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'Intertek will continue to grow well in 2009' – Mr Hauser
12 Mar '09
5 min read
The Board -
Other than the previously announced appointment of Mark Loughead to the Board on 1 January 2008, there were no changes to the Board during 2008. Mark's appointment further strengthens the depth of experience on the Board.
Our 2008 revenue growth, excluding acquisitions was 12.3% at constant exchange rates. Whilst a significant global recession will obviously affect our business, our strategy as well as our geographic and industry diversification, will help to mitigate any adverse impact and provide us with a range of opportunities to grow our business. As a result, we are confident that Intertek will continue to grow well in 2009.
The Consumer Goods division delivered excellent results with total revenue of £250.4m up 38.2% (24.1% at constant exchange rates) and organic revenue up 34.0% (20.3% at constant exchange rates). Textiles, Apparel & Footwear which is the largest sector in the division, grew well, particularly in China with a strong performance in Toys and Hardlines.
In August 2008, the US Consumer Product Safety Improvement Act (CPSIA) was enacted. CPSIA contains new certification requirements, phthalate and lead limits, mandatory third-party testing requirements and many other provisions concerning the safety and quality of children's goods. Intertek has sixteen leading-edge laboratories accredited under CPSIA and additional laboratories will be accredited in the coming months.
Although still relatively small, revenue from the food sector increased considerably and we made several acquisitions in this sector which will add to the growth in future.
Total adjusted operating profit was £75.7m, up 44.5% (27.9% at constant exchange rates). Organic adjusted operating profit increased by 41.9% (25.3% at constant exchange rates). The total adjusted operating margin increased 130 basis points to 30.2% from 28.9% in 2007.
In April 2008, the Group acquired 4-Front Research, a group of companies in the UK, France and India which provide analytical support for clinical research studies on cosmetic, personal care, functional food and over-the-counter pharmaceutical and medical products. This acquisition extends the services the Group is able to offer its consumer healthcare customers and provides a strategic platform for development in India and other fast growing Asian markets for consumer healthcare products.
In 2008, the Group acquired three businesses which provide services to the food industry: Applica GmbH, a company in Germany which provides high-end analytical services with particular expertise in honey and bee products; EKO-lab, which provides microbiological and chemical analysis services from its laboratory in Poland; and the food facility auditing operations of RQA which is headquartered in Chicago, USA, but provides auditing services to more than 100 countries.
In December 2008, the Group acquired Porst & Partner GmbH, a highly recognised German laboratory providing consumer product testing and environmental, food and microbiological analyses. Porst & Partner's services include chemical analyses of consumer products, Restriction of Hazardous Substances (RoHS) compliance and Registration, Evaluation and Authorisation of Chemicals (REACH) related services. We also extended our REACH facilities in a number of our laboratories.
Other than the previously announced appointment of Mark Loughead to the Board on 1 January 2008, there were no changes to the Board during 2008. Mark's appointment further strengthens the depth of experience on the Board.
Our 2008 revenue growth, excluding acquisitions was 12.3% at constant exchange rates. Whilst a significant global recession will obviously affect our business, our strategy as well as our geographic and industry diversification, will help to mitigate any adverse impact and provide us with a range of opportunities to grow our business. As a result, we are confident that Intertek will continue to grow well in 2009.
The Consumer Goods division delivered excellent results with total revenue of £250.4m up 38.2% (24.1% at constant exchange rates) and organic revenue up 34.0% (20.3% at constant exchange rates). Textiles, Apparel & Footwear which is the largest sector in the division, grew well, particularly in China with a strong performance in Toys and Hardlines.
In August 2008, the US Consumer Product Safety Improvement Act (CPSIA) was enacted. CPSIA contains new certification requirements, phthalate and lead limits, mandatory third-party testing requirements and many other provisions concerning the safety and quality of children's goods. Intertek has sixteen leading-edge laboratories accredited under CPSIA and additional laboratories will be accredited in the coming months.
Although still relatively small, revenue from the food sector increased considerably and we made several acquisitions in this sector which will add to the growth in future.
Total adjusted operating profit was £75.7m, up 44.5% (27.9% at constant exchange rates). Organic adjusted operating profit increased by 41.9% (25.3% at constant exchange rates). The total adjusted operating margin increased 130 basis points to 30.2% from 28.9% in 2007.
In April 2008, the Group acquired 4-Front Research, a group of companies in the UK, France and India which provide analytical support for clinical research studies on cosmetic, personal care, functional food and over-the-counter pharmaceutical and medical products. This acquisition extends the services the Group is able to offer its consumer healthcare customers and provides a strategic platform for development in India and other fast growing Asian markets for consumer healthcare products.
In 2008, the Group acquired three businesses which provide services to the food industry: Applica GmbH, a company in Germany which provides high-end analytical services with particular expertise in honey and bee products; EKO-lab, which provides microbiological and chemical analysis services from its laboratory in Poland; and the food facility auditing operations of RQA which is headquartered in Chicago, USA, but provides auditing services to more than 100 countries.
In December 2008, the Group acquired Porst & Partner GmbH, a highly recognised German laboratory providing consumer product testing and environmental, food and microbiological analyses. Porst & Partner's services include chemical analyses of consumer products, Restriction of Hazardous Substances (RoHS) compliance and Registration, Evaluation and Authorisation of Chemicals (REACH) related services. We also extended our REACH facilities in a number of our laboratories.
Intertek Group plc
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