News
Recalls, sales benefit Intertek
Helen Jacobs Mar 10 2008, 10:19am
Some good news arises from product recalls as Intertek boosts profits.
Safety testing specialist Intertek has grown its full-year profit by 15 per cent after acquisitions and recalls by Asian toy manufacturers increased sales.
Net income rose to £73.2 million from £63.8 million a year earlier. The firm’s revenue gained 17 per cent to £775 million.
Demand for consumer product testing was bolstered last year following the high profile product recalls and an increase in Asian exports. Intertek spent $200 million on 16 purchases in 2007 and has made a further five purchases this year to tap demand for testing services from oil and mining companies.
Wolfhart Hauser, CEO said: “We expect 2008 to be another good year for Intertek. We continue to see many opportunities to acquire businesses in our chosen industry sectors.''
The New Year saw the firm reorganise its reporting structure into seven divisions. The new units include: Consumer Goods; Commercial and Electrical; Analytical Services; Minerals; Oil, Chemical and Agri Cargo; Industrial Services; and Government Services.
