Intertek Group raises Consumer Products outlook as margins hit 18.1%

The Tip Desk · March 20, 2026 · 2 min read

The company reported an adjusted operating margin of 18.1%, a 90bps increase at constant exchange rates from the prior year.

Intertek Group Plc, a provider of assurance, testing, inspection, and certification solutions, reported 2025 revenue of £3,431.6m, up 1.1% at actual rates and 4.3% at constant currency. The company said the actual rate growth was impacted by a 320bps decrease from foreign exchange due to sterling appreciation.

Adjusted operating profit rose 5.0% at actual rates to £619.6m, or 9.3% at constant currency. The company attributed the 90bps margin expansion at constant rates to pricing, portfolio mix, operating leverage, productivity gains, and cost control. Statutory operating profit after separately disclosed items was £542.3m, up 5.5% at constant rates.

Performance varied across the company's five divisions. Like-for-like revenue at constant rates increased 6.8% in Corporate Assurance and 6.3% in Consumer Products. Growth was also reported in Industry and Infrastructure at 4.7% and Health and Safety at 2.4%, while World of Energy revenue decreased 1.3%.

Adjusted diluted earnings per share rose 5.4% at actual rates to 253.5p, while statutory diluted EPS increased 1.6% to 216.0p. The company declared a full-year dividend of 165p, a 5.4% increase year-on-year.

Cash flow from operations was £762.3m, though adjusted free cash flow fell 13.8% to £352.2m. The company invested £300m in growth, comprising £144m in capital expenditure and £156m for four acquisitions. Net financial debt increased by £497.0m to £996.8m, resulting in a net debt to EBITDA ratio of 1.3x.

Intertek expects mid-single digit like-for-like revenue growth in 2026, alongside strong earnings growth and strong free cash flow. The company specifically upgraded its 2026 guidance for Consumer Products to mid-single digit like-for-like revenue growth. Medium-term targets include a margin of 18.5% or higher and mid-single digit annual like-for-like revenue growth.