Intertek Group Plc (LSE:ITRK) said it is on track to deliver "robust" like-for-like revenue growth, margin progression and strong free cash flow in 2021.
Group revenue grew 5.6% to £2.27bn in the 10 months to 31 October 2021 on a constant currency basis, the product testing company said in a trading statement.
Revenue increased by 6.7% in the July-October period, including growth of 4.8% in July/August and 8.5% in September/October.
On a like-for-like basis, trading days adjusted revenue was 6.2% higher in the July-October period.
The Products division saw revenue rise 5.5% during the period, with Trade 3.7% higher and Resources up 4.7%.
Net debt is expected to be between £835mln-£885mln at year end.
"The group has made strong progress in the second half of the year, delivering total revenue growth of 6.7% at constant currency in the July - October period, driven by a robust like-for-like revenue performance and the benefits of acquisitions we recently made, while benefiting from positive momentum on margin and cash,” said chief executive André Lacroix.
“Looking to the full year, we are on track to deliver robust like-for-like revenue growth at constant currency, year on year margin progression and a strong free cash flow performance, notwithstanding the lockdown restrictions still in place across some of our global markets and the supply chain challenges that our clients are facing.”
He predicted that the US$250bn global quality assurance market will grow faster after the Coronavirus (COVID-19) pandemic.
“The supply chain disruption being experienced by corporations across multiple industries has made the need for comprehensive risk-based quality, safety and sustainability assurance more critical than ever. Companies are investing in quality assurance to build greater resilience and safety, whilst innovating to deliver new high-quality products and services as consumer expectations rapidly evolve,” Lacroix said.
“The sprint to Net Zero emissions also 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.”