Intertek Group PLC, a leading Total Quality Assurance provider, announced its final results for the year 2025, showcasing robust financial performance and strategic growth initiatives. Here’s a summary of the key highlights
### **Financial Performance**
**Revenue Growth**Revenue reached £3,432 million, up 4.3% at constant currency and 1.1% at actual rates. Like-for-like (LFL) growth was 3.9% at constant currency, with strong performance across all divisions
Consumer Products+6.3%
Corporate Assurance+6.8%
Health and Safety+2.4%
Industry and Infrastructure+4.7%
World of Energy-1.3%
**Profitability**Adjusted operating profit increased to £620 million, up 9.3% at constant currency and 5.0% at actual rates. The adjusted operating margin improved to 18.1%, driven by mix, pricing, operational leverage, cost control, and productivity gains.
**EPS Growth**Adjusted earnings per share (EPS) grew by 10.1% at constant currency and 5.4% at actual rates, marking the third consecutive year of double-digit adjusted EPS growth.
**Cash Performance**Strong cash conversion of 110% delivered adjusted operating cash flow of £762 million.
### **Strategic Initiatives**
**Acquisitions and Investments**Invested £300 million in growth, including £144 million in capex and £156 million in four acquisitions. These acquisitions are in high-growth, high-margin segments and are performing well.
**Dividend and Shareholder Returns**Full-year dividend increased by 5.4% to 165.0p per share, in line with the dividend policy. A £350 million share buyback program was completed.
**AAA Strategy Execution**The AAA Strategy (Assurance, Testing, Inspection, and Certification) is on track, delivering quality growth ahead of targets for the 2023-2025 period
Average revenue growth of 6.0%
Margin accretion of 240 basis points
Average EPS growth of 12.1%
Cumulative operating cash flow of £2.3 billion
Average dividend growth of 17.0%
### **Outlook and Guidance**
**2026 Expectations**Mid-single-digit LFL revenue growth, continuous margin progression, strong earnings growth, and strong free cash flow.
**Medium-Term Targets**Reiterated mid-single-digit annual LFL revenue growth, margin improvement to 18.5%+, strong cash generation, and strong ROIC.
**Consumer Products Upgrade**Guidance upgraded to mid-single-digit LFL revenue growth.
### **CEO Statement**
André Lacroix, CEO, emphasized Interteks consistent delivery of quality growth, improving performance sustainably, and achieving record results in 2025. He highlighted the successful execution of the AAA Strategy, strong cash generation, and disciplined capital allocation. Lacroix expressed confidence in Interteks ability to seize growth opportunities, driven by increasing client investments in Risk-based Quality Assurance and the companys focus on innovation and sustainability.
### **Sustainability and Innovation**
**Sustainability Excellence**Intertek is committed to reducing GHG emissions by 50% by 2030 and ensuring 70% of suppliers have science-based targets by 2027. Progress includes early achievement of scope 1 and 2 emissions targets and improvements in employee engagement and turnover rates.
**Innovations**Launched SupplyTek for supply chain optimization and Intertek AI² for AI assurance, showcasing Interteks leadership in emerging technology assurance.
### **Acquisitions**
**Recent Acquisitions**Completed acquisitions in Brazil, Australia, Costa Rica, and the USA, expanding capabilities in environmental testing, food safety, and building products testing. These acquisitions contributed £35.5 million to 2025 revenue with a 34% margin.
### **Financial Position**
**Balance Sheet**Net financial debt of £1 billion with a net debt/EBITDA ratio of 1.3x. Strong ROIC of 21.3%.
**Shareholder Returns**Total shareholder return of £602 million, including dividends and share buybacks.
### **Conclusion**
Interteks 2025 results demonstrate its ability to deliver sustainable growth, improve margins, and generate strong cash flows. With a clear strategic focus, disciplined capital allocation, and a commitment to sustainability, Intertek is well-positioned to capitalize on future growth opportunities and continue delivering value to shareholders.
| Metric | 2024 | 2025 | Change at actual rates | Change at constant rates |
|---|---|---|---|---|
| Revenue (£m) | 3,393.2 | 3,431.6 | 1.1% | 4.3% |
| Like-for-like revenue (£m) | 3,391.8 | 3,416.3 | 0.7% | 3.9% |
| Operating profit (£m) | 590.1 | 619.6 | 5.0% | 9.3% |
| Operating margin | 17.4% | 18.1% | 70bps | 90bps |
| Profit before tax (£m) | 547.8 | 569.0 | 3.9% | 8.5% |
| Diluted earnings per share (pence) | 240.6 | 253.5 | 5.4% | 10.1% |
| Dividend per share (pence) | 156.5 | 165.0 | 5.4% | - |
| Net financial debt (£m) | 499.8 | 996.8 | 99.4% | - |
| Net financial debt / EBITDA | 0.7x | 1.3x | 0.6x | - |