Intertek share price: Group opens new petroleum testing laboratories

on Dec 20, 2013
Updated: Oct 21, 2019
Listen

iNVEZZ.com, Friday, December 20: Testing services specialist Intertek Group Plc (LON:ITRK) has opened a new petroleum and residual fuel oil laboratory in Louisiana, the company said yesterday. The news of the US laboratory, intended to provide support to the growing refining industry in the Gulf coast, came shortly after Intertek opened a new petroleum testing laboratory in Turkey.

Intertek’s share price, which is down about 5.6 percent this year, has added 0.2 percent in London trading so far today.
**Intertek with new laboratories in the US and Turkey**
Intertek said yesterday in a statement that it had opened a new petroleum and residual fuel oil testing laboratory in Harvey, Louisiana. The laboratory, which is located near several major petroleum refineries and tank storage facilities, will replace an older facility in Gretna.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

“Intertek is committed to supporting the growing oil refining and bunkering operations occurring in the Gulf Coast region”, Billy McInnis, Senior Director at Intertek, said in the company statement. “With industry expansion being driven from an increased supply of shale oil and gas, Intertek is expanding our capabilities as well.”
The news of the Louisiana refinery came after Intertek announced, at the end of last week, that it was also expanding its petroleum and chemical industry services in Turkey where it had opened a new petroleum testing laboratory. The Kirikkale laboratory, located near Turkey’s capital Ankara, will test crude oil, refinery petroleum products, automotive fuels, liquefied petroleum gas, biofuels, and petrochemicals.

**Intertek results update**
Last month, Intertek published its interim management statement for the period from July 1 to November 19, reporting 7.6 percent revenue growth including organic growth at constant exchange rates of 4.9 percent. Intertek’s revenue was positively impacted by acquisitions made in 2012 and 2013 as well as by favourable currency movements.

The company however noted that the headwinds it had seen in the first half of the year had persisted into the second half.
“The headwinds experienced this year in particular in minerals, Europe and some US industrial inspection areas have continued for longer than expected, but will ease next year,” Intertek’s CEO Wolfhart Hauser said in the interim management statement, adding that the group’s core structural growth drivers in many business lines and geographies remained in place and would help the company “return to high single digit organic growth rates through the economic cycle”.
**As of 08:38 UTC, buy Intertek shares at 2970.00p.**
**As of 08:38 UTC, sell Intertek shares at 2967.00p.**

Trade stocks with Hargreaves Lansdown from £5.95 per deal.
Prices can go up and down meaning you can get back less than you invest. This is not advice. Dealing services provided by Hargreaves Lansdown.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
Energy & Power Services Stock Market