Intertek, the quality and safety testing firm, says strong organic growth in the first quarter has been complemented by a big boost in revenues from the acquisition of Moody International.
At constant exchange rates, year to date organic revenue growth has been 9.5%. After taking into account revenue from acquisitions in 2011 and 2012 (including Moody International), and a slight positive currency effect, total reported revenue grew by 40%.
Its four largest divisions: Industry & Assurance, Commodities, Consumer Goods and Commercial & Electrical, have all reported strong growth, although Chemicals & Pharma "had a slow start to the year in a relatively weak market, without the support of any new regulations." Intertek makes money when companies need to comply with new regulations.
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So far in 2012, the firm has spent £17m on acquisitions.
Wolfhart Hauser, Chief Executive Officer, said:
"We have made a positive start to the year with good organic revenue and profit growth and a very strong performance from Moody International which we bought last year. We expect our performance this year to be in line with our expectations..."
Intertek is an impressive performer, the shares have risen 22% so far in 2012. Over the last five years the stock has increased in value by 464% against a FTSE 100 growth of 6.3%.
BS
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