Shares in Intertek (LON:ITRK) have climbed higher in London in today’s session, as the company posted a trading update, reporting a rise in revenue and reiterating its full-year forecast. The update comes after the inspection, product testing and certification specialist reported a drop in half-year revenue earlier this year.
As of 09:40 GMT, Intertek’s share price had added 1.46 percent to 4,714.00p, outperforming the broader UK market, with the benchmark FTSE 100 index having slipped marginally into the red and currently standing 0.06 percent lower at 4,714.00 points. The group’s shares have given up more than 10 percent of their value over the past year, as compared with about a 4.7-percent drop in the Footsie.
Intertek updates on performance
Intertek announced in a statement this morning that its revenue had climbed 4.8 percent at constant rates, and 0.5 percent at actual rates in the period from January 1 to October 31. The testing specialist further disclosed that its organic revenue had surged 4.5 percent in the July-October period.
“Intertek is going from strength to strength, making consistent progress on strategy and performance,” the group’s chief executive André Lacroix commented in the statement. We are on track to deliver our 2018 targets of good organic revenue growth at constant rates with moderate group margin progression and strong cash conversion.
Analysts on blue-chip group
The 15 analysts offering 12-month price targets for Intertek for the Financial Times have a median target of 5,045.00p on the shares, with a high estimate of 5,900.00p and a low estimate of 4,350.00p. As of November 24, the consensus forecast amongst 17 polled investment analysts covering the blue-chip group advises investors to hold their position in the company.
Intertek said that it will report its full-year results on March 5.