The weak oil and gas sector has led to a big impact on Intertek’s bottom line as it booked a £307.7million loss for 2015 – compared with a £252million profit the year before.
The FTSE listed company incurred a big impairment charge after its testing, inspection and certification services contributing to the loss.
The loss was driven by a £577million non-cash impairment charge Intertek on past acquisitions as a result of the difficulties facing its oil and gas-related businesses.
Revenue increased to £2.17 billion £2.09 billion.
Underlying pretax profit, not including the impairment charge increased to £319.2Million from £300.2million.
Intertek said it would increase its final dividend to shareholders with a full year dividend per share of 52.3p , an increase of 6.5%.
The company, which carries out inspection, testing and certification services for a host of industries reported growth in its consumer division and improved margins in its commodities and chemicals divisions.
Intertek chief executive Andre Lacroix, said: ““The group has delivered a solid performance during 2015 with improved revenue and profit driven by a strong
performance across our product and trade-related businesses which represent 90% of the Group’s earnings.
“The group remains strongly cash generative and we have delivered an operating cash flow of £466million which was up by 15% year on year.
“We have continued to invest in growth with capex initiatives and acquisitions targeting business lines and countries with good growth and margin prospects.”
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