Intertek : Sales in line, margin lower than expected due to Trade
>Sales fairly resilient but significant margin drop-through = (72%) - Sales came to £ 1.33bn, -7.8% (of which -7.9% LFL). This was in line with our estimate (£ 1.33bn, -7.7% of which -9.4% LFL). Management did not provide the consensus for H1 but we think it was probably close to our estimate. The LFL trend was however slightly better than we expected (-7.9% vs ODDO BHF estimate: -9.4%) mostly due to the Products division (-8.0% vs ODDO BHF estimate: -12.0%). Negative...Intertek Group provides Assurance, Testing, Inspection and Certification (ATIC) services. Co.'s segments comprised of Products, Trade and Resources. Co.'s products-related division consists of business lines that are focused on quality and safety of physical components and products, as well reducing risk through assessing the operating process and quality management systems of its customers. Co.'s trade division consists of three Global business lines, Cargo & Analytical Assessment, Government & Trade Services, and Agriculture business. Co.'s resources division consists of two business lines, Industry Services, and minerals business.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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