Intertek Testing Services PLC
12 December 2002
INTERTEK TESTING SERVICES plc
PRE CLOSE TRADING STATEMENT
Intertek Testing Services plc ('Intertek'), the global inspection, testing and
certification company, today reports positively on trading ahead of entering the
close period for the financial year to 31 December 2002. The preliminary
results will be announced on Monday 10 March 2003.
At constant exchange rates, the results for the second half are showing that
Intertek is continuing to grow its profits partly because of the growth drivers
in its business and partly due to the control of the cost base. The impact of
the weakened US dollar on the results is reducing the growth at actual exchange
rates for the year. Despite this, based on current trading, management expects
operating profit to be within the range of market forecasts and turnover to be
at the low end of these forecasts.
Labtest's turnover and profits continue to benefit from the migration of
manufacturing of consumer goods from developed countries to Asia and the demand
for quality.
In ETL SEMKO, the level of safety testing and certification of electronic and
electrical products, building products and air conditioning equipment continues
to grow, especially in Asia. As we had anticipated, telecommunications testing
volumes in the USA and Europe have not yet recovered from the downturn that
started in mid 2001.
Caleb Brett oil cargo inspection is operating in a tough market due to low
volumes of oil movements during the year. New work in outsourcing continues to
be gained - an oil condition monitoring programme was recently won in Rotterdam.
FTS is continuing to perform well. The new Kuwait contract announced recently
will commence early next year.
Intertek management will be holding discussions with analysts following this
announcement to explain these trends.
Notes to Editors
Intertek is a leading international testing, inspection and certification
organisation which assesses customers' products and commodities against a wide
range of safety, regulatory, quality and performance standards and, in some
cases, certifies the management systems of customers. Intertek has over 250
laboratories with more than 10,000 people around the world and is increasingly
undertaking outsourced testing work for its customers.
For further enquiries, please contact
Aston Swift, Group Treasurer & Investor Relations 020 7396 3400
Katie MacDonald-Smith, Tulchan Communications 020 7353 4200
For further information, visit our web site at www.itsglobal.com
END
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