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Intertek (ITRK) stock up 6% on higher revenues

By Jenni Reid

12:10, 24 November 2021

Intertek logo
British assurance and product testing firm Intertek has grown revenues in the year to date – Photo: Casimiro / Alamy Stock Photo

Intertek (ITRK) was the top riser amid FTSE 100 firms on Wednesday morning as  the British assurance and product testing group posted a 10-month trading statement forecasting full-year-revenue growth.

ITRK stock rose 6.47% to 5,494p at midday on the London Stock Exchange, though it remains down 3.2% versus the year before.

The London-based group reported July-October revenue up 2.2% year over year to £961.5m (up 6.7% in constant currency). From January to October, revenue was up 0.3% to £2.28bn as reported and up 5.6% on a constant basis.

Group like-for-revenue was flat in both periods on a reported basis, up 0.5% for the four months and rising 0.2% for the 10-month period.

On a constant currency basis, like-for-like revenue increased 5% and 5.4%, respectively, for the four- and 10-month periods.

Revenue also grew on a constant basis across its product, trade and resources divisions.


6.49 Price
-1.530% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.04


147.43 Price
+8.350% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.54


243.74 Price
+0.430% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.22


475.08 Price
+2.100% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.14

Assurance needed

The group did not issue a profit update, but chief executive André Lacroix said Intertek is expected to deliver “robust like-for-like revenue growth at constant currency” for the full year, along with a “strong free cash flow performance”.

Lacroix said this was despite Cobvid-19 lockdown restrictions continuing in some of its global markets and supply chain issues for its clients. Intertek operates in more than 1,000 locations in over 100 countries.

The CEO added that global supply chain disruption, the coronavirus pandemic and environmental concerns had increased the case for “comprehensive risk-based quality, safety and sustainability assurance” to give businesses greater resilience and safety.

The sprint to Net Zero emissions means that corporations are having to reinvent the way they reduce their carbon footprints across the entirety of their operations, through verified disclosures, transparency and greater accountability,” he said.

Intertek reported an adjusted operating profit of £201.7m in half-year results published in July, though this fell short of expectations.

Read more: Intertek falls as results disappoint high expectations

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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