10 month from January and the last 3 months highlighted.
Revenue and profits both up a couple of % points so seems pretty solid.
GROUP PERFORMANCE: 10 Months
· Group revenue at £1,780m increased by 2.8% at actual exchange rates and 1.8% at constant currency.
· Constant currency organic revenue increased 1.2%.
· Continuing good growth from Products and Trade related businesses.
CEO Statement :-
"The growth momentum of the Group has improved in the last 4 months and we are on track to deliver our full year targets. We benefited from good growth in our Products and Trade related businesses which represent 90% of the Group earnings, while as expected the trading conditions remained challenging in our Industry Services businesses.
The Group remains strongly cash generative and we have continued to invest to take advantage of the attractive growth prospects in our markets with capex initiatives and acquisitions. We have broadened our geographic coverage and service offering with the acquisitions of PSI and MT in the USA. These acquisitions position Intertek as a leading 'one stop shop' service provider for its clients in the rapidly growing US commercial and civil construction markets.
The Group has a diversified profitable business and is well positioned to benefit from the attractive structural growth prospects in our markets based on our global network of state of the art facilities, the breadth and depth of technical expertise inside our organisation and the quality of our Testing, Inspection, Certification and Assurance service offering."
"Long-running concerns over China's economic slowdown have left exposed stocks looking rather bruised. Although most reckon China's economy will slow at a safe rate relative to inflation and employment, in the event of a hard-landing, there will ..."
"A decent rise in the dividend and positive outlook was enough to offset a dip in profits at LSE:ITRK:Intertek last year. The product inspection services group topped the FTSE 100 risers and, while the shares may not be cheap, the City is ..."
· Constant currency revenue up 2.3%, including acquisitions which added 2.9%.
· Constant currency organic2 revenue down 0.6%; and up 1.4% excluding low-value Industry contract exits.
· Operating margin1 15.5%, down 20bps.
· Strong cash performance with cash generated from operations1 of £403.7m, up 2.4%; Free cash flow of £184.8m, up 41.5%.
· Reported diluted Earnings per Share ('EPS')1 of 132.1p, down 4.7%.
· Recommended full year dividend per share of 49.1p, up 6.7%.
Key Operating Points
· Good growth in Consumer Goods, Commercial & Electrical and Chemicals & Pharmaceuticals divisions, driven by Textiles, Electrical, Building Products, Transportation, Lubricants, and geographically in the Middle East, India, Turkey and Vietnam.
· Industry & Assurance revenue decline includes the strategic exit from low-value contracts (reduced Group organic growth rate by 2.0%) and reductions in oil and gas capex infrastructure project work. Food & Agriculture and Business Assurance grew strongly.
· Commodities saw growth in the oil and gas cargo trade business, but this was offset by declines in Minerals resulting mainly from the Indonesian ore export ban.
· Continued focus on profitability with cost alignment in response to market developments and overall cost improvement initiatives; £23.5m restructuring cost.
"Beaufort Securities placed a "buy" rating on product testing and safety inspection firm Intertek (ITRK) with the broker saying that the shares present good value on a fundamental basis after falling by 37% from their peak in July 2013. Beaufort believe that Intertek presents a good opportunity for investors looking to act defensively. Deutsche Bank and UBS both issued "buy" ratings last week. The shares rose by 17p to 2,195p."
"Intertek (LSE:ITRK) -Â Â the multinational inspection, product testing and certification company -- has risen 1% so farÂ this morning, following publication ofÂ Â its half year results to theÂ 30 June 2014.
Revenue fellÂ 6.9% on a reported basis, ..."
Graph shows a yoyo pattern and is a traders dream. BUY on the dips,imo
We should bear in mind that most stocks are heavily traded on spikes, especially after a big retrace over many months. Investors are selling out at any chance they get, for fear of losing after waiting so long. Ultimately, the sp drags on and on, or actually goes in reverse....... may take longer to achieve full potential(sp) as it is heavily traded off on the spikes...there is some evidence of shorters(traders) forming groups to deramp the sp down....they may be some of your 'regulars'........However, i still believe this is a tentative BUY at current levels
...What's going on ?
Many stocks have good fundamentals and bags of potential, yet they are going down, even on good news ........but i think something more sinister is going on, along with hundreds of other stocks?
.Update: Campaign to make short selling illegal:
# Thanks to all those that have supported this campaign #
IT is estimated that over 90% of AIM stocks are INFECTED by short-sellers !
Many highly popular stocks are going down even on GOOD NEWS !
# IF you were a short-seller, BLUFFING, (basically manipulating a shares' price) about a company's overvalued share price, you might not want to *draw attention to yourself since you could get accused of stock manipulation. So you would hope (OR PLAN FOR) others to get involved and to present SEEMINGLY GOOD REASONS to short the stock.
You would want to put AS MUCH FEAR INTO 'LONGS' as possible and would use high volume short trading as well as buying to drive the share price down as low as you can and as long as you can. You really want the longs to fold and to get out of the game. If you are consistently seeing sellers overwhelming buyers driving a share price down as a stock seems to be going up, I can assure you it's probably shorts' selling, since longs are totally motivated to sell their shares at the highest possible selling price. #
"Numis downgraded its recommendation on product tester Intertek (ITRK) from "buy" to "hold", cutting its target price from 3,782p to 3,100p.
The broker argues that the current valuation looks stretched, given the limited short term upside potential and lack of earnings growth. However, Numis did say that it remains positive on the underlying structural growth drivers and high returns model for the business over the medium term.
"Jefferies has upgraded its stance on product tester Intertek (ITRK) from "underperform" to "buy", increasing its target price from 2,700p to 3,650p. The broker argued that the company will reach an inflection point this year, with earnings momentum looking like it will soon turn positive in the eyes of Jefferies. Jeffries also believes that the large energy- focussed industry division will remain more resilient than some fear. The shares were up by 39p to 2,945p. "
"Iâm hoping to take advantage of recent market falls to buy some good companies at lowly valuations. Should I pop Intertek Group (LSE:ITRK) into my basket?
Last time I checked out quality and safety services specialist Intertek Group, ..."
Fizzman - yours first post on this BB for eight months? - strange really that a major FTSE
company attracts such little attention.
Performance has been disappointing over past year although I have previously seen some good comments about its future; it is as far as I know a company providing a unique and
essential service so dont really know whats holding it back?
There seems to be very little discussion of this company on this noticeboard.
However - can anyone say why the SP is so volatile for what seems to be a solid company showing good progress year on year?
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