Let’s make the world amazing together and deliver sustainable growth and value for all.
As a purpose-led organisation, we are energised about making the world a better place through the partnerships we have built over the years with all our stakeholders: our people, customers, communities and shareholders.
We are pleased to share our Annual Report & Accounts 2023 in our unique three-book format, 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 ahead of us.
Watch our 2023 Year in Review video
I would like to recognise the contribution of our truly amazing people, who have delivered a strong performance in 2023 for our company, our clients, our shareholders and society as a whole.
As a purpose-led organisation, we are energised about making the world a better place through the partnerships we have built over the years with all our stakeholders.
The Science-based Customer Excellence of our talented colleagues gives us a unique competitive advantage, enabling organisations to power ahead safely and sustainably.
Our clients are increasing their focus on Risk-based Quality Assurance to operate with higher standards across their value chain, triggering a higher demand for our ATIC solutions.
We launched our AAA differentiated growth strategy to accelerate growth for all, benefitting from the increased investments of our clients in Total Quality Assurance.
We will capitalise on our proven high-quality earnings model to unlock the significant value growth opportunity ahead, while improving ourselves in those areas where we can make an even greater difference.
We are well positioned to continue to deliver sustainable growth and value for all our stakeholders.
Levels of Hazard Observations increased, reflecting greater levels of activity across our sites as well as greater awareness and reporting of health & 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.
We are driving environmental performance across our operations through science-based reduction targets to 2030. Our rigorous monthly performance management of climate-related action plans delivered operational market-based emissions reductions of 10.8% against 2022 and 36.7% against our base year 2019.
In 2023, our greenhouse gas (GHG) emissions reduction targets were validated by the Science Based Targets initiative ('SBTi').
We recognise the importance of employee engagement in driving sustainable performance for all stakeholders, and we measure employee engagement against our Intertek ATIC Engagement Index. Our 2023 score was 87 (2022: 80).
Our voluntary permanent employee turnover improved to a low rate of 12.3% (2022: 14.0%).
- Definitions of the alternative performance measures, metrics and constant rates can be found in Book three, page 64.
- Adjusted operating profit, adjusted operating profit margin, adjusted diluted earnings per share (‘EPS’) and adjusted free cash flow are non-GAAP measures. Adjusted measures are stated before Separately Disclosed Items, which are described in note 3 to the financial statements in Book three, page 11. Reconciliations between statutory and adjusted measures, as well as return on invested capital and cash conversion, are shown in the Financial review.
- Dividend per share for 2023 is based on the interim dividend paid of 37.7p (2022: 34.2p) plus the proposed final dividend of 74.0p (2022: 71.6p)
let’s make the world amazing together
Delivering growth and value for all our stakeholders
We are proud of the progress we have made in partnership with our stakeholders, and recognise there is so much more we can do to make the world amazing, together. Find out how we make the world amazing for our stakeholders.
Strategic Report (PDF 20.9 MB)
Creating amazing opportunities for our 44,000 people to thrive, always striving to offer the best customer service to our clients
Creating amazing opportunities for our 44,000 people to thrive, always striving to offer the best customer service to our clients
We believe in the power of diversity, equity and inclusion. Our success is based on a well-established culture of trust among colleagues who bring passion and energy together with their highly skilled technical expertise to exceed the expectations of their customers. We deeply value the rights of our people across all our operations and throughout our business relationships. We want everyone to feel safe and engaged, with access to limitless personal growth opportunities.
Supporting 400,000+ clients with innovative solutions that enable them to operate with higher standards on quality, safety and sustainability in each part of their value chain
Supporting 400,000+ clients with innovative solutions that enable them to operate with higher standards on quality, safety and sustainability in each part of their value chain
We provide our customers with our industry leading ATIC solutions to ensure their products meet rigorous quality, safety, regulatory, brand and sustainability standards. With our expertise, they are able to power ahead safely, to navigate complex regulatory landscapes, gain access to new global markets, and demonstrate systemic and end-to-end assurance on all aspects of their sustainability operations. Our clients are increasing their focus on Risk-based Quality Assurance to operate with higher standards on quality, safety and sustainability in each part of their value chain, triggering a higher demand for our ATIC solutions, which are powered by our Science-based Customer Excellence ATIC advantage.
Supporting and enhancing our communities and the environment across our global network of state-of-the-art operations in more than 100 countries
Supporting and enhancing our communities and the environment across our global network of state-of-the-art operations in more than 100 countries
Intertek people are always working to enrich the communities in which we operate by actively engaging in relevant initiatives such as community programmes, volunteer activities, partnerships with charities and social development projects. Through these efforts and making use of our Science-based expertise, we are able to address specific local social and environmental needs, contributing to community wellbeing and supporting sustainable practices that will help build an ever better world.
Operating a high-quality earnings model with a proven track record of sustainable value creation over the long term
Operating a high-quality earnings model with a proven track record of sustainable value creation over the long term
As a purpose-led business focused on growth, Intertek delivers sustainable long-term value for our stakeholders. We operate a differentiated, high-quality growth business with excellent fundamentals and intrinsic defensive characteristics, giving our customers the Intertek Science-based ATIC advantage to strengthen their businesses.
Our approach to value creation is based on the compounding effect, year after year, of margin accretive revenue growth, strong cash generation and disciplined investments in high-growth and high-margin sectors. With our high-quality compounder earnings model, we are focused on delivering sustainable growth and value, harnessing the attractive structural growth drivers present across our global markets and unlocking the significant value growth opportunity ahead.
sustainability excellence
Our purpose is bringing quality, safety and sustainability to life
This demonstrates how fundamental our Sustainability Excellence strategy is to our business. We ensure we create a positive impact through implementing detailed action plans, accurate performance measurement and strong governance. Find out more about our Sustainability Excellence strategy.
Sustainability Report (PDF 22.5 MB)
Our goal is to have fully engaged employees working in a safe environment.
Our goal is to have fully engaged employees working in a safe environment.
Progress in 2023
Over 2023, we have been focusing on creating initiatives that engage colleagues with our inclusive culture.
We launched several initiatives designed to benefit and support our people no matter where in the world.
Initiatives included the Champions engagement programme, the MOSAIC diversity, equity and inclusion training, ‘10X Onboarding’ and the launch of iHazard, our health & safety awareness campaign.
Priorities in 2024
Our people bring exceptional technical skills, expertise and their passion and energy to our business and we will continue to focus on keeping them safe and engaged, offering them exciting personal growth opportunities.
Ensure our customers can operate safely and sustainably.
Ensure our customers can operate safely and sustainably.
Progress in 2023
We are continuing to engage with requests for carbon performance assessments to meet the demands of our customers and track and benchmark our progress.
During 2023, we conducted an average of 5,700 customer interviews each month, providing deep insights into what our customers need and want.
Priorities in 2024
We will continue to provide science-led services and leading-edge innovations to give our customers the solutions they need to overcome their own risk and challenges in quality, safety and sustainability, enabling them to power ahead with confidence.
Decarbonise our business by 2050.
Decarbonise our business by 2050.
Progress in 2023
We are continuing to embed our Sustainability Excellence approach across the business to empower our colleagues to take ownership of reducing their own carbon footprint.
Our GHG emissions reduction targets were validated by the Science Based Targets initiative.
Through our GHG emissions performance management programme, we are continuing to empower regional teams to implement tangible and measurable initiatives, ensuring progress towards achieving our reduction targets.
Priorities in 2024
We will continue to focus on minimising environmental impacts from our operations, in compliance with regulations, and to live up to the requirements and expectations of our key stakeholders.
Create positive impacts in the communities where we operate.
Create positive impacts in the communities where we operate.
Progress in 2023
Our employees have participated in over 150 community projects this year with 10,415 hours volunteered to support community projects.
Priorities in 2024
We are passionate about making a difference and will continue to take active responsibility to support the communities and environments where we operate to create sustainable growth for all.
Uncompromising on quality and compliance.
Uncompromising on quality and compliance.
Progress in 2023
We are continuing to develop a best practice compliance programme to ensure Intertek operates with the highest standards of compliance and ethical business practices.
We are looking at how we can take steps to choose our suppliers based on their environmental and climate performance.
Priorities in 2024
We will continue to develop our best practice compliance programme to ensure Intertek operates with the highest standards of compliance and ethical business practices, including through our supply chain partners.
See how we make the world amazing
Global Market Access
24/7 access to curated and up-to-date compliance information
Electrification Centre of Excellence, Plymouth, Michigan
Supporting the move towards electric mobility
A beautiful MOSAIC bringing together a global family that values diversity
Reporting downloads
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Book one: Strategic Report
Where we discuss our growth opportunities and strategic performance
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Book two: Sustainability Report
Where we discuss our environmental, social and governance progress
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Book three: Financial Report
Where we record our financial activities, performance and position
These separate, but connected books, with their interconnected themes and narratives, allow us to present what we achieved in 2023 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 and safety to life, what we offer our clients and society, and the opportunities we have ahead of us.
