Intertek Group PLC
11 May 2007
11 May 2007, 7:00am (UK), London
Intertek AGM Statement on Trading
Intertek Group plc holds its AGM at 11am today. Vanni Treves, Chairman, will
make the following statement regarding 2007 trading and Board changes.
'Global trade and other trends that drive our business remain robust and trading
in the current year has started well and in line with expectations. However, the
weakness in the US dollar against sterling will mean that growth in reported
revenue and profit will be lower than the growth shown at constant exchange
rates.
'Approximately 80% of the Group's earnings are in US dollar and US
dollar-related currencies and the reporting rate of the US dollar is currently
about 12% weaker against sterling than this time last year.
'As outlined in the 2006 preliminary results announcement in March, the group
continues to invest in and develop the business organically and through
selective acquisitions. The three main divisions accounting for over 90% of the
group by revenue are continuing their good performance on an organic and
constant currency basis. So far this year, we have invested £40 million in three
acquisitions, the largest of which was Genalysis, the Australian-based minerals
laboratory analysis company, acquired in April for £23.3 million. These
acquisitions will accelerate our growth in 2007.
'As previously announced, Raymond Kong has retired as a non executive director
from the Board with effect from today. As one of the two founders of the
Consumer Goods division over thirty years ago, he has played an extremely
important role in the growth and development of the Company, particularly in
Asia. He was Chief Executive of the Consumer Goods division until July 2006 and
became a director of the Company in May 2004.
'I would like to express my deep gratitude to him, on behalf of all his fellow
directors, employees and customers, for his outstanding contribution to
Intertek. We wish him a happy and healthy retirement.'
For further information, please contact
Contacts
Aston Swift, Intertek
Telephone: +44 (0) 20 7396 3400
Aston.swift@intertek.com
Richard Mountain Financial Dynamics
Telephone: +44 (0) 20 7831 3113
Richard.mountain@fd.com
About Intertek
Intertek is a leading international provider of quality and safety services to a
wide range of global and local industries. Partnership with Intertek brings
increased value to customers' products and processes, ultimately supporting
their success in the global market place. Intertek has the experience,
expertise, resources and global reach to support its customers through their
network of more than 930 laboratories and offices, 18,000 people in 109
countries around the world.
For further information, visit www.intertek.com
This information is provided by RNS
The company news service from the London Stock Exchange
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