on the right quality assurance, safety and sustainability standards.
Everyone at Intertek is focused on executing our AAA differentiated strategy for growth and consistently delivering on our medium-term corporate targets: mid-single digit LFL revenue growth, margin progression targeting 18.5%+ over time, strong cash generation, and disciplined investments in both organic and inorganic growth to deliver a superior ROIC. We are confident that the acceleration in performance delivered over the last four years is sustainable, driven by increasing demand for our industry-leading ATIC solutions and attractive secular growth drivers.
The proposed acquisition of Intertek by EQT has been approved by shareholders and is on track to complete in either Q4 2026 or Q1 2027, subject to certain outstanding regulatory approvals.”
| Revenue Performance – 5 divisions | ||||||||
| 9 months – January to September | 3 months – July to September | |||||||
| 2026£m | 2025£m | Change atactual rates | Change at constant currency | 2026£m | 2025£m | Change atactual rates | Change at constant currency | |
| Group | ||||||||
| Revenue | 2,713.1 | 2,543.7 | 6.7% | 6.4% | 941.8 | 871.0 | 8.1% | 7.0% |
| Like-for-like revenue | 2,679.4 | 2,537.8 | 5.6% | 5.4% | 929.7 | 865.1 | 7.5% | 6.4% |
| Consumer Products | ||||||||
| Revenue | 782.9 | 731.0 | 7.1% | 7.0% | 278.3 | 249.3 | 11.6% | 10.0% |
| Like-for-like revenue | 781.7 | 731.0 | 6.9% | 6.9% | 277.8 | 249.3 | 11.4% | 9.8% |
| Corporate Assurance | ||||||||
| Revenue | 412.2 | 380.2 | 8.4% | 8.0% | 135.8 | 129.0 | 5.3% | 4.3% |
| Like-for-like revenue | 412.2 | 380.2 | 8.4% | 8.0% | 135.8 | 129.0 | 5.3% | 4.3% |
| Health and Safety | ||||||||
| Revenue | 296.7 | 252.8 | 17.4% | 15.7% | 103.1 | 89.1 | 15.7% | 14.7% |
| Like-for-like revenue | 273.7 | 252.8 | 8.3% | 6.7% | 96.6 | 89.1 | 8.4% | 7.5% |
| Industry and Infrastructure | ||||||||
| Revenue | 677.4 | 636.6 | 6.4% | 6.5% | 239.6 | 219.3 | 9.3% | 8.1% |
| Like-for-like revenue | 668.7 | 630.7 | 6.0% | 6.1% | 235.3 | 213.4 | 10.3% | 9.2% |
| World of Energy | ||||||||
| Revenue | 543.9 | 543.1 | 0.1% | 0.1% | 185.0 | 184.3 | 0.4% | (0.2%) |
| Like-for-like revenue | 543.1 | 543.1 | 0.0% | 0.0% | 184.2 | 184.3 | (0.1%) | (0.6%) |
