Intertek falls as exchange rates bite

Intertek falls as exchange rates bite

Intertek (ITRK) shares slid after the group reported a 1.8 per cent decline in first-half revenues. That reflected adverse foreign exchange rates, as well as a disappointing sales performance from both the trade and resources divisions. But at constant exchange rates, the group reported top-line growth of 3.9 per cent, a 40-basis point improvement in adjusted operating margins and a 6.4 per cent rise in adjusted operating profits. That was largely down to the products division, which grew sales by 6.4 per cent at constant currencies, margins by 70 basis points to 21.3 per cent and adjusted operating profits by 10.3 per cent to £172m.

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