We stand out in the industry with our unique Assurance, Testing, Inspection and Certification ‘ATIC’ offering, underpinned by the Science-based Customer Excellence that gives our clients the peace of mind they need to power ahead safely with their growth agendas.
Around the world, our talented people apply their expertise to make the world better, safer and more sustainable for billions of consumers every day. Our science-based approach ensures we consistently strengthen our clients’ businesses and enable them to operate and win in their own markets.
At the heart of everything we do is our unique and high-performance 10X culture. For more than 130 years, it has shaped how we work together, ensuring we uphold the highest standards and retain the trust of our clients every day.
This is why we have long been and remain to this day the global icon for Total Quality Assurance.
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CEO’s welcome
I would like to recognise our talented colleagues whose hard work and dedication continue to strengthen Intertek’s iconic leadership in Total Quality Assurance. We are a powerful force for good in the world, fuelled by our unique strengths which empowered us to deliver another record performance.
André Lacroix Chief Executive Officer
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How is our AAA strategy driving sustainable growth and value?
Strategic highlights
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- As a purpose-led organisation, our goal is to make the world a better, safer and more sustainable place, strengthened by the partnerships we continue to build and maintain with all our stakeholders.
- The science-based expertise of our talented colleagues continues to set us apart, enabling our customers to power ahead with higher standards of safety, quality and sustainability.
- Our clients are further intensifying their focus on Risk-based Quality Assurance, fuelling growing demand for our industry-leading ATIC solutions.
- Our AAA differentiated growth strategy is delivering strong momentum, supported by the increasing investments our clients are making in Total Quality Assurance as they seek to navigate an increasingly complex global environment with precision and pace.
- We will continue to leverage our proven high growth, cash compounder earnings model to unlock the exciting value creation opportunities ahead, while further strengthening those areas where we are already making an impact.
- We are well positioned to deliver sustainable growth and long-term value for all our stakeholders.
How are we driving sustainability progress for our stakeholders and the environment?
sustainability highlights
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- Levels of Hazard Observations increased for the fifth consecutive year, reflecting greater levels of activity across our sites as well as greater awareness and reporting of health and safety overall.
- Since 2015, we have used the Net Promoter Score ('NPS') process to listen to our customers, enabling us to improve our customer service over the years consistently. In 2025, we conducted an average of 6,059 NPS interviews per month.
- We are driving environmental performance across our operations through science-based reduction targets to 2030, validated by the SBTi. Through energy efficiency initiatives, process optimisation and the increased use of low-carbon technologies, we reduced our market based emissions and met our scope 1 and 2 target early, delivering a 54.7% reduction against our 2019 base year. We also met our scope 3 target, achieving a 53.4% reduction against the same 2019 baseline.
- In 2025, we strengthened our double materiality assessment ('DMA') by building on the preliminary work undertaken in 2024.
- We recognise the importance of employee engagement in driving sustainable performance for all stakeholders. We measure employee engagement against our Intertek ATIC Engagement Index and in 2025 we increased our score for the third consecutive year to a new high of 93 (2024: 91).
- Our voluntary permanent employee turnover improved to a six-year low rate of 10.1% in 2025 (2024: 11.2%).
How did we deliver strong financial performance and returns?
financial highlights
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Revenue
£3,431.6m
2024: £3,393.2m
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Dividend per share
165.0p
2024: 156.5p
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Adjusted free cash flow
£352.2m
2024: £408.8m
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Statutory diluted EPS
216.0p
2024: 212.7p
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Statutory operating profit
£542.3m
2024: £535.7m
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Like-for-like revenue
£3,416.3m
2024: £3,391.8m
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Adjusted operating margin
18.1%
2024: 17.4%
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Adjusted operating profit
£619.6m
2024: £590.1m
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Return on Invested Capital
21.3%
2024: 22.4%
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Statutory operating margin
15.8%
2024: 15.8%
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Adjusted diluted EPS
253.5p
2024: 240.6p
Frequently asked questions
Intertek delivered another year of record performance in 2025 with revenue of £3.43bn, up 4.3% at constant currency. The Group reported adjusted operating profit of £620m and an adjusted operating margin of 18.1%, reflecting continued margin progression towards its medium-term target of 18.5%. Adjusted diluted earnings per share was 253.5p, representing the third consecutive year of double-digit growth at constant currency. Intertek made good progress against its AAA Strategy in 2025 and is on track to deliver its medium-term targets.
Key financial highlights included revenue of £3.43bn, adjusted operating profit of £620m, and adjusted operating margin of 18.1%. Intertek also delivered double-digit adjusted EPS growth, 110% cash conversion, strong total shareholder return of £602m and continued investment in strategic growth opportunities across its global ATIC (Assurance, Testing, Inspection and Certification) businesses.
Intertek’s revenue growth was driven by strong demand across key divisions. Consumer Products, Corporate Assurance, Health and Safety, and Industry and Infrastructure all delivered growth during the year. These businesses benefitted from increased demand for the Group’s end-to-end Quality Assurance, testing, inspection and certification services across global supply chains and regulated industries.
Intertek achieved operating margin progression to 18.1% through a combination of pricing actions, productivity improvements, favourable portfolio mix, operating leverage and cost discipline. As a result, the Group’s medium-term margin target of 18.5% is now well within reach.
Intertek delivered strong cash generation in 2025, with cash conversion of around 110% and adjusted operating cash flow of £762m. This strong cash performance supports the Group’s ability to invest in growth, complete acquisitions and return capital to shareholders.
Intertek invested approximately £300m in growth initiatives during the year. This included £156m invested in four high-growth, high-margin acquisitions, alongside continued investment in organic growth opportunities, innovation and expanding capabilities in high-growth markets.
Intertek delivered strong shareholder returns of £602m, with a full year dividend of 165.0p, +5.4% year-on-year and £350m returned through the Group’s successfully completed share buyback programme, reflecting the Group’s strong cash generation abilities and disciplined approach to capital allocation.
The majority of Intertek’s divisions delivered robust growth in 2025. Consumer Products and Corporate Assurance achieved particularly strong expansion, reflecting sustained revenue performance over the past three years. Industry and Infrastructure and Health and Safety also grew during the year while the World of Energy segment experienced a modest decline.
Intertek’s AAA strategy focuses on delivering quality growth, margin progression and strong earnings performance. Since the adoption of the strategy in 2023, Intertek’s high-quality earnings model has delivered an impressive average earnings per share growth of 12% per annum.
Intertek is well positioned to seize the exciting opportunities ahead given its high quality portfolio with leading scale positions in attractive industries poised for global growth. The Group expects to deliver another strong performance in 2026, with mid-single-digit like-for-like revenue growth, continued margin progression, strong earnings growth and robust free cash flow generation.
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We are pleased to share with you our Annual Report & Accounts in a unique, three-report format. These separate, but connected reports, with their interconnected themes and narratives, allow us to present what we achieved in 2025 in a systemic, end-to-end architecture. They have been designed to make it easier for our stakeholders to fully understand our business, how we bring quality, safety and sustainability to life, what we offer our clients and society, and the opportunities we have ahead of us.
