Intertek posts 4.9% like-for-like growth in first half and issues trading update
Key Facts
Intertek issued its trading update on October 28, 2026, after first-half results showed like-for-like revenue growth of 4.9% at constant currency, according to its half-year results announcement. Like-for-like revenue was £1,749.7 million, compared with £1,672.7 million in the corresponding period. The company said the increase in reported revenue included the impact of acquisitions and disposals. This places growth in the existing business at the center of the company’s performance over the period, apart from the impact of changes in the scope of its operations. October 28 was the date listed for the trading update on Intertek’s financial calendar.
Growth varied across the company’s divisions in the first half, with Business Assurance leading with a 10.0% like-for-like increase at constant currency. Health and Safety revenue rose 6.3%, while Consumer Products recorded growth of 5.3%. Industry and Infrastructure revenue increased 4.5% on the same basis. Energy & Commodities activities were stable. The results show that growth was spread across most divisions, with clear differences in their rates.
Adjusted operating cash flow was £338.1 million, up 27.2% year on year in the first half. Free cash flow was £138.5 million, an increase of £82.5 million from the corresponding period. This reflects an improvement in cash generated from operations, alongside like-for-like revenue growth. The company presented these figures in its first-half results, together with its expectation of continued strong cash performance during 2026. Free cash flow remains one of the indicators Intertek included in its full-year guidance.
In its guidance following the first-half results, Intertek said it expected mid-single-digit like-for-like revenue growth at constant currency during 2026, alongside continued margin improvement and strong free cash flow. The company had given similar guidance in its 2025 full-year results announcement, alongside an expectation of continued margin improvement. That year, like-for-like revenue growth was 3.9% at constant currency, adjusted operating profit rose 9.3%, and the adjusted operating margin reached 18.1%. These annual results provide context for the 2026 guidance, while the company said after its first-half results that it expected to continue making progress on margins. The trading update is part of the company’s calendar on October 28.
EQT’s proposed acquisition remains important context for Intertek shareholders. The total value to shareholders was estimated at up to £61.077 per share, comprising £60 in cash and a final dividend for 2025 of up to 107.7 pence per share. These components come from the final proposal published in May 2026. In EL7’s daily data, the share closed at 5920 pence on October 27. This shows the closing price recorded before the trading update, without attributing any share-price movement to it.