최종 결과
2023년 전체 결과 발표
월 5 2024
Strong 2023 Performance in Revenue, Margin, EPS, Cash and ROIC
? Revenue of £3,328.7m, +7.1% at constant currency and +4.3% at actual rates
? Highest LFL revenue growth in the last 10 years with 6.2% LFL revenue growth at constant currency
? LFL of 8.2% in Corporate Assurance, Health and Safety, Industry and Infrastructure, and World of Energy combined; Consumer Products LFL of 1.3%
? JLA, SAI and CEA acquisitions performing well, and Controle Analítico and PlayerLync integrations on track
? Acquisition of Base Met Labs to expand our Minerals ATIC offering in attractive growth and margin markets
? Adjusted operating profit of £551.1m, +10.9% at constant currency and +6.0% at actual rates
? Adjusted operating margin of 16.6%, +60bps at constant currency and +30bps at actual rates
? Adjusted diluted EPS of 223.0p, +11.0% at constant currency and +5.6% at actual rates
? Daily cash discipline delivers an all-time high operating cash flow of £749.0m with cash conversion of 122%
? Strong balance sheet; net debt reduced by £127m to £611m, and leverage ratio improved to 0.8x
? ROIC of 20.5%, +250bps year-on-year at constant currency and at actual rates
? Cost reduction programme delivered savings of £13m in 2023 and £10m expected in 2024
? Proven high quality compounding model; On track to deliver our medium-term margin target of 17.5%+
? Robust 2024 outlook: Mid-single digit LFL at constant currency, margin progression and strong cash flow
? Full Year dividend of 111.7p up 5.6% year-on-year; increasing targeted dividend payout to circa 65% from 2024
A FY results video is available on our website: https://www.intertek.com/investors/2023-full-year-results-video/
André Lacroix: CEO 성명서
"I would like to recognise all my colleagues for their unwavering support enabling us to deliver a strong 2023 performance in revenue growth, margin, EPS, cash and ROIC. Our revenue grew by 7.1% at 일정한 통화 driven by a LFL revenue growth of 6.2%, the highest in the last 10 years, and the contribution of our acquisitions. Our systemic performance management drove strong profit conversion with margins rising 60bps at 일정한 통화, driving EPS growth of 11.0% at 일정한 통화. Cash conversion at 122% was excellent. We have delivered our highest ever cash from operations of £749m resulting in our net debt declining by £127m to £611m. We have a strong balance sheet giving us the ability to invest in growth. ROIC increased by 250bps to 20.5%.
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. Over the last nine years, from 2014-2023, we have delivered a CAGR of 5.3%, 6.1% and 6.0% for revenue, operating profit and EPS, notwithstanding the impact of Covid. In May 2023, we unveiled our Intertek AAA differentiated growth strategy to capitalise on the best-in-class operating platform we have built and target the areas where we have opportunities to get better. Our highly engaged, customer-centric organisation is laser-focused to take Intertek to greater heights putting our AAA strategy in action and continuing to deliver sustainable growth and value for all stakeholders.
Based on our positive momentum, we expect the Group will deliver a robust performance in 2024 with mid-single digit LFL revenue growth at constant currency, margin progression and a strong cash flow performance. We are on track to get back to our peak margin of 17.5% and beyond in the medium-term, capitalising on the revenue growth acceleration we are seeing for our ATIC solutions, our disciplined performance management and our investments in high growth and high margin segments.
We believe in the value of accretive disciplined capital allocation. In recognition of our highly cash generative earnings model, our strong financial position, the Board's confidence in the attractive long-term growth prospects for the Group and its ability to fund continued growth investments, we are increasing our targeted dividend payout ratio to circa 65% of earnings from 2024."
주요 조정 재무 |
| 2023 | 2022 | 실제 환율로 변경 | 일정한 비율로 변화1 |
수익 | £ 3,328.7m | £ 3,192.9m | 4.3% | 7.1% | |
유사 수익2 | £ 3,300.9m | £ 3,192.9m | 3.4% | 6.2% | |
영업 이익3 | £ 551.1m | £ 520.1m | 6.0% | 10.9% | |
영업 이익3 | 16.6% | 16.3% | 30bps | 60bps | |
과세 전 소득3 | £ 507.2m | £ 488.2m | 3.9% | 9.2% | |
희석 주당 이익3 | 223.0p | 211.1p | 5.6% | 11.0% | |
주당 배당금 | 111.7p | 105.8p | 5.6% | ||
순 자본 지출을 제외한 영업 현금 흐름3 | £ 643.6m | £ 609.7m | 5.6% | ||
조정 된 자유 현금 흐름3 | £ 378.4m | £ 386.3m | (2.0의 %) | ||
금융순부채4 | £ 610.6m | £ 737.9m | (17.3의 %) | ||
금융순부채 / EBITDA3, 4 | SR 0.8x | SR 1.1x | |||
ROIC5 | 20.5% | 18.0% |
주요 법정 재정 |
| 2023 | 2022 | 실제 환율로 변경 | 1 고정 환율은 2022년 결과를 2023년 환율로 환산하여 계산됩니다. |
수익 | £ 3,328.7m | £ 3,192.9m | 4.3% | 2 LFL 수익에는 소유 12개월 후의 인수가 포함되며 비즈니스 처분/폐쇄의 역사적 기여는 제외됩니다. 3 조정된 결과는 별도공시항목('SDI') 앞에 표시됩니다. 요약연결재무제표 주석 3을 참조하세요. 1,2,3 이러한 조치에 대한 조정은 24페이지 결과 표시 섹션에 나와 있습니다. 4 Financial net debt excludes the IFRS 16 lease liability of £307.8m. Total net debt is £918.4m. See note 6 on page 36. 5 ROIC is defined as adjusted profit after tax divided by invested capital. | |
영업 이익 | £ 486.2m | £ 452.4m | 7.5% | ||
영업 이익 | 14.6% | 14.2% | 40bps | ||
과세 전 소득 | £ 422.3m | £ 419.8m | 0.6% | ||
세후 이익 | £ 318.1m | £ 306.8m | 3.7% | ||
희석 주당 이익 | 183.4p | 178.4p | 2.8% | ||
운영에서 발생하는 현금 | £ 725.9m | £ 704.1m | 3.1% |
이사들은 74.0년 2022월 71.6일 정기 총회에서 주당 24p(2024년: 21p)의 최종 배당금을 제안하고, 2024년 31월 2024일 영업 종료 시 등기 등록된 주주들에게 XNUMX년 XNUMX월 XNUMX일 지급될 예정입니다.
Contacts
자세한 내용은 문의하시기 바랍니다 :
Denis Moreau, 투자자 관계
Telephone: +44 (0)20 7396 3415
Jonathon Brill/James Styles, Dentons 글로벌 고문
Telephone: +44 (0)7510 385 554
분석가의 요청
분석가와 투자자를 위한 라이브 오디오캐스트가 오늘 오전 10시 XNUMX분에 개최됩니다. 자세한 내용은 다음에서 확인할 수 있습니다. http://www.intertek.com/investors/ together with presentation slides and a pdf copy of this report.
A recording of the audiocast will be available later in the day.
연간 보고서
The Annual Report comprising the Strategic, Sustainability and Financial Reports for the year ended 31 December 2023 will be available on the Company's website www.intertek.com 22 March 2024에.
Intertek은 전 세계 산업 분야의 선도적인 종합 품질 보증 제공업체입니다. 1,000개 이상의 국가에 있는 100개 이상의 실험실 및 사무실 네트워크는 고객의 운영 및 공급망을 위한 혁신적인 맞춤형 보증, 테스트, 검사 및 인증 솔루션을 제공합니다. Intertek은 품질, 안전 및 지속 가능성을 삶에 가져오기 위해 목적을 주도하는 회사입니다. 우리는 고객에게 연중무휴 24시간 미션 크리티컬 품질 보증 솔루션을 제공하여 고객이 각 운영에서 제대로 작동하는 공급망을 운영할 수 있도록 보장합니다. 우리의 고객 약속은 다음과 같습니다. Intertek Total Quality Assurance 전문 지식은 정확성, 속도 및 열정으로 일관되게 제공되어 고객이 안전하게 앞서 나갈 수 있도록 합니다. 인터텍닷컴 |
인터텍 CEO 편지
I would like to recognise all my colleagues for their unwavering support enabling us to deliver a strong 2023 performance in revenue growth, margin, EPS, cash and ROIC. Our revenue grew by 7.1% at 일정한 통화 driven by a LFL revenue growth of 6.2%, the highest in the last 10 years, and the contribution of our acquisitions. Our systemic performance management drove strong profit conversion with margins rising 60bps at 일정한 통화, driving EPS growth of 11.0% at 일정한 통화. Cash conversion at 122% was excellent. We have delivered our highest ever cash from operations of £749m resulting in our net debt declining by £127m to £611m. We have a strong balance sheet giving us the ability to invest in growth. ROIC increased by 250bps to 20.5%.
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. Over the last nine years, from 2014-2023, we have delivered a CAGR of 5.3%, 6.1% and 6.0% for revenue, operating profit and EPS, notwithstanding the impact of Covid. In May 2023, we unveiled our Intertek AAA differentiated growth strategy to capitalise on the best-in-class operating platform we have built and target the areas where we have opportunities to get better. Our highly engaged, customer-centric organisation is laser-focused to take Intertek to greater heights putting our AAA strategy in action and continuing to deliver sustainable growth and value for all stakeholders.
Based on our positive momentum, we expect the Group will deliver a robust performance in 2024 with mid-single digit LFL revenue growth at constant currency, margin progression and a strong cash flow performance. We are on track to get back to our peak margin of 17.5% and beyond in the medium-term, capitalising on the revenue growth acceleration we are seeing for our ATIC solutions, our disciplined performance management and our investments in high growth and high margin segments.
We believe in the value of accretive disciplined capital allocation. In recognition of our highly cash generative earnings model, our strong financial position, the Board's confidence in the attractive long-term growth prospects for the Group and its ability to fund continued growth investments, we are increasing our targeted dividend payout ratio to circa 65% of earnings from 2024.
Strong Value Delivered
In 2015, we took the decision to reinvent ourselves, making Assurance, Testing, Inspection and Certification, or ATIC, our Customer Promise and we rebranded Intertek as Total Quality. Assured.
Our strategic goal with ATIC is to provide a better-quality Assurance customer service, given how much global trade had changed in the last 50 years. Today, companies operate in a truly global market, running complex global multi-sourcing and manufacturing operations, pursuing an omni-channel approach, when distributing their products and services globally and locally.
When we did this, we were ahead of our time and our clients agree that our industry has changed and is now all about Risk-Based Quality Assurance powered by ATIC. Assurance provides the independent end-to-end data on where the quality, safety and sustainability risks are in the entire value chain of any company, while Testing, Inspection and Certification provide the critical independent quality controls in the high-risk areas of supply chains.
We have made strong progress between 2014 and 2023 notwithstanding the impact of Covid and have delivered sustainable growth and value for all stakeholders with the following achievements:
? Revenue growth of 59%, CAGR of 5.3%
? Ebitda growth of 81.2%, CAGR of 6.8%
? Operating margin increase of 110bps
? Cash generated from operations growth of 85.5%, CAGR 7.1%
? ROIC improvement of 420bps
메트릭1 | 20142 | 2023 | 변화 | CAGR |
수익 | £ 2,093m | £ 3,329m | 59.0% | 5.3% |
EBITDA | £ 400.9m | £ 726.4m | 81.2% | 6.8% |
영업 이익 | £ 324.6m | £ 551.1m | 69.8% | 6.1% |
영업 이익 | 15.5% | 16.6% | 110bps | 12bps |
희석 주당 이익 | 132.1p | 223.0p | 68.8% | 6.0% |
피제수 | 49.1p | 111.7p | 127.5% | 9.6% |
WC as % Revenue | 9.3% | (2.4의 %) | (1,170bps) | N / A |
Cash generated from ops | £ 403.7m | £ 749.0m | 85.5% | 7.1% |
ROIC | 16.3% | 20.5% | 420bps | 47bps |
Note (1): On an adjusted basis, (2) 2014 metrics are on an IAS17 basis
Faster Global Growth for ATIC Solutions
Our industry has always benefitted from attractive growth drivers and now more than ever everyone wants to build an ever-better world which means that corporations will invest more in quality, safety and sustainability, accelerating the demand for our ATIC industry-leading solutions.
Indeed, our customer research shows the well-known attractive structural growth drivers in the Risk-based Quality Assurance industry will be augmented by:
? Higher investments in safer supply
? Higher investments in innovation
? A step change in sustainability
? Higher growth in the World of Energy
? An increase in new clients
Covid-19 has been a catalyst for many corporations to improve the resilience of their supply chains. We are seeing a significant change of focus within our clients on how they manage their value chains with:
· Better data on what is happening in all parts of the supply chain
· Tighter risk management with razor-sharp business continuity planning
· A more diversified portfolio strategy with tier 1/2/3 suppliers
· A more diversified portfolio strategy regarding factories
· Investments in processes, technology, training, and independent assurance
Our superior Assurance offering means we are well positioned to help our clients reduce the intrinsic risks in their operations.
Our clients have also realised that they need to invest more in product and service innovation to meet the changing needs of their customers. A recent survey by Capgemini shows that 67% of R&D leaders expect to increase their R&D investments in 2023. These investments in innovation mean a higher number of SKUs and a higher number of tests per SKUs - which will be beneficial for our Testing and Certification solutions.
The other major area of investment inside corporations is of course sustainability and we are seeing positive momentum with new and emerging regulation. This means companies will have to re-invent the way they manage their sustainability agenda with a greater emphasis on independently verified non-financial disclosures. This is excellent news for our industry leading Total Sustainability Assurance solutions. Sustainability is the movement of our time.
The growth opportunities in the World of Energy are truly exciting as the energy companies are planning higher investments. In 2022 and 2023, we all witnessed the concerns reflecting energy security, and everyone agrees that global energy production capacity is an issue that needs to be addressed quickly to meet the growing demand for energy today. Given the under-investments in traditional O&G exploration and production in the last decade and the lack of scale for Renewables, investment for production in traditional O&G and in Renewables will increase. This is excellent news for our Caleb Brett and Moody businesses.
We are seeing significant growth in the number of companies globally given the lower barriers to entry for any brand with e-commerce capabilities. The lack of Quality Assurance expertise of these young companies is excellent news for our Global Market Access solutions. Our decentralised Customer 1st organisation has a strong track record of winning new clients.
Intertek AAA Differentiated Growth Strategy
At our Capital Markets event in London last year, we unveiled our Intertek AAA Differentiated G줄 Strategy to capitalise on the best-in-class operating platform we have built and target the areas where we have opportunities to get better. Our passionate, innovative, and customer-centric organisation is energised to take Intertek to greater heights delivering AAA performance for all stakeholders. We are focused on delivering value consistently, targeting mid-single digit LFL revenue growth, margin accretion to get back to our 17.5% peak margin and beyond, and strong cash generation, while pursuing disciplined investments in attractive growth and margin sectors.
We have made strong progress between 2015 and 2023 delivering sustainable growth and value for our stakeholders and we are very excited about the significant growth value opportunity ahead, capitalising on our Science?based Customer Excellence TQA advantage.
Our clients understand the mission?critical nature of Risk?based Quality Assurance to make their businesses stronger, operating with higher quality, safety and sustainability standards. Therefore, we expect the demand for our ATIC solutions to accelerate post?Covid.
Our Intertek AAA Differentiated Growth Strategy is about being the best and creating significant value for every stakeholder every day.
We want to be the most trusted TQA partner for our customers, the employer of choice with our employees, to demonstrate sustainability excellence everywhere in our community and deliver significant growth and value for our shareholders.
To seize the significant growth value opportunity ahead we will be laser-focused on three strategic priorities and three strategic enablers. Our Strategic Priorities are defined as Science-based Customer Excellence TQA, Brand Push & Pull and Winning Innovations, and our three strategic enablers are based on 10X Purpose-based Engagement, Sustainability Excellence and Margin Accretive Investments. We will both further improve where we are already strong and address the areas where we can get better.
Our high?quality portfolio is poised for faster growth:
? The depth and breadth of our ATIC solutions positions us well to seize the increased corporate needs for Risk?based Quality Assurance
? All of our global business lines have plans in place to seize the exciting growth drivers in each of our divisions
? At the local level, our country?business mix is strong, with the majority of our revenues exposed to fast growth segments
? Geographically we have the right exposure to the structural growth opportunities across our global markets
We have improved our segmental disclosures to provide a deeper understanding of our ATIC growth drivers in our businesses and we now report revenue, operating profit and margin in five divisions:
· 소비재
· Corporate Assurance
· 건강과 안전
· Industry and Infrastructure
· World of Energy
Mid-Single Digit LFL Revenue Growth Target
In terms of LFL revenue growth in the medium to long term, we are targeting Group mid-single digit LFL revenue growth at constant currency with the following expectations by division:
· Low- to mid?single digit in Consumer Products
· High-single digit to double digit in Corporate Assurance
· Mid- to high-single digit in Health and Safety
· Mid- to high-single digit in Industry and Infrastructure
· Low- to mid?single digit in the World of Energy
Margin Target of 17.5%+
Margin accretive revenue growth is central to the way we deliver value, and we are confident that over time we will deliver our medium-term margin target of 17.5%+. Our confidence is based on three simple reasons: we have the proven tools and processes in place, we operate with a span of performance giving us significant benchmarking opportunity, and we pursue a disciplined accretive portfolio strategy.
We announced a cost reduction programme last year that targets productivity opportunities based on operational streamlining and technology upgrade initiatives. Our cost reduction programme has delivered £13m of savings in 2023, slightly more than our expectation for £7-8m. We expect the programme to deliver £10m additional savings in 2024.
We have also implemented some price increases and we will continue to do so in 2024.
Accretive Disciplined Capital Allocation
We believe in the value of accretive disciplined capital allocation and pursue the following priorities:
? Our first priority is to support organic growth through capital expenditure and investments in working capital (target c5% of revenue in capex).
? The second priority is to deliver sustainable returns for our shareholders through the payment of progressive dividends and we have announced today that we are increasing our targeted dividend payout to circa 65% of earnings from 2024 in recognition of our highly cash generative earnings model, our strong financial position and the Board's confidence in the attractive long-term growth prospects for the Group and its ability to fund continued growth investments.
? The third priority is to pursue M&A activities that strengthen our portfolio in attractive growth and margin areas, provided we can deliver good returns.
? And our fourth priority is to maintain an efficient balance sheet with flexibility to invest in growth. Our leverage target is 1.3x - 1.8x net debt to EBITDA with the potential to return excess capital to shareholders subject to our future requirements and prevailing macro environment.
The recent SAI, JLA and CEA acquisitions to scale up our portfolio in attractive growth and margin sectors are performing well, in line with our expectations.
Moreover, the integration of the recent acquisitions we made Controle Analítico and PlayerLync are on track.
We continue to be selective in our M&A approach, focusing on growth and margin accretive investment opportunities and yesterday we announced the acquisition of Base Metallurgical Laboratories, a leading provider of metallurgical testing services for the Minerals sector based in North America reinforcing and expanding Intertek's ATIC offering in the Minerals Industry.
In addition to M&A, we have continued to strengthen our value proposition by launching several industry-leading margin accretive innovations.
지속 가능성 우수성
Sustainability is the movement of our time and is central to everything we do at Intertek, anchored in our Purpose, our Vision, our Values and our Strategy.
Sustainability is important to all stakeholders in society who are consistently demanding faster progress and greater transparency in sustainability reporting. Companies therefore continuously need to upgrade and reinvent how they manage their sustainability agenda, particularly with regards to how they disclose their non-financial performance.
This is why, under our global Total Sustainability Assurance (TSA) programme, we provide our clients with proven independent, systemic and end-to-end assurance on all aspects of their sustainability strategies, activities and operations.
The TSA programme comprises three elements:
? Intertek 운영 지속 가능성 솔루션
? Intertek ESG Assurance
? Intertek Corporate Sustainability Certification
For ourselves at Intertek, we focus on 10 highly demanding TSA sustainability standards which are truly end-to-end and systemic. In 2023 we made progress:
? Levels of Hazard Observations increased, 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 that has enabled 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 11% against 2022 and 37% against our base year 2019.
? In 2023, our GHG emissions reduction targets were validated by the 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%).
전망 2024
Based on our positive momentum, we expect that the Group will deliver a robust performance in 2024 with mid-single digit LFL revenue growth at constant currency, margin progression and a strong free cash flow performance.
Our mid?single digit LFL revenue growth at constant currency will be driven by the following contribution from our divisions:
? Consumer Products: Low- to Mid-single digit
? Corporate Assurance: High-single digit
? Health and Safety: Mid-single digit
? Industry and Infrastructure: High-single digit
? World of Energy: Mid-single digit
2024년 재무 지침은 다음과 같습니다.
? Capital expenditure in the range of £135-145m
? Net finance costs in the £41-43m range
? Effective tax rate in the 25-26% range
? Minority interests of between £23-24m
? Targeted dividend payout ratio to circa 65% from 2024 Interims
? FY24 financial net debt to be in the range of £510-560m
The average sterling exchange rate in the last three months applied to the full year results of 2023 would reduce our FY revenue and earnings level by circa 150bps.
Significant Value Growth Opportunity Ahead
We have made strong progress in the last eight years and equally, the value growth opportunity ahead is significant.
The demand for our strong and differentiated ATIC value proposition is accelerating.
Our Science-based Customer Excellence TQA advantage and our stronger portfolio at the global and local level positions us well for faster growth.
Our Intertek AAA Differentiated Growth Strategy will capitalise on the best-in-class operating platform we have built and target the areas where we have opportunities to get better.
Our passionate, agile, and high-performance organisation is energised to take Intertek to greater heights delivering AAA performance for all stakeholders.
We will deliver value consistently, targeting mid-single digit LFL revenue growth at constant currency, margin accretion, and strong cash generation, while pursuing disciplined investments in attractive growth and margin ATIC spaces.
앙드레 라크루아
최고 경영자(CEO)
운영 검토
31 월 XNUMX 일 종료 연도 2023
그룹의 성과를 명확하고 일관되며 비교 가능한 형식으로 제시하기 위해 일부 항목은 손익계산서 표면에 별도로 공시됩니다. 본 보고서의 결과 제시 부분과 주석 3에 기술된 항목들은 조정 결과에서 제외되었습니다. 본 검토에서 논의된 수치(손익계산서 및 현금흐름에서 추출)는 별도공시항목('SDI') 앞에 표시됩니다.
개요 성능
2023 | 2022 | 변경 실제 | 변경 상수 | ||
£ m | £ m | 요금 | 요금1 | ||
수익 | 3,328.7 | 3,192.9 | 4.3% | 7.1% | |
좋아하는 수익2 | 3,300.9 | 3,192.9 | 3.4% | 6.2% | |
조정영업이익3 | 551.1 | 520.1 | 6.0% | 10.9% | |
한계3 | 16.6% | 16.3% | 30bps | 60bps | |
순 자금 조달 비용3 | (43.9) | (31.9) | 37.6% | 34.1% | |
소득세 비용3 | (124.8) | (128.4) | (2.8의 %) | 2.2% | |
Adjusted Earnings for the 기간3 | 361.7 | 341.8 | 5.8% | 11.2% | |
당 조정된 희석 수입 몫3 | 223.0p | 211.1p | 5.6% | 11.0% |
1. 고정 환율은 2022년 환율에서 2023년 결과를 환산하여 계산됩니다. 요금.
2. LFL revenue includes acquisitions following their 12-month anniversary of ownership and excludes the historical contribution of any business disposals/closures.
3. 조정된 결과는 SDI 이전에 명시됩니다. 요약 연결 재무에 대한 참고 3을 참조하세요. 진술.
Total reported Group revenue increased by 4.3%, 0.9 % growth contributed by acquisitions, a LFL revenue increase of 6.2% and a decrease of 280bps from foreign exchange reflecting sterling appreciation against most of the Group's trading currencies.
The Group's LFL revenue at constant currency consisted of an increase of 1.3% in Consumer Products, 9.0% in Corporate Assurance, 7.0% in Health and Safety, 7.9% in Industry and Infrastructure and 8.7% in World of Energy.
We delivered adjusted operating profit of £551.1m, up 10.9% at constant currency and 6.0% 실제로 요금.
The Group's adjusted operating margin was 16.6%, an increase of 60bps from the prior year at constant exchange rates and 30bps at actual rates.
Net Financing 비용
Adjusted net financing costs were £43.9m, an increase of £12.0m on 2022 resulting from a combination of higher interest expenses and the impact of foreign exchange rates. This comprised £3.8m (2022: £2.2m) of finance income and
£47.7m (2022: £34.1m) of finance expense.
부가세
The adjusted effective tax rate was 24.6%, a decrease of 1.7% on the prior year (2022: 26.3%). The tax charge, including the impact of SDIs, of £104.2m (2022: £113.0m), equates to an effective rate of 24.7% (2022: 26.9%), the decrease mainly driven by the geographical mix of profits.
당 수입 몫
Adjusted diluted earnings per share at actual exchange rates was 5.6% higher at 223.0p (2022: 211.1p). Diluted earnings per share after SDIs was 183.4p (2022: 178.4p) per share and basic earnings per share after SDIs was 184.4p (2022: 179.2p).
피제수
Reflecting the Group's strong cash generation in 2023, the Board recommends a full year dividend of 111.7p per share, a year-on-year increase of 5.6%.
The full year dividend of 111.7p equates to a total cost of £181.2m or 50% of adjusted profit attributable to shareholders of the Group for 2023 (2022: £170.6m and 50%). The dividend is covered 2.0 times by earnings (2022: 2.0 times), based on adjusted diluted earnings per share divided by dividend per share.
별도공시항목('SDI')
재무제표에는 이러한 항목을 제외하면 독자에게 그룹 사업의 기본 운영 성과에 대한 명확하고 일관된 표현을 제공하기 때문에 여러 항목이 재무제표에 별도로 공개됩니다. 법정 법안과 조정된 법안의 조정은 결과 제시 섹션에서 제공됩니다.
When applicable, these SDIs include amortisation of acquisition intangibles; impairment of goodwill and other assets; the profit or loss on disposals of businesses or other significant fixed assets; costs of acquiring and integrating acquisitions; the cost of any fundamental restructuring; the costs of any significant strategic projects; material claims and settlements; and unrealised market or fair value gains or losses on financial assets or liabilities, including contingent consideration.
Adjusted operating profit excludes the amortisation of acquired intangible assets, primarily customer relationships, as we do not believe that the amortisation charge in the income statement provides useful information about the cash costs of running our business as these assets will be supported and maintained by the ongoing marketing and promotional expenditure, which is already reflected in operating costs. Amortisation of software, however, is included in adjusted operating profit as it is similar in nature to other capital expenditure. The costs associated with our cost reduction programme are excluded from adjusted operating profit where they represent changes associated with operational streamlining, technology upgrades or related asset write-offs and are costs that are not expected to reoccur. The cost reduction programme is expected to last up to five years. The impairment of goodwill and other assets that by their nature or size are not expected to recur, the profit and loss on disposals of businesses or other significant assets and the costs associated with successful, active, or aborted acquisitions are excluded from adjusted operating profit in order to provide useful information regarding the underlying performance of the Group's operations.
The SDIs charge for 2023 comprises amortisation of acquisition intangibles of £34.2m (2022: £34.8m); acquisition and integration costs relating to successful, active, or aborted acquisitions of £8.3m (2022: £5.5m); and restructuring costs of £22.4m (2022: £27.4m).
Details of the SDIs for the twelve months ended 31 December 2023 and the comparative period are given in note 3 to the Condensed Consolidated Financial Statements.
Acquisitions and 투자
The Group completed two acquisitions in the year (2022: one) with consideration paid of £40.5m (2022: £65.9m), net of cash acquired of £3.1m (2022: £13.4m), and further contingent consideration payable of £3.7m.
In March 2023, the Group acquired Controle Analítico Análises Técnicas Ltda (Controle Analítico), a leading provider of environmental analysis, with a focus on water testing, based in Brazil.
In August 2023, the Group acquired PlayerLync Holdings, Inc. (PlayerLync), a leading SaaS-based platform, based in the USA.
그룹은 실험실 확장, 신기술 및 장비, 기타 시설에 유기적으로 £116.9m(2022년: £116.5m)를 투자했습니다. 이번 투자는 매출의 3.5%(2022년: 3.6%)를 차지했다.
현금 흐름
The Group's cash performance was strong with free cash flow of £378.4m (2022: £386.3m), driven by strong cash conversion, the result of disciplined working capital management. Adjusted cash flow from operations was £749.0m (2022: £722.0m). Statutory cash flow from operations was £725.9m (2022: £704.1m). Net cash flows generated from operating activities were £535.0m (2022: £559.9m), following higher interest and income taxes paid during the year.
재정상의 위치
The Group ended the period in a strong financial position. Financial net debt was £610.6m, a decrease of £127.3m on 31 December 2022, primarily reflecting strong cash generation in the business. The undrawn headroom on the Group's existing committed borrowing facilities at 31 December 2023 was £664.3m (2022: £707.3m) and cash and cash equivalents were £298.6m (2022: £320.7m), representing significant total liquidity.
In December 2023, the Group issued EUR?185m of senior notes. The notes were issued in three tranches with EUR?120m payable on 21 December 2026 at a fixed annual interest rate of 3.94%, EUR?25m repayable on 21 December 2027 at a fixed annual interest rate of 3.89% and EUR?40m repayable on 21 December 2028 at a fixed annual interest rate of 3.88%.
IFRS 16 리스 부채의 영향을 포함한 총 순부채는 £918.4m(2022년: £1,060.1m)였습니다.
2024년 재무 지침은 다음과 같습니다.
? Capital expenditure in the range of £135-145m
? Net finance costs of around £41-43m
? Effective tax rate in the 25-26% range
? Minority interests of between £23m and £24m
? Financial net debt at December 2024 of between £510-560m (prior to any material movements in FX or M&A).
Operating Review by 분할
To reflect the value creation drivers identified in the Intertek AAA Growth Strategy, we have enhanced our segmental disclosures and are reporting our revenue, operating profit and margin in five divisions: Consumer Products, Corporate Assurance, Health and Safety, Industry and Infrastructure and World of Energy.
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| 2023 £ m | 2022 £ m | 변화 실제 환율로 | 일정한 비율로 변화 |
| 2023 £ m | 2022 £ m | 변화 실제 환율로 | 일정한 비율로 변화 |
소비재 |
| 935.8 | 964.2 | (2.9의 %) | 1.3% |
| 246.8 | 268.5 | (8.1의 %) | (2.6의 %) |
Corporate Assurance |
| 477.5 | 450.0 | 6.1% | 9.5% |
| 109.4 | 95.5 | 14.6% | 19.2% |
건강과 안전 |
| 326.3 | 302.3 | 7.9% | 9.1% |
| 43.2 | 40.7 | 6.1% | 9.4% |
Industry and Infrastructure |
| 860.5 | 814.4 | 5.7% | 7.9% |
| 86.1 | 71.9 | 19.7% | 22.0% |
World of Energy |
| 728.6 | 662.0 | 10.1% | 11.7% |
| 65.6 | 43.5 | 50.8% | 57.3% |
그룹 |
| 3,328.7 | 3,192.9 | 4.3% | 7.1% |
| 551.1 | 520.1 | 6.0% | 10.9% |
수익 | LFL 수익 | 조정 된 영업 이익 | 조정 된 영업 마진 | |||||||||||||
2023 | 2022 | 전년 대비 % | 전년 대비 % | 2023 | 2022 | 전년 대비 % | 전년 대비 % | 2023 | 2022 | 전년 대비 % | 전년 대비 % | 2023 | 2022 | 전년 대비 % | 전년 대비 % | |
£M | £M | (actual rates) | (constant rates) | £M | £M | (actual rates) | (constant rates) | £M | £M | (actual rates) | (constant rates) | £M | £M | (actual rates) | (constant rates) | |
프로덕트 | 2,072.0 | 2,024.3 | 2.4% | 5.2% | 2,070.0 | 2,024.3 | 2.3% | 5.0% | 447.9 | 426.9 | 4.9% | 9.5% | 21.6% | 21.1% | 50bps | 80bps |
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거래 | 664.0 | 635.6 | 4.5% | 6.8% | 657.5 | 635.6 | 3.4% | 5.8% | 49.6 | 57.9 | (14.3의 %) | (7.6의 %) | 7.5% | 9.1% | (160bps) | (110bps) |
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자료 | 592.7 | 533.0 | 11.2% | 14.7% | 573.4 | 533.0 | 7.6% | 11.0% | 53.6 | 35.3 | 51.8% | 56.3% | 9.0% | 6.6% | 240bps | 240bps |
그룹 | 3,328.7 | 3,192.9 | 4.3% | 7.1% | 3,300.9 | 3,192.9 | 3.4% | 6.2% | 551.1 | 520.1 | 6.0% | 10.9% | 16.6% | 16.3% | 30bps | 60bps |
소비재 사업부
2023 | 2022 £ m | 실제 환율로 변경 | 일정한 비율로 변화 | |
수익 | 935.8 | 964.2 | (2.9의 %) | 1.3% |
유사 수익 | 935.8 | 964.2 | (2.9의 %) | 1.3% |
조정 된 영업 이익 | 246.8 | 268.5 | (8.1의 %) | (2.6의 %) |
조정 된 영업 마진 | 26.4% | 27.8% | (140bps) | (100bps) |
인터텍 가치 제안
Our Consumer Products division focuses on the ATIC solutions we offer to our clients to develop and sell better, safer, and more sustainable products to their own clients. This division was 28% of our revenue in 2023 and includes the following business lines: Softlines, Hardlines, Electrical/Connected World and Government and Trade Services (GTS).
As a trusted partner to the world's leading retailers, manufacturers and distributors, the division supports a wide range of industries including textiles, footwear, toys, hardlines, home appliances, consumer electronics, information and communication technology, automotive, aerospace, lighting, building products, industrial and renewable energy products, and healthcare.
전략
Our TQA Value Proposition provides a systemic approach to support the Quality Assurance efforts of our Consumer Products-related customers in each of the areas of their operations. To do this we leverage our global network of accredited facilities and world leading technical experts to help our clients meet high quality safety, regulatory and brand standards, develop new products, materials and technologies, as well as the import of goods in their markets, based on acceptable quality and safety standards. Ultimately, we assist them in getting their products to market quickly and safely, to continually meet evolving consumer demands.
혁신
We continue to invest in innovation to deliver a superior customer service in our Consumer Products-related businesses:
글로벌 시장 접근
24/7 access to curated and up-to-date compliance information
What it is: Global Market Access is a one-stop digital knowledge portal, developed to increase regulatory compliance for improved consumer safety and to protect corporate reputations. Covering more than 180 consumer product types for 40 different markets - from soft goods such as apparel and textiles, to hard goods such as cookware and furniture - it helps retailers and manufacturers comply with the regulations in force in different markets across the world.
Customer benefit: This self-help portal enables compliance and quality managers to obtain up-to-date regulatory, testing and recall information tailored to their needs - all in one place, with just a few clicks, instantly. Currently, we offer four e-services on the portal, including Regulatory Sheet, Test Plan, Recall Summary and Gap Analysis, all helping our customers bring their products to global markets more quickly.
Mestre Battery Xcellence Centre
Supporting sustainable transport and energy solutions worldwide
What it is: Our new Battery Xcellence Centre in Mestre, Italy, features the latest technologies for testing battery and energy storage systems, along with unrivalled industry expertise. With equipment including battery cyclers, climatic and salt-spray chambers, anti-fire containers and an altitude test chamber, the centre meets the testing needs for transportation and storage safety, functional safety, and performance for a wide range of cells and battery packs. This state-of-the-art facility in Italy joins our global network of specialist centres strategically located in key markets including the USA, China, Taiwan, India, Hong Kong and Europe.
Customer benefit: On the road to net zero, energy storage is increasingly critical, and this new facility helps customers in Italy and the South Europe region navigate the rapidly evolving regulatory environment for batteries and battery-operated products. Our Italian team will support businesses across a range of sectors - including automotive, transportation, energy and consumer goods - in taking their products from design to compliance evaluation and global market access.
Hydrogen Assurance
Expert advisory and assurance solutions for hydrogen-based projects
What it is: Our Hydrogen Assurance platform provides quality, safety and sustainability assurance across the entire hydrogen value chain, from the early stages of project feasibility and product design, through hydrogen production, delivery and storage, to end-use product compliance and certification. This includes comprehensive testing and certification of hydrogen refuelling stations and dispensing and compression systems.
Customer benefit: The platform gives our customers access to leading hydrogen expertise and engineering resources. Its design services help bring products to market, while electrolyser bankability services ensure projects are financially viable and sustainable. Combining these with guidance on regulatory and compliance requirements, Hydrogen Assurance supports the safe and successful development and execution of hydrogen-based projects.
FY 2023 실적
In 2023, our Consumer Products-related business reported revenue of £935.8m, up year-on-year by 1.3% at constant rates but down 2.9% at actual rates. We delivered operating profit of £246.8m, 2.6% lower year-on-year at constant currency and down 8.1% year-on-year at actual rates. Margin was 26.4%, down 100bps year-on-year at constant currency, the decrease attributable to the revenue decline in GTS, and the low-single digit LFL performance in Softlines and Hardlines.
· Our Softlines business delivered low-single digit LFL revenue growth benefitting from growth in e-commerce, growth in Risk-based Quality Assurance and increased investments in end-to-end sustainability.
· Hardlines reported stable LFL revenue benefitting from the growth in e-commerce, the increased consumer demand for home furniture and toys as well as the investments of our clients in sustainability.
· With increased ATIC activities driven by greater regulatory standards in energy efficiency, higher demand for medical devices and 5G investments, our Electrical & Connected World business delivered mid-single digit LFL revenue growth.
· Our GTS business provides certification services to governments in the Middle East and Africa to facilitate the import of goods in their markets, based on acceptable quality and safety standards. We saw double-digit negative LFL revenue growth globally as the expansion in the supply chain activities of our clients in the Middle East and Africa was offset by the impact of the non-renewal of two contracts in 2022.
2024년 성장 전망
In 2024, we expect our Consumer Products division to deliver low- to mid-single digit LFL revenue growth at constant currency.
Medium- to long-term growth outlook
Our Consumer Products division will benefit from growth in new brands, SKUs & e-commerce, increased regulation, a greater focus on sustainability, technology, as well as a growing middle class. We expect low- to mid-single LFL revenue growth in the medium term at constant currency.
Corporate Assurance Division
2023 £ m | 2022 £ m | 실제 환율로 변경 | 일정한 비율로 변화 | |
수익 | 477.5 | 450.0 | 6.1% | 9.5% |
유사 수익 | 475.5 | 450.0 | 5.7% | 9.0% |
조정 된 영업 이익 | 109.4 | 95.5 | 14.6% | 19.2% |
조정 된 영업 마진 | 22.9% | 21.2% | 170bps | 190bps |
인터텍 가치 제안
Our Corporate Assurance division focuses on the industry agnostic assurance solutions we offer to our clients to make their value chains more sustainable and more resilient end-to-end. This division was 14% of our revenue in 2023 and includes Business Assurance and Assuris.
전략
Business Assurance and Assuris are central to our ATIC offering and are some of the most exciting businesses within Intertek, given the increased focus on operational risk management within the value chain of every company. Intertek Business Assurance provides a full range of business process audit and support services, including accredited third-party management systems auditing and certification, second-party supplier auditing and supply chain solutions, sustainability data verification, process performance analysis and training. Assuris' global network of experts provides a global network of scientists, engineers, and regulatory specialists to provide support to navigate complex scientific, regulatory, environmental, health, safety, and quality challenges throughout the value chain of our clients.
Innovations and M&A
We continue to invest in ATIC innovations to deliver a superior customer service in our Corporate Assurance related businesses:
Intertek Inlight
Enhancing supply chain risk management and brand protection
What it is: Intertek Inlight is a comprehensive platform designed to help organisations gain a deeper understanding of their supply chain risks and sustainability. Leveraging Intertek's status as having the largest network of compliance auditors worldwide, Inlight offers a customisable assurance platform. It utilises data from over 100,000 annual audits and integrates Intertek's real-time risk analysis capabilities.
Customer benefit: The platform provides reliable information about suppliers' capabilities and compliance levels, coupled with tools for the early detection of potential risks. This functionality enables companies to develop a clear visibility and transparency of their supply chains, create detailed risk profiles for their suppliers, and make more informed decisions. Inlight is an invaluable tool for businesses aiming to protect their brand integrity, ensuring that they are working with compliant and sustainable suppliers. By offering insights into supply chain dynamics, Inlight empowers companies to navigate complex global supply networks with confidence and foresight.
그린 R&D
Balancing sustainability, safety and quality
What it is: Green R&D is a science-driven solution that offers comprehensive insights into product development, focusing on safety, quality and sustainability. It encompasses detailed performance testing, analysis, regulatory compliance and environmental assessments, providing a holistic view of a product's journey.
Customer benefit: The key benefit for customers lies in the growing demand for eco-friendly products. Today's consumers are increasingly conscious about the environmental impact of their purchases. Green R&D services enable companies to respond to this shift by ensuring their products are developed with minimal environmental impact. This approach helps companies mitigate risks and protect their brand reputation by achieving an optimal balance between product quality, safety and performance, while adhering to environmental standards. It offers a strategic advantage in a marketplace where ecological considerations are becoming increasingly pivotal.
플레이어 링크
Enhancing our People Assurance offering
What it is: PlayerLync is a leading SaaS-based platform which combines mobile content management, operational and compliance support in a single native app. In 2023, the platform became part of Intertek's People Assurance business, building on our earlier pioneering acquisition of Alchemy/Wisetail by adding robust mobile content management, communication and offline synchronisation capabilities.
Customer benefit: With approximately 80% of the global workforce operating in deskless roles today, the demand for bespoke People Assurance solutions and mobile-based learning delivered at the point of need continues to grow, driven by increasing regulation and heightened end-customer expectations. Software-based technology solutions that offer mobile training, learning and development content are therefore becoming ever more important, and the combination of Wisetail and PlayerLync is exceptionally well-placed to meet those needs.
2023 성능
In 2023, our Corporate Assurance-related business delivered revenue of £477.5m, up year-on-year by 9.5% at constant currency and 6.1% at actual rates. LFL revenue growth was 9.0% at constant currency. Operating profit was £109.4m, up 19.2% year-on-year at constant currency and up 14.6% at actual rates with a margin of 22.9%, 190bps higher year-on-year at constant currency, as we benefitted from operating leverage and productivity gains.
· Business Assurance delivered double-digit LFL revenue growth as the business saw increased investments by our clients to improve the resilience of their supply chains, the continuous focus on ethical supply and the increased need for sustainability assurance.
· The Assuris business delivered stable LFL revenue as we benefitted from improved demand for our regulatory assurance solutions and from increased corporate investments in ESG.
2024년 성장 전망
In 2024, we expect our Corporate Assurance division to deliver high-single digit LFL revenue growth at constant currency.
Medium- to long-term growth outlook
Our Corporate Assurance division will benefit from a greater corporate focus on sustainability, the need for increased supply chain resilience, enterprise cyber-security, People Assurance services and regulatory assurance. We expect high-single to double digit LFL revenue growth in the medium term at constant currency.
Health and Safety Division
2023 | 2022 £ m | 실제 환율로 변경 | 일정한 비율로 변화 | |
수익 | 326.3 | 302.3 | 7.9% | 9.1% |
유사 수익 | 319.9 | 302.3 | 5.8% | 7.0% |
조정 된 영업 이익 | 43.2 | 40.7 | 6.1% | 9.4% |
조정 된 영업 마진 | 13.2% | 13.5% | (30bps) | - |
인터텍 가치 제안
Our Health and Safety division focuses on the ATIC solutions we offer to our clients to make sure we all enjoy a healthier and safer life. This division was 10% of our revenue in 2023 and includes our AgriWorld, Food, and Chemical & Pharma business lines.
전략
Our TQA value proposition provides our Health and Safety-related customers with a systemic, end-to-end ATIC offering at every stage of the supply chain. In an industry with significant structural growth drivers, our science-based approach supports clients as the sustained demand for food safety testing activities increases along with higher demand for hygiene and safety audits in factories. Our longstanding experience and expertise in the Chemicals and Pharma industries enables clients to mitigate risks associated with product quality and safety and processes, supporting them with their product development, regulatory authorisation, chemical testing and production.
Innovations and M&A
We continue to invest in innovation to deliver a superior customer service in our Health and Safety related businesses:
Intertek and World Coffee Research
Enhancing Arabica coffee research through collaborative partnership
What it is: Our AgriTech team is collaborating with World Coffee Research ('WCR'), a leading non-profit organisation focused on improving the future of the coffee industry. We are contributing to WCR's innovative open-access database, which contains crucial genetic information on Arabica coffee. Our role involves providing specialised training in sampling techniques, performing DNA extraction, offering genotyping services and delivering comprehensive technical support.
Customer benefit: This collaboration offers significant benefits to the coffee community, including researchers, farmers and industry professionals. The availability of a centralised and accessible genetic database is set to transform the field of coffee research. It simplifies the process of identifying and authenticating coffee varieties, leading to substantial cost reductions. Our partnership with WCR not only aids in advancing agricultural technology but also helps in lowering quality control expenses, thereby contributing to the cultivation of higher-quality coffee plants. This initiative represents a major step forward in ensuring the sustainability and quality of the coffee industry.
크리스텍
Innovating to predict and prevent honey crystallisation
무엇이다 : Crystek, developed by Intertek, provides services to evaluate and estimate a honey sample's tendency to crystallise, as well as to advise on and improve the quality of the honey and its production.
고객 혜택: Honey crystallisation is a natural phenomenon where honey turns from liquid to a semi-solid state. The start of this natural process depends on the honey's characteristics and the production process. Intertek has developed a physical instrument that can be used to understand which part - characteristics or production - has the biggest impact on crystallisation, with experts available to support on-site or remotely. Intertek is one of the world-leading experts in the analysis of honey and hive products. The combination of Crystek and our unique expertise allows us to help manufacturers develop the best process to prevent crystallisation from taking place.
제어 분석
Intertek enhances presence in attractive environmental testing market
What it is: Controle Analítico is a leading provider of environmental analysis, with a focus on drinking and waste water, soil, and waste testing, based in Brazil. With heightened societal awareness around environmental health and sustainability, and population growth placing greater demand on critical infrastructure, broadening access to sanitation and clean water services has become increasingly important for stakeholders around the world.
Customer benefit: In Brazil, legislation aimed at providing at least 99% of the population with safe drinking water and 90% of all in-country households with sanitation services by the year 2033 is expected to require approximately US$128 billion of investment this decade. The acquisition of Controle Analítico in April 2023 complemented Intertek's leading Food and Agri Total Quality Assurance solutions in Brazil, expanding our presence and providing a wider and much-needed service offering in the Environmental testing market.
2023 성능
In 2023, our Health and Safety-related business reported revenue of £326.3m, up year-on-year by 9.1% at 일정한 통화 and by 7.9% at actual rates. LFL revenue growth was 7.0% at constant currency. 운영 profit of £43.2m was up 9.4% year-on-year at 일정한 통화 and 6.1% at actual rates. Due to country-mix effect in AgriWorld and investments in capability in Chemicals & Pharma, margin of 13.2% was flat year-on-year at 일정한 통화.
· AgriWorld provides inspection activities to ensure that the global food supply chain operates fully and safely. The business reported mid-single digit LFL revenue growth. We continue to see an increase in demand for inspection activities driven by sustained growth in the global food industry.
· Our Food business registered high-single digit LFL revenue growth globally resulting from increased demand for food safety testing activities and hygiene and safety audits in factories.
· In Chemicals and Pharma we saw high-single digit LFL revenue growth globally reflecting improved demand for regulatory assurance and chemical testing and from the increased R&D investments of the pharma industry.
2024년 성장 전망
In 2024, we expect our Health and Safety division to deliver mid-single digit LFL revenue growth.
Medium- to long-term growth outlook
Our Health and Safety division will benefit from the demand for healthier and more sustainable food to support a growing global population, increased regulation, and new R&D investments in the pharma industry. We expect mid- to high-single digit LFL revenue growth in the medium term at constant currency.
Industry and Infrastructure Division
2023 | 2022 £ m | 실제 환율로 변경 | 일정한 비율로 변화 | |
수익 | 860.5 | 814.4 | 5.7% | 7.9% |
유사 수익 | 860.5 | 814.4 | 5.7% | 7.9% |
조정 된 영업 이익 | 86.1 | 71.9 | 19.7% | 22.0% |
조정 된 영업 마진 | 10.0% | 8.8% | 120bps | 110bps |
인터텍 가치 제안
Our Industry and Infrastructure division focusses on the ATIC solutions our clients need to develop and build better, safer and greener infrastructure. This division was 26% of our revenue in 2023 and includes Industry Services, Minerals and Building & Construction.
전략
Our TQA value proposition helps our customers to mitigate the risks associated with technical failure or delay, ensuring that their projects proceed on time and meet the highest quality standards as demand for more environmentally friendly buildings and infrastructure grows. By helping to improve safety conditions and reduce commercial risk, our broad range of assurance, testing, inspection, certification and engineering services allows us to assist clients in protecting both the quantity and quality of their mined and drilled products.
혁신
We continue to invest in innovation to deliver a superior customer service in our Industry and Infrastructure related businesses:
Intertek Aware
Improving the safety, efficiency and performance of complex equipment
What it is: Developed through Intertek Industry Services, Intertek Aware is a Digital Twin offering which integrates data from IoT sensors, robotic feedback and powerful software, fuelled by analytics, to create an accurate visual replica of your industrial world. The software empowers energy asset owners and operators to improve reliability, increase safety, estimate remaining useful life and manage inspection data, as well as helps to reduce costs.
Customer benefit: Aware harnesses online and offline data to fuel smarter decisions on operations, maintenance, outages and inspections. The software helps to avoid forced outages, visualises problem areas and tracks risk-based inspections, failures and repairs. It also helps to meet code compliance requirements with faster, standardised documentation.
MIQ
Helping energy producers minimise methane emissions
What it is: MiQ is a leading certification standard for methane emissions. As an accredited MiQ auditor, Intertek independently certifies natural gas extraction and production facilities (onshore and offshore), using data-led grading to identify gas with higher or lower emissions. To provide a grade for a producer or facility, we evaluate methane intensity, company practices and monitoring technology.
Customer benefit: While reducing greenhouse gas emissions focuses on CO2, there is increasing awareness that methane is 80 times more potent in its first 20 years, so reducing it can have a much greater immediate effect on managing climate change. By providing grades that enable producers to differentiate their natural gas, MiQ certification promotes incentives for cutting methane emissions.
광자 분석
Enhancing efficiency and sustainability in West African gold testing
What it is: PhotonAssay is a revolutionary analytical technique, heralding a new era of speed, accuracy and safety in gold analysis. We have introduced the technology at our minerals laboratory in Tarkwa, Ghana, which is central to our decades-long support for the West African mining industry. Unlike traditional methods, PhotonAssay employs high-intensity X-rays to excite gold atoms, producing unique gamma-ray signatures, which are then measured to determine gold content.
Customer benefit: The innovative technology delivers accurate results in a fraction of the time taken by conventional methods. It also significantly reduces the use of hazardous chemicals, minimising the environmental impact of testing procedures. The PhotonAssay unit's ability to deliver rapid, accurate and environmentally conscious results will assist to improve the sustainability of our clients' operations and contribute to the region's overall economic growth.
Intertek Moody
Leveraging a legacy of engineering-based excellence
What it is: The Moody legacy is synonymous with engineering-based technical assurance. Building on a more than 100-year history, that foundational heritage of experience and expertise was reignited with the return of the Intertek Moody brand. Bringing back the brand not only harnesses its industry-leading recognition and honours one of Intertek's founding pioneers, but also reinforces the strength and stability forged by the storied Moody legacy that still drives our global expertise, pioneering industry innovations and local presence.
Customer benefit: As industries strive to meet growing global energy and infrastructure demands, the need for quality, safety and reliability is paramount. Delivering in-depth expertise and local knowledge on a global scale, Intertek Moody has a history of being where our customers need us, across the entire supply chain and all stages of a project's life cycle. Our first-class proactive and valued solutions, such as inspection, expediting and project management assistance help reduce risks, increase quality, optimise efficiency and improve safety.
2023 성능
In 2023, our Industry & Infrastructure-related business delivered revenue of £860.5m, up 7.9% at 일정한 통화 and up 5.7% at actual rates. Operating profit of £86.1m was up 22.0% year-on-year at 일정한 통화 and up 19.7% year-on-year at actual rates. Margin improved by 110bps year-on-year at 일정한 통화 에 10.0% as we benefitted from operating leverage and productivity gains.
· Industry Services includes our Capex Inspection services and Opex Maintenance services and delivered double-digit LFL revenue growth as we benefitted from increased capex investment in traditional Oil and Gas exploration and production as well as in renewables.
· The continuing high demand for testing and inspection activities drove high-single digit LFL revenue growth in our Minerals business.
· Growing demand for more environmentally friendly buildings and the increased number of infrastructure projects in North America produced mid-single digit LFL revenue growth for our Building & Construction business.
2024년 성장 전망
In 2024, we expect our Industry and Infrastructure division to deliver high-single digit LFL revenue growth at constant currency.
Medium- to long-term growth outlook
The Industry and Infrastructure division will benefit from increased investment from energy companies to meet growing demand and consumption of energy from the growing global population, the scaling up of Renewables, increase R&D investments that OEMs are making in EV/Hybrid vehicles and from the development of greener fuels. We expect mid- to high-single digit LFL revenue growth in the medium term at constant currency.
World of Energy Division
2023 | 2022 £ m | 실제 환율로 변경 | 일정한 비율로 변화 | |
수익 | 728.6 | 662.0 | 10.1% | 11.7% |
유사 수익 | 709.2 | 662.0 | 7.1% | 8.7% |
조정 된 영업 이익 | 65.6 | 43.5 | 50.8% | 57.3% |
조정 된 영업 마진 | 9.0% | 6.6% | 240bps | 260bps |
인터텍 가치 제안
Our World of Energy division focuses on the ATIC solutions we offer to our clients to develop better and greener fuels as well as renewables. This division was 22% of our revenue in 2023 and includes Caleb Brett, Transportation Technologies (TT) and Clean Energy Associates (CEA).
전략
Our TQA Value Proposition provides world leading expertise to enable our clients to benefit from the significant opportunities in the World of Energy. We do this by providing specialist cargo inspection, analytical assessment, calibration and related research and technical services to the world's petroleum and biofuels industries.
We provide rapid testing and validation services to the transportation industry, leveraging our Transportation Technologies subject matter expertise that is recognised by leading manufacturers worldwide. We evaluate everything from automobiles and energy storage to airplanes, and deliver top-tier testing for emerging markets, such as autonomous and electric/hybrid vehicles.
Our partner firm Clean Energy Associates (CEA) is a market-leading provider of Quality Assurance (QA), supply-chain traceability and technical services to the fast-growing solar energy sector. Its leading assurance service offering includes in-line monitoring that allows clients to oversee the management and traceability of their supply chains, offering a comprehensive, end-to-end service to support customers on their decarbonisation and energy sustainability journeys.
혁신
We continue to invest in innovation to deliver a superior customer service in our World of Energy related businesses:
Intertek and Zero Petroleum
Pioneering the future of synthetic, carbon-neutral fuels
무엇이다 : Intertek is collaborating with Zero Petroleum, an innovative energy company at the forefront of developing synthetic, carbon-neutral alternatives to traditional fossil fuels. Our role is vital in this partnership, as we are responsible for thoroughly assessing the composition and emissions of these synthetic fuels and verifying their compliance with stringent industry standards and regulatory requirements.
장점: The overall benefits of Zero synthetic fuels are substantial in the context of the global energy transition. These efuels, uniquely created from air and water, offer potentially unlimited scale and represent a significant advancement in moving towards cleaner, more sustainable energy sources. Designed to directly replace conventional petroleum-based fuels, they are applicable across various sectors, including transportation, aviation and agriculture. A key advantage of Zero synthetic fuels is their compatibility with existing engines, allowing for seamless integration without the necessity for any modifications or adaptations. This compatibility underscores the potential of Zero synthetic fuels to significantly contribute to reducing carbon emissions and advancing environmental sustainability.
Electrification Centre of Excellence
Supporting the move towards electric mobility
What it is: Strategically located near Detroit in the epicentre of the automotive industry, our Electrification Centre of Excellence in Plymouth, Michigan, offers some of the most extensive testing capabilities in North America for electric vehicle batteries and supply equipment. Through science-based Total Quality Assurance solutions, this facility plays a crucial role in supporting manufacturers in the transition to greener transport.
Customer benefit: With sales of electric vehicles growing rapidly, our Electrification Centre of Excellence helps meet the automotive industry's increasing need for regulatory support and safety and validation testing. As electrification technologies continue to advance, the facility will support the safety, performance and functionality of electric vehicles, battery packs, charging systems and their related components.
2023 성능
In 2023, our World of Energy-related business delivered revenue of £728.6m, up year-on-year by 11.7% at constant currency and 10.1% at actual rates. LFL revenue growth was 8.7% at constant currency. Operating profit of £65.6m was up 57.3% at constant currency and 50.8% at actual rates with margin improving by 260bps at constant currency to 9.0%, as we benefitted from operating leverage, productivity gains and portfolio mix.
? Caleb Brett, the global leader in the Crude Oil and Refined products global trading markets, benefitted from improved momentum driven by increased global mobility and higher testing activities for biofuels with high-single digit LFL revenue growth.
? Transportation Technologies delivered mid-single digit LFL revenue growth globally driven by increased investment in new powertrains to lower CO2/NOx emissions and in traditional combustion engines to improve fuel efficiency.
? Our CEA business delivered double digit LFL revenue growth, benefiting from the increased investments in solar panels which is the fastest growing form of renewable energy.
2024년 성장 전망
In 2024, we expect our World of Energy division to deliver mid-single digit LFL revenue growth at constant currency.
Medium- to long-term growth outlook
The World of Energy division will benefit from increased investment from energy companies to meet growing demand and consumption of energy from the growing global population, the scaling up Renewables, increase R&D investments that OEMs are making in EV/Hybrid vehicles and from the development greener fuels. We expect low- to mid-single digit LFL revenue growth in the medium term at constant currency.
프레젠테이션 결과
31 월 XNUMX 일 종료 연도 2023
조정 결과
명확하고 일관되며 비교 가능한 형식으로 연결실체의 성과를 표시하기 위해 특정 항목은 손익계산서에 별도로 공시됩니다. 이 보고서의 결과 표시 섹션과 주석 3에 설명된 이러한 항목은 수정된 결과에서 제외됩니다. 이 검토에서 논의된 수치(손익계산서 및 현금흐름에서 추출)는 SDI(별도공시항목) 앞에 표시됩니다.
유사 유사 수익
LFL 수익에는 소유 12개월 후의 인수가 포함되며 비즈니스 처분 및 폐쇄의 역사적 기여는 제외됩니다.
Constant exchange 요금
In order to remove the impact of currency translation from our growth figures we present revenue and profit growth at constant exchange rates. This is calculated by translating 2022 results at 2023 exchange rates.
Separately Disclosed 항목
재무제표에는 이러한 항목을 제외하면 독자에게 그룹 사업의 기본 운영 성과에 대한 명확하고 일관된 표현을 제공하기 때문에 여러 항목이 재무제표에 별도로 공개됩니다. 법정 법안과 조정된 법안의 조정은 결과 제시 섹션에서 제공됩니다.
When applicable, these SDIs include amortisation of acquisition intangibles; impairment of goodwill and other assets; the profit or loss on disposals of businesses or other significant fixed assets; costs of acquiring and integrating acquisitions; the cost of any fundamental restructuring; the costs of any significant strategic projects; material claims and settlements; and unrealised market or fair value gains or losses on financial assets or liabilities, including contingent consideration.
Adjusted operating profit excludes the amortisation of acquired intangible assets, primarily customer relationships, as we do not believe that the amortisation charge in the income statement provides useful information about the cash costs of running our business as these assets will be supported and maintained by the ongoing marketing and promotional expenditure, which is already reflected in operating costs. Amortisation of software, however, is included in adjusted operating profit as it is similar in nature to other capital expenditure. The costs associated with our cost reduction programme are excluded from adjusted operating profit where they represent changes associated with operational streamlining, technology upgrades or related asset write-offs and are costs that are not expected to reoccur. The cost reduction programme is expected to last up to five years. The impairment of goodwill and other assets that by their nature or size are not expected to recur, the profit and loss on disposals of businesses or other significant assets and the costs associated with successful, active, or aborted acquisitions are excluded from adjusted operating profit in order to provide useful information regarding the underlying performance of the Group's operations.
Details of the SDIs for the twelve months ended 31 December 2023 and the comparative period are given in note 3 to the Condensed Consolidated Financial Statements.
조정된 성과 측정에 대한 결과 조정(£m) |
2023 보고 |
2023 SDI |
2023 조정 |
2022 보고 |
2022 SDI |
2022 조정 |
운영 이익 | 486.2 | 64.9 | 551.1 | 452.4 | 67.7 | 520.1 |
운영 한계 | 14.6% | 2.0% | 16.6% | 14.2% | 2.1% | 16.3% |
순 자금 조달 비용 | (63.9) | 20.0 | (43.9) | (32.6) | 0.7 | (31.9) |
이전의 이익 세 | 422.3 | 84.9 | 507.2 | 419.8 | 68.4 | 488.2 |
소득세 비용 | (104.2) | (20.6) | (124.8) | (113.0) | (15.4) | (128.4) |
이익 year | 318.1 | 64.3 | 382.4 | 306.8 | 53.0 | 359.8 |
Cash flow from 운영 | 725.9 | 23.1 | 749.0 | 704.1 | 17.9 | 722.0 |
Cash flow from operations less net 투자 | 619.4 | 23.1 | 642.5 | 591.8 | 17.9 | 609.7 |
무료 현금 흐름 | 355.3 | 23.1 | 378.4 | 368.4 | 17.9 | 386.3 |
XNUMX인당 기본소득 몫 | 184.4p | 39.8p | 224.2p | 179.2p | 32.8p | 212.0p |
희석당 수익 몫 | 183.4p | 39.6p | 223.0p | 178.4p | 32.7p | 211.1p |
Reconciliation of 수익 | 2023 £ m | 2022 £ m | 변화 % |
보고 수익 | 3,328.7 | 3,192.9 | 4.3 |
Less: Acquisitions / disposals / closures | (27.8) | - | |
좋아하는 수익 | 3,300.9 | 3,192.9 | 3.4 |
외환의 영향 이동 | - | (83.9) | |
Like-for-like revenue at constant 통화 | 3,300.9 | 3,109.0 | 6.2 |
Reconciliation of financial net debt for adjusted EBITDA (£m) |
2023 |
2022 |
그물 빚 | (918.4) | (1,060.1) |
IFRS 16 lease 책임 | 307.8 | 322.2 |
Financial net 빚 | (610.6) | (737.9) |
Reported operating 이익 | 486.2 | 452.4 |
감가 상각 | 156.0 | 160.2 |
상각 | 19.3 | 20.3 |
EBITDA | 661.5 | 632.9 |
SDI | 64.9 | 67.7 |
조정 EBITDA | 726.4 | 700.6 |
Financial net debt / 조정 EBITDA | SR 0.8x | SR 1.1x |
일정한 통화 화해 | 2023 £ m | 2022 £ m | 변화 % |
Adjusted operating profit at actual 요금 | 551.1 | 520.1 | 6.0 |
외환의 영향 이동 | - | (23.1) | |
Adjusted operating profit at constant 요금 | 551.1 | 497.0 | 10.9 |
Adjusted diluted EPS at actual 요금 | 223.0p | 211.1p | 5.6 |
외환의 영향 이동 | - | (10.2:XNUMX)p | |
Adjusted diluted EPS at constant 요금 | 223.0p | 200.9p | 11.0 |
Diluted EPS at actual 요금 | 183.4p | 178.4p | 2.8 |
외환의 영향 이동 | - | (10.5:XNUMX)p | |
Diluted EPS at constant 요금 | 183.4p | 167.9p | 9.2 |
연간 Report
If you require a printed copy of this statement, please contact the Group Company Secretary. This statement is 또한 사용 가능한 www.intertek.com.
이용약관 주의
본 연간 보고서 및 발표에는 Intertek Group plc의 재무 상태, 결과, 운영 및 사업과 관련된 특정 미래 예측 진술이 포함되어 있습니다. 이러한 진술과 예측은 사건과 관련이 있고 미래에 발생할 상황에 따라 달라지기 때문에 위험과 불확실성을 수반합니다. 실제 결과나 발전이 이러한 미래 예측 진술 및 예측에 의해 표현되거나 암시된 것과 실질적으로 다를 수 있는 여러 요인이 있습니다. 본 발표의 어떠한 내용도 이익 예측으로 해석되어서는 안 됩니다. 과거 실적을 미래 실적의 기준으로 삼을 수는 없습니다. |
요약연결이익 성명서
31 월 XNUMX 일 종료 연도 2023
2023 | 2022 | ||||||
조정 결과 | 갈라져 공개 아이템* |
총 2023 |
조정 결과 | 갈라져 공개 아이템* |
금액 2022 | ||
노트 | £ m | £ m | £ m | £ m | £ m | £ m | |
수익 | 2 | 3,328.7 | - | 3,328.7 | 3,192.9 | - | 3,192.9 |
운영 비용 | (2,777.6) | (64.9) | (2,842.5) | (2,672.8) | (67.7) | (2,740.5) | |
그룹 운영 이익/(손실) | 2 | 551.1 | (64.9) | 486.2 | 520.1 | (67.7) | 452.4 |
재무 수입 | 3.8 | - | 3.8 | 2.2 | - | 2.2 | |
재무 비용 | (47.7) | (20.0) | (67.7) | (34.1) | (0.7) | (34.8) | |
순 자금 조달 비용 | (43.9) | (20.0) | (63.9) | (31.9) | (0.7) | (32.6) | |
Profit/(loss) before income 세 | 507.2 | (84.9) | 422.3 | 488.2 | (68.4) | 419.8 | |
소득세 (비용)/신용 | (124.8) | 20.6 | (104.2) | (128.4) | 15.4 | (113.0) | |
이익/(손실) year | 2 | 382.4 | (64.3) | 318.1 | 359.8 | (53.0) | 306.8 |
귀속 받는 사람 : |
|
|
| ||||
주식 보유자 기업 정보 | 361.7 | (64.3) | 297.4 | 341.8 | (53.0) | 288.8 | |
비 통제 관심 | 20.7 | - | 20.7 | 18.0 | - | 18.0 | |
이익/(손실) year | 382.4 | (64.3) | 318.1 | 359.8 | (53.0) | 306.8 | |
당 수입 몫 |
|
|
| ||||
Basic | 4 | 224.2p |
| 184.4p | 212.0p | 179.2p | |
희석 | 4 | 223.0p |
| 183.4p | 211.1p | 178.4p | |
배당금 year |
|
| 111.7p | 105.8p |
* 메모 참조 3.
종합의 축약 연결 명세서 수입
31 월 XNUMX 일 종료 연도 2023
2023 | 2022 | ||
노트 | £ m | £ m | |
이익 for 그 해 | 2 | 318.1 | 306.8 |
기타 종합 (비용)/수입 |
| ||
재측정 on 한정된 이익 연금 계획들 | 5 | (2.6) | 17.4 |
부가세 on 포괄적 인 수입/(비용) 항목 | 3.0 | (4.3) | |
항목 그 의지 못 be 재 분류 된 에 이익 or 오프 | 0.4 | 13.1 | |
Foreign exchange translation differences of foreign 운영 | (147.1) | 181.5 | |
그물 교환 이득/(손실) on 헤지스 그물의 투자 in 외국의 운영 | 58.8 | (120.0) | |
Loss on fair value of cash flow hedges | (0.1) | - | |
항목 그 are or 5월 be 재 분류 된 그후 에 이익 or 오프 | (88.4) | 61.5 | |
금액 other 포괄적 인 (비용)/수입 for 그 해 | (88.0) | 74.6 | |
금액 포괄적 인 수입 for 전에, year | 230.1 | 381.4 | |
귀속기간의 총포괄손익 받는 사람 : |
| ||
주식 보유자 기업 정보 | 211.6 | 363.1 | |
비 통제 관심 | 18.5 | 18.3 | |
금액 포괄적 인 수입 for 전에, year | 230.1 | 381.4 |
요약연결재무제표 위치
31월 XNUMX일 현재 2023
2023 £ m |
2022 £ m | ||
노트 | |||
자산 |
| ||
재산, 식물 및 장비 | 8 | 669.6 | 694.4 |
친선 | 7 | 1,385.8 | 1,418.4 |
기타 무형자산 자산 | 330.9 | 362.9 | |
매출 채권 및 기타 채권 | 21.8 | 21.5 | |
확정급여연금 유산 | 5 | 21.8 | 21.3 |
이연 법인세 자산 | 36.4 | 45.0 | |
총 비유동 자산 | 2,466.3 | 2,563.5 | |
재고* | 17.2 | 16.9 | |
무역 및 기타 미수금* | 725.1 | 726.4 | |
현금 및 현금 등가물 | 6 | 299.3 | 321.6 |
현재 세금 받을 수 있는 | 30.0 | 31.9 | |
총 전류 자산 | 1,071.6 | 1,096.8 | |
금액 자산 | 3,537.9 | 3,660.3 | |
부채 |
| ||
Interest bearing loans and 차입금 | 6 | (97.5) | (262.4) |
현행 세금 지불 가능 | (60.5) | (71.0) | |
임대 부채 | (69.9) | (70.6) | |
무역 및 기타 미지급금* | (735.6) | (723.2) | |
식량* | (18.0) | (15.8) | |
총 전류 부채 | (981.5) | (1,143.0) | |
Interest bearing loans and 차입금 | 6 | (812.4) | (797.1) |
임대 부채 | (237.9) | (251.6) | |
이연 법인세 부채 | (75.3) | (99.2) | |
확정급여연금 부채 | 5 | (4.8) | (2.2) |
기타 미지급금* | (30.1) | (34.6) | |
식량* | (35.8) | (14.6) | |
총 비유동 부채 | (1,196.3) | (1,199.3) | |
금액 부채 | (2,177.8) | (2,342.3) | |
그물 자산 | 1,360.1 | 1,318.0 | |
공평 |
| ||
공유 자본 | 1.6 | 1.6 | |
공유 프리미엄 | 257.8 | 257.8 | |
기타 준비금 | (127.5) | (41.3) | |
잉여금 수입 | 1,191.5 | 1,065.9 | |
주주에게 귀속되는 총자본 기업 정보 | 1,323.4 | 1,284.0 | |
비 통제 관심 | 36.7 | 34.0 | |
금액 공평 | 1,360.1 | 1,318.0 |
* Working capital of negative £78.8m (2022: negative £47.8m) comprises the asterisked items in the above Statement of Financial Position less IFRS16 lease receivable of £1.6m (2022: £2.9m).
요약 통합 변경 사항 공평
31년 2022월 XNUMX일로 종료되는 연도에 대해
Attributable to equity holders of the 기업 정보 | ||||||||
기타 보유 | ||||||||
공유 자본 | 공유 프리미엄 | 번역 비축 | 기타 | 잉여금 수입 | 금액 전에 비 제어 관심 | 비 - 제어 관심 | 금액 공평 | |
£ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | |
1월 XNUMX일 2022 | 1.6 | 257.8 | (108.9) | 6.4 | 925.1 | 1,082.0 | 32.3 | 1,114.3 |
종합 종합 수입/(비용) 위한 기간 | ||||||||
이익 | - | - | - | - | 288.8 | 288.8 | 18.0 | 306.8 |
기타 종합 수입 | - | - | 61.2 | - | 13.1 | 74.3 | 0.3 | 74.6 |
종합 종합 수입 위한 year |
- |
- |
61.2 |
- |
301.9 |
363.1 |
18.3 |
381.4 |
소유자와의 거래 회사 에서 직접 인정 공평 | ||||||||
에 의한 공헌 및 배포 전에, 소유자 회사 | ||||||||
배당 지급 | - | - | - | - | (170.6) | (170.6) | (16.6) | (187.2) |
Adjustment arising from changes in 비 제어 관심 | - | - | - | - | - | - | - | - |
자체 구매 주식 | - | - | - | - | (2.3) | (2.3) | - | (2.3) |
Tax paid on share awards 조끼1 | - | - | - | - | (4.4) | (4.4) | - | (4.4) |
주식결제형 업무 | - | - | - | - | 17.5 | 17.5 | - | 17.5 |
IFRS16 effects of deferred tax 율 변화 | - | - | - | - | (1.3) | (1.3) | - | (1.3) |
및 의 총 기여 배포 to the owners of the 회사 |
- |
- |
- |
- |
(161.1) |
(161.1) |
(16.6) |
(177.7) |
31월 XNUMX일 2022 | 1.6 | 257.8 | (47.7) | 6.4 | 1,065.9 | 1,284.0 | 34.0 | 1,318.0 |
1월 XNUMX일 2023 |
1.6 |
257.8 |
(47.7) |
6.4 |
1,065.9 |
1,284.0 |
34.0 |
1,318.0 |
종합 종합 (비용)/소득 위한 기간 | ||||||||
이익 | - | - | - | - | 297.4 | 297.4 | 20.7 | 318.1 |
기타 종합 (비용)/수입 | - | - | (86.1) | (0.1) | 0.4 | (85.8) | (2.2) | (88.0) |
종합 종합 (비용)/수입 위한 year |
- |
- |
(86.1) |
(0.1) |
297.8 |
211.6 |
18.5 |
230.1 |
Transactions with owners of 전에, company recognised directly in 공평 | ||||||||
에 의한 공헌 및 배포 전에, 소유자 회사 | ||||||||
배당 지급 | - | - | - | - | (176.3) | (176.3) | (15.1) | (191.4) |
Adjustment arising from changes in 비 제어 관심 | - | - | - | - | - | - | (0.7) | (0.7) |
자체 구매 주식 | - | - | - | - | (11.6) | (11.6) | - | (11.6) |
Tax paid on share awards 조끼1 | - | - | - | - | (5.6) | (5.6) | - | (5.6) |
주식결제형 업무 | - | - | - | - | 21.2 | 21.2 | - | 21.2 |
Income tax on equity-settled 업무 | - | - | - | - | 0.1 | 0.1 | - | 0.1 |
회사 소유주에 대한 총 기부 및 분배 |
- |
- |
- |
- |
(172.2) |
(172.2) |
(15.8) |
(188.0) |
31월 XNUMX일 2023 | 1.6 | 257.8 | (133.8) | 6.3 | 1,191.5 | 1,323.4 | 36.7 | 1,360.1 |
1 The tax paid on share awards vested is related to settlement of the tax obligation by the Group via the sale of a portion of the equity-settled 주식.
The £115.5m dividend paid on 15 June 2023 represented a final dividend of 71.6p per ordinary share in respect of the year ended 31 December 2022. The £115.5m dividend paid on 17 June 2022 represented a final dividend of 71.6p per ordinary share in respect of the year ended 31 December 2021. No ordinary shares were issued in the period to satisfy the vesting of share awards.
요약 연결 현금 명세서 흐름
31 월 XNUMX 일 종료 연도 2023
2023 |
2022 | ||
노트 | £ m | £ m | |
영업현금흐름 방과 후 액티비티 |
| ||
이익 year | 2 | 318.1 | 306.8 |
조정 용 : |
| ||
감가 상각 요금 | 156.0 | 160.2 | |
상각 소프트웨어 | 19.3 | 20.3 | |
Amortisation of acquisition 무형자산 | 34.2 | 34.8 | |
Impairment of goodwill and other assets | 2.6 | 15.3 | |
주식결제형 업무 | 21.2 | 17.5 | |
순 자금 조달 비용 | 63.9 | 32.6 | |
소득세 비용 | 104.2 | 113.0 | |
Profit on disposal of property, plant, equipment and 소프트웨어 | (3.2) | (0.4) | |
Operating cash flows before changes in working capital and 운영 식량 | 716.3 | 700.1 | |
에서 변경 재고품 | (1.2) | (0.8) | |
Change in trade and other 채권 | (41.2) | (54.3) | |
Change in trade and other 미지급금 | 47.7 | 61.1 | |
에서 변경 식량 | 4.3 | - | |
Special contributions into pension 계획들 | - | (2.0) | |
에서 발생한 현금 운영 | 725.9 | 704.1 | |
Interest and other finance expense 지급 | (71.9) | (37.5) | |
소득세 지급 | (119.0) | (106.7) | |
영업에서 발생한 순현금흐름 활동* | 535.0 | 559.9 | |
투자로 인한 현금 흐름 방과 후 액티비티 |
| ||
Proceeds from sale of property, plant, equipment and 소프트웨어* | 11.5 | 4.2 | |
관심 received* | 3.5 | 2.2 | |
현금 제외 자회사 취득 접수 | (40.5) | (63.2) | |
Consideration paid in respect of prior year 인수 | (2.7) | - | |
Acquisition of property, plant, equipment, 소프트웨어* | 8 | (116.9) | (116.5) |
투자에 사용된 순현금흐름 방과 후 액티비티 | (145.1) | (173.3) | |
자금조달 현금흐름 방과 후 액티비티 |
| ||
자체 구매 주식 | (11.6) | (2.3) | |
Tax paid on share awards 조끼 | (5.6) | (4.4) | |
드로 다운 차입금 | 160.5 | 477.2 | |
상환 차입금 | (249.6) | (536.8) | |
임대차 상환 부채* | (77.8) | (81.4) | |
비지배지분 매입 | (0.7) | - | |
비지배지분에 대한 배당금 | (15.1) | (16.6) | |
주식 배당금 지급 | (176.3) | (170.6) | |
Net cash flows generated from/(used in) financing 방과 후 액티비티 | (376.2) | (334.9) | |
현금 및 현금 순증가 등가물 | 6 | 13.7 | 51.7 |
1의 현금 및 현금 등가물 일월 | 6 | 320.7 | 264.0 |
환율 변동이 현금에 미치는 영향 개최 | 6 | (35.8) | 5.0 |
31의 현금 및 현금 등가물 XNUMX월 | 6 | 298.6 | 320.7 |
* Free cash flow of £355.3m (2022: £368.4m) comprises the asterisked items in the above Statement of Cash 흐름.
£749.0m(2022년: £722.0m)의 영업으로 인한 조정 현금 흐름은 £725.9m(2022년: £704.1)의 별도로 공개 항목과 관련된 현금 유출 이전에 £23.1m(2022년: £17.9m)의 영업에서 창출된 법정 현금으로 구성됩니다. 중).
요약 연결 재무에 대한 주석 명세서
1. Basis of 준비
보고 주체
The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2023 and 2022 but is derived from the 2023 accounts. A full copy of the 2023 Annual Report and Accounts will be available online at www.intertek.com in March 2024. Statutory accounts for 2022 have been delivered to the Registrar of Companies, and those for 2023 will be delivered in due course. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and (iii) did not contain statements under Sections 498(2) or 498(3) of the Companies Act 2006.
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on management's best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change.
중요한 회계 정책
There are no significant new accounting standards that have a material effect on the results of the Group.
주요 추정 및 불확실성
재무제표를 작성하려면 경영진이 회계 정책의 적용과 보고된 자산 및 부채 금액, 수익 및 비용에 영향을 미치는 판단, 추정 및 가정을 해야 합니다. 실제 결과는 이러한 추정치와 다를 수 있습니다.
In preparing these Condensed Consolidated Financial Statements, the key sources of estimation were impacted with levels of estimation uncertainty in relation to assumptions used in:
· impairment assessments (e.g. cash flow projections, long-term growth, discount rate); and
· employee post-retirement benefit 은혜.
위험과 불확실성
그룹은 다양한 비즈니스 라인과 다양한 지역에 걸쳐 광범위한 고객 기반을 보유하고 있으며 탄탄한 대차대조표와 탄탄한 운영 현금 흐름으로 뒷받침됩니다.
The Board has reviewed the Group's financial forecasts up to 31 December 2025 to assess both liquidity requirements and debt covenants.
또한, 2024년과 2025년에 대한 그룹의 재무 예측과 관련 유동성 상태 및 채무 약정 준수 예측은 경제 상황의 심각하지만 그럴듯한 하락에 민감하게 반응했습니다(예: 30% 감소라는 예시적인 민감도 시나리오 포함). 기본 이익 예측 및 각 연도의 현금 흐름 예측에 대한 해당 영향). 또한 역스트레스 테스트도 모델에 적용했는데, 이는 30% 하방 민감도에 비해 현금 흐름이 크게 감소한 것을 나타냅니다. 이러한 시나리오는 원격으로 간주됩니다. 이사회는 그룹의 자금 조달 및 유동성 상태에 여전히 만족하고 있으며, 그룹은 30%의 하방 민감도에도 불구하고 약정된 시설을 유지하고 부채 약정을 준수할 것으로 예상합니다. 민감도 모델링에서는 경영진이 통제할 수 있고 필요하다고 간주되는 경우 시작될 수 있는 추가적인 완화 조치(예: 배당금 현금 지급, 비필수 간접비 및 비약속 자본 지출)를 제외합니다.
The undrawn headroom on the Group's committed borrowing facilities at 31 December 2023 was £664.3m (2022: £707.3m). The maturity of our borrowing facilities is disclosed in Note 14 of the financial statements with repayment of two senior notes totalling US$125m required by 31 December 2024. Our models forecast these to be repaid using existing facilities. Full details of the Group's borrowing facilities and maturity profile are outlined in note 14 of the Annual Report and Accounts.
On the basis of its forecasts to 31 December 2025, both base case and severe yet plausible downside, and available facilities, the Board has concluded that there are no material uncertainties over going concern, including no anticipated breach of covenants, and therefore the going concern basis of preparation continues to be appropriate.
외국의 운영
취득 시 발생하는 영업권 및 공정가치 조정을 포함한 해외 사업장의 자산과 부채는 보고일 현재 환율을 기준으로 영국 파운드화로 환산됩니다. 해외 사업의 수입과 지출은 해당 연도의 누적 평균 환율을 기준으로 영국 파운드로 환산됩니다.
The most significant currencies for the Group were translated at the following exchange 요금:
자산 및 부채 | 소득과 경비 | |||
실제 거주비용 | Cumulative average 요금 | |||
가치 £1 | 2023 | 2022 | 2023 | 2022 |
US 달러 | 1.28 | 1.20 | 1.24 | 1.24 |
유로 | 1.15 | 1.13 | 1.15 | 1.17 |
중국어 인민폐 | 9.14 | 8.45 | 8.81 | 8.31 |
香港 달러 | 10.00 | 9.37 | 9.71 | 9.68 |
호주의 달러 | 1.87 | 1.78 | 1.87 | 1.78 |
2. 운영 세그먼트
근무지에서 발생 분석
The Group is organised into business lines, which are the Group's operating segments and are reported to the CEO, the chief operating decision maker. These operating segments are aggregated into five segments, which are the Group's reportable segments, based on similar nature of products and services and mid- to long-term structural growth drivers. When aggregating operating segments into the five segments we have applied judgement over the similarities of the services provided, the customer-base and the mid- to long-term structural growth drivers. The costs of the corporate head office and other costs which are not controlled by the five segments are allocated appropriately. A description of the activity in each segment is given in the Operating Review by Division.
The results of the segments are shown 아래 :
31 월 XNUMX 일 종료 연도 2023 | 수익 에 외부 고객 £ m | 감가 상각 과 소프트웨어 상각 £ m | 조정 운영 이익 £ m | ||
갈라져 공개 항목 £ m | 운영 이익 £ m | ||||
소비재 | 935.8 | (55.4) | 246.8 | (15.1) | 231.7 |
Corporate Assurance | 477.5 | (14.0) | 109.4 | (26.2) | 83.2 |
건강과 안전 | 326.3 | (21.7) | 43.2 | (4.9) | 38.3 |
Industry and Infrastructure | 860.5 | (32.3) | 86.1 | (9.5) | 76.6 |
World of Energy | 728.6 | (51.9) | 65.6 | (9.2) | 56.4 |
금액 | 3,328.7 | (175.3) | 551.1 | (64.9) | 486.2 |
그룹 운영 이익 | 551.1 | (64.9) | 486.2 | ||
순 자금 조달 비용 | (43.9) | (20.0) | (63.9) | ||
소득 전 이익 세 | 507.2 | (84.9) | 422.3 | ||
소득세 (비용)/신용 | (124.8) | 20.6 | (104.2) | ||
이익 year | 382.4 | (64.3) | 318.1 |
31 월 XNUMX 일 종료 연도 2022 | 수익 에 외부 고객 £ m | 감가 상각 과 소프트웨어 상각 £ m | 조정 운영 이익 £ m | ||
갈라져 공개 항목 £ m | 운영 이익 £ m | ||||
소비재 | 964.2 | (58.0) | 268.5 | (11.0) | 257.5 |
Corporate Assurance | 450.0 | (12.1) | 95.5 | (26.4) | 69.1 |
건강과 안전 | 302.3 | (22.2) | 40.7 | (6.2) | 34.5 |
Industry and Infrastructure | 814.4 | (33.6) | 71.9 | (11.9) | 60.0 |
World of Energy | 662.0 | (54.6) | 43.5 | (12.2) | 31.3 |
금액 | 3,192.9 | (180.5) | 520.1 | (67.7) | 452.4 |
그룹 운영 이익 | 520.1 | (67.7) | 452.4 | ||
순 자금 조달 비용 | (31.9) | (0.7) | (32.6) | ||
소득 전 이익 세 | 488.2 | (68.4) | 419.8 | ||
소득세 (비용)/신용 | (128.4) | 15.4 | (113.0) | ||
이익 year | 359.8 | (53.0) | 306.8 |
3. Separately Disclosed Items (SDIs)
2023 £ m |
2022 £ m | ||
운영 비용 | |||
Amortisation of acquisition 무형자산 | (A) | (34.2) | (34.8) |
취득 및 통합 비용 | (비) | (8.3) | (5.5) |
구조 조정 비용 | (C) | (22.4) | (27.4) |
총 운영 비용 | (64.9) | (67.7) | |
순 자금 조달 비용 | (D) | (20.0) | (0.7) |
Total before income 세 | (84.9) | (68.4) | |
Income tax credit on Separately Disclosed 항목 | (E) | 20.6 | 15.4 |
금액 | (64.3) | (53.0) |
Refer to the Presentation of Results section for further details on SDI
(A) Of the amortisation of acquisition intangibles in the current period, £0.4m relates to the customer relationships acquired with the purchase of Controle Analítico Análises Técnicas Ltda and £0.3m relates to the customer relationships, trade names and technology acquired with the purchased of PlayerLync Holdings, Inc. in 2023.
(비) Acquisition and integration costs comprise £4.7m (2022: £1.8m) for transaction and integration costs in respect of successful, active and aborted acquisitions in the current year, and £3.6m in respect of prior-years' acquisitions (2022: £3.7m).
(C) During 2022, the Group initiated the first year of a cost reduction programme. In 2023, costs of £22.4m (2022: £27.4m) were associated with operational streamlining which included consolidating sites and offices, streamlining headcount and related asset write-offs.
(D) Net financing costs of £20.0m (2022: £0.7) relate to the unwinding of discount and changes in the fair value of contingent consideration in relation to acquisitions. The increase in fair value of contingent consideration predominantly relates to the CEA acquisition made in 2022, with strong EBITDA performance during the year driving an increase in the expected amount payable in 2024.
(E) Income tax Credit on SDIs totalled £20.6m (2022: £15.4m) mainly relating to deferred tax impact of the movement in amortisation on 만질 수 없는.
4. 주당순이익 (주당 순 이익)
2023 £ m | 2022 £ m | |
Based on the profit for the 년: |
| |
Profit attributable to ordinary 주주 | 297.4 | 288.8 |
Separately Disclosed Items after tax (note 3) | 64.3 | 53.0 |
조정 수입 | 361.7 | 341.8 |
주식수 (millions): |
| |
Basic weighted average number of ordinary 주식 | 161.3 | 161.2 |
Potentially dilutive share 상 | 0.9 | 0.7 |
희석된 가중 평균 수 주식 | 162.2 | 161.9 |
XNUMX인당 기본소득 몫 |
184.4p |
179.2p |
Potentially dilutive share 상 | (1.0p) | (0.8p) |
희석당 수익 몫 | 183.4p | 178.4p |
조정된 기본 수입 몫 |
224.2p |
212.0p |
Potentially dilutive share 상 | (1.2p) | (0.9p) |
당 조정된 희석 수입 몫 | 223.0p | 211.1p |
5. Pension schemes
The significant actuarial assumptions used in the valuation of the Group's material defined benefit pension schemes as at 31 December 2023 have been reviewed. The discount and inflation rates used to value the pension liabilities, as well as the updated asset valuations and the net pension liabilities, have not moved materially since 31 December 2022. A net actuarial loss before taxation of £2.6m (2022: £17.4m gain) has been recognised in the consolidated statement of comprehensive income. The net pension asset stands at £21.8m for the UK pension scheme (2022: £21.3m) and a net pension liability of £4.8m for the Swiss pension scheme as at 31 December 2023 (2022: £2.2m).
The total expense recognised in the consolidated income statement for the Group's material defined benefit pension schemes of £0.2m (2022: £1.8m) includes the current service cost and administration expenses of £1.2m (2022: £1.9m) recognised in operating profit, and net pension interest income of £1.0m (2022: £0.1m) recognised in net financing costs.
6. Analysis of net 빚
2023 £ m |
2022 £ m | |
Cash and cash equivalents per the statement of financial 위치 | 299.3 | 321.6 |
초과 인출 | (0.7) | (0.9) |
Cash per the statement of cash 흐름 | 298.6 | 320.7 |
구성 요소 of 그물 빚 are outlined 아래 :
1 일월 2023 £ m | 현금 흐름
£ m | 비현금 조정 £ m | 교환 조정 £ m | 31 XNUMX월 2023 £ m | |
현금 | 320.7 | 13.7 | - | (35.8) | 298.6 |
차입금 : | |||||
Revolving credit facility US$850m 2027 | - | 2.2 | - | (2.2) | - |
Senior notes US$160m 2023 | (133.1) | 125.2 | - | 8.0 | - |
Acquisition facility 'A' AU$88.0m 2023 | (49.4) | 44.9 | - | 4.5 | - |
Acquisition facility 'A' US$96.9m 2023 | (80.6) | 75.1 | - | 5.5 | - |
Senior notes US$125m 2024 | (104.0) | - | - | 6.3 | (97.7) |
Senior notes US$120m 2025 | (99.8) | 2.2 | - | 3.8 | (93.8) |
75년 시니어 노트 미화 2026만 달러 | (62.4) | - | - | 3.8 | (58.6) |
150년 시니어 노트 미화 2027만 달러 | (124.8) | - | - | 7.6 | (117.2) |
165년 시니어 노트 미화 2028만 달러 | (137.3) | - | - | 8.2 | (129.1) |
165년 시니어 노트 미화 2029만 달러 | (137.3) | - | - | 8.3 | (129.0) |
160년 시니어 노트 미화 2030만 달러 | (133.1) | - | - | 8.1 | (125.0) |
Senior notes EUR?120m 2026 | - | (104.1) | - | - | (104.1) |
Senior notes EUR?25m 2027 | - | (21.7) | - | - | (21.7) |
Senior notes EUR?400m 2028 | - | (34.7) | - | - | (34.7) |
다른* | 3.2 | - | (1.6) | - | 1.6 |
금액 차입금 | (1,058.6) | 89.1 | (1.6) | 61.9 | (909.2) |
Total financial net 빚 | (737.9) | 102.8 | (1.6) | 26.1 | (610.6) |
임대 책임 | (322.2) | 77.8 | (78.3) | 14.9 | (307.8) |
총 순 빚 | (1,060.1) | 180.6 | (79.9) | 41.0 | (918.4) |
* 기타 포함 un저지른 차입금 of £ 0.8m (2021 : £08m) 과 시설 요금 of £ 2.4m (2022 : £4.0엠).
2023 £ m |
2022 £ m | |
Borrowings due in less than one year | 96.8 | 261.5 |
Borrowings due in one to two 년 | 93.2 | 103.0 |
Borrowings due in two to five 년 | 464.6 | 286.0 |
Borrowings due in over five 년 | 254.6 | 408.1 |
금액 차입금 | 909.2 | 1,058.6 |
설명 차입금
Total undrawn committed borrowing facilities as at 31 December 2023 were £664.3m (2022: £707.3m).
키 시설
US$850m revolving credit 시설
XNUMXD덴탈의 Group has a US$850m multi-currency revolving credit facility, which is the Group's principal facility and in December 2021 was extended from 2026 to 2027. Advances under the facility bear interest at a rate equal to relevant risk-free rate, or their local currency equivalents, plus a margin, depending on the Group's financial leverage. Drawings under this facility at 31 December 2023 were £nil (2022: £nil).
US$692m Acquisition 시설
In May 2021 the Group agreed a US$692m multi-currency acquisition facility to finance the acquisition of SAI Global with £357.4m repaid in March 2022 and the balance of £130.0m repaid in September 2023. Advances under the facility bear interest at a rate equal to USD LIBOR or AUD BBSW, plus a margin. Drawings under this facility at 31 December 2023 were £nil (2022: £130.0m).
프라이빗 투어 게재 채권
In October 2011 the Group issued US$140m of senior notes repaid on 18 January 2022 at a fixed annual interest rate of 3.75% and US$105m repayable on 18 January 2024 at a fixed annual interest rate of 3.85%, funded from the existing revolving credit facility.
In February 2013 the Group issued US$80m of senior notes. These notes were issued in two tranches with US$40m repaid on 14 February 2023 at a fixed annual interest rate of 3.10% and US$40m repayable on 14 February 2025 at a fixed annual interest rate of 3.25%.
In July 2014 the Group issued US$110m of senior notes. These notes were issued in four tranches with US$15m repaid on 31 July 2021 at a fixed annual interest rate of 3.37%, US$20m repayable on 31 July 2024 at a fixed annual interest rate of 3.86%, US$60m repayable on 31 October 2026 at a fixed annual interest rate of 4.05% and US$15m repayable on 31 December 2026 at a fixed annual interest rate of 4.10%.
In December 2020 the Group issued US$200m of senior notes. These notes were issued in two tranches with US$120m repaid on 2 December 2023 at a fixed annual interest rate of 1.97% and US$80m repayable on 2 December 2025 at a fixed annual interest rate of 2.08%.
In December 2021 the Group issued US$640m of senior notes. These notes were issued in four tranches with US$150m repayable on 13 January 2027 at a fixed annual interest rate of 2.24%, US$165m repayable on 15 March 2028 at a fixed annual interest rate of 2.33%, US$165m repayable on 15 March 2029 at a fixed annual interest rate of 2.47% and US$160m repayable on 15 March 2030 at a fixed annual interest rate of 2.54%.
In December 2023 the Group issued EUR?185m of senior notes. These notes were issued in three tranches with EUR?120m repayable on 21 December 2026 at a fixed annual interest rate of 3.94%, EUR?25m repayable on 21 December 2027 at a fixed annual interest rate of 3.89% and EUR?40m repayable on 21 December 2028 at a fixed annual interest rate of 3.88%.
7. Acquisition of 사업
(A) 취득
The Group completed two acquisitions in 2023 (2022: one).
On 31 March 2023, the Group acquired Controle Analítico Análises Técnicas Ltda (Controle Analítico), a leading provider of environmental analysis based in Brazil, for a purchase price of £18.8m (£18.3m net of cash acquired), generating goodwill of £13.2m.
On 9 August 2023, the Group acquired PlayerLync Holdings, Inc. (PlayerLync), a leading SaaS- based platform based in the USA, for a purchase price of £28.5m (£25.9m net of cash acquired), generating goodwill of £17.0m.
(비) 이전 기간 인수
£2.7m (2022: £nil) was paid during the period in respect of prior period 인수.
(C) Details of 2022 인수
One acquisition was made during 2022. Full details of the acquisition made in the year ended 31 December 2022 are disclosed in note 10 to the Annual Report.
(D) 손상
Goodwill generated from past acquisitions has been tested annually as required by accounting standards. No impairments were identified during the period and as such no impairment charge was recorded (2022: nil).
(E) Reconciliation of goodwill
£ m | |
1월 XNUMX일 영업권 2023 | 1,418.4 |
추가 | 30.2 |
Transfers | 0.3 |
외국의 교환 | (63.1) |
31월 XNUMX일 영업권 2023 | 1,385.8 |
8. Property, plant, equipment and 소프트웨어
추가
During the year, the Group acquired fixed assets with a cost of £181.5m (2022: £197.9m). The Group acquired £2.2m of fixed assets through business combinations (2022: £0.1m). At 31 December 2023, the IFRS 16 right of use asset is £286.6m (2022년: 297.6만 파운드).
9. Subsequent 이벤트
On 18 January 2024, funded from the existing revolving facility, a $105m senior note at a fixed annual interest rate of 3.85% was repaid.
During February 2024, following a review of the United Kingdom pension Scheme's investment strategy and funding level, the Trustee approved changes to the Scheme's asset allocation by class, as described in note 16 of the 2023 Annual Report and Accounts.
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