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Asia Markets

British Equities Gain Ahead of Key Economic Releases; Halma Stock Plummets

London's FTSE 100 rallied 0.48% on Thursday's close ahead of Friday's release of key UK economic data, including April gross domestic product figures that could offer clues on the economy's strength and the Bank of England's policy path."We expect the Monetary Policy Committee to hold Bank Rate at 3.75% at next week's meeting on June 18," Oxford Economics UK said. "The vote split will probably be slightly narrower than in April's decision, with Megan Greene likely to join Huw Pill in voting for a hike due to shared concerns that second-round effects could prove larger than expected."Elsewhere, the European Central Bank raised its three key interest rates by 25 basis points at its June meeting, citing inflationary pressures linked to the Middle East conflict. The move marked the ECB's first rate increase since 2023.On the economic front, the Royal Institution of Chartered Surveyors house price balance stood at -35% in May 2026, unchanged from the revised April 2026 reading. The figure missed the consensus estimate of -31% and remained the weakest since November 2023."The May RICS survey is best described as a market trying to stop the bleeding rather than one that is healing," RBC Capital Markets said. "The headline numbers remain deeply negative across demand, supply and prices, but the direction of travel is at least no longer uniformly downward. For the first time since January, new buyer enquiries and agreed sales stopped falling further into negative territory, both holding steady month- on-month at net balances of -34% and -37% respectively."In corporate news, Intertek Group (ITRK.L) climbed 1.65% after Swedish private equity firm EQT secured an extension of the deadline to make a firm offer for the British assurance, testing, and certification company to June 18.Halma (HLMA.L) fell 15.38%, making it the index's worst performer, despite reporting higher fiscal 2026 attributable profit and revenue year over year. The life-saving technology group also expects low double-digit organic revenue growth in constant currency for fiscal 2027.Geopolitical risks also remained in focus as the US and Iran traded fresh attacks for a second day, raising concerns over regional stability and potential disruptions to global energy supplies despite ongoing diplomatic efforts.

FTSE 100$HLMA.L$ITRK.L
Research

Oddo BHF Downgrades Intertek Group to Neutral, Boosts PT

Oddo BHF on Tuesday downgraded assurance, testing, and certification company Intertek Group (ITRK.L) to neutral from outperform while raising its price target to 60 pounds sterling from 50 pounds.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$ITRK.L
Asia Markets

UK Shares Gain as Market Weighs King's Speech, Political Developments

London's FTSE 100 closed 0.35% higher on Wednesday as investors assessed political developments in the UK, including King Charles III's Speech and cabinet resignations, while awaiting gross domestic product and other economic data due on Thursday."During yesterday's cabinet meeting, PM Starmer reiterated his call that he would stay on despite the number of [members of parliament] wanting Starmer to quit crossing the 81 required to mark a leadership challenge if they coalesced around a candidate. It's important to note that any calls or letters for Starmer to resign don't trigger anything unless MPs explicitly back an alternative candidate. So even as four ministers resigned from government yesterday, it does look increasingly possible that he will see this through for now, with Polymarket odds of Starmer leaving by June 30 down to 33% this morning from as high as 80% on Monday night," Deutsche Bank Research said.In parliament, the King's Speech outlined the government's legislative agenda for the parliamentary session, including stronger ties with the European Union and measures focused on economic growth, housing, energy security, and public sector reform.In corporate news, assurance, testing, and certification company Intertek Group (ITRK.L) halted its strategic review as it plans to facilitate Swedish private equity giant EQT with confirmatory due diligence ahead of a final takeover agreement. The stock closed at one of the top spots on the blue-chip index, gaining 5.28%."Since we cannot be certain that a firm offer will follow the confirmatory due diligence set to occur through the [put up or shut up] period (likely now extended to 11th June), we lower our rating to Sector Perform [from outperform]," RBC Capital Markets said.Meanwhile, Spirax Group (SPX.L) was down 1.74% after maintaining its 2026 guidance for organic growth in group revenue while flagging a "weak [industrial production] environment." For the first four months ended April 30, the British thermal energy and fluid technology company logged mid-single-digit organic growth in group revenue, in line with expectations.Next, investors await GDP numbers for March, which are widely expected to show a yearly ease in economic growth to 0.7% from 1% in February and a monthly contraction of 0.2% after a 0.5% rise previously.

FTSE 100$ITRK.L$SPX.L
Research

RBC Capital Downgrades Intertek Group to Sector Perform

RBC Capital on Wednesday downgraded the testing laboratories company Intertek Group (ITRK.L) to sector perform from outperform and kept its price target at 58.50 pounds sterling.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$ITRK.L
UK's Intertek Group 'Minded to Recommend' EQT's Final Takeover Bid
US Markets

UK's Intertek Group 'Minded to Recommend' EQT's Final Takeover Bid

Intertek Group (ITRK.L) is now likely to accept EQT's (EQT.ST) final takeover proposal after the Swedish private equity giant raised its bid once again following three previously rejected offers.Following the news, Intertek shares gained nearly 7% in London as of midday Wednesday, while those of EQT were little changed in Stockholm.Under the latest and improved bid, EQT, via its EQT X EUR SCSp and EQT X USD SCSp funds, offered Intertek shareholders 60 pounds sterling per share in cash, according to a Wednesday release. Prior to this, Intertek's board "unanimously and unequivocally" rejected EQT's earlier offers of 58 pounds per share, 54 pounds per share, and 51.50 pounds per share.The UK-based quality assurance provider said its board "carefully evaluated" EQT's final conditional proposal after "significant" engagement with its shareholders, concluding that it would be "minded to recommend" the sweetened bid if a firm offer is made. Intertek will now grant EQT access to confirmatory due diligence and temporarily halt its ongoing strategic review.Under the terms of the proposed deal, Intertek shareholders would receive and retain the recommended final dividend of up to 1.077 pounds per share for 2025 if approved at the group's May 20 annual general meeting."The strategic review announced by ITRK on April 14th has made a sale or breakup of the Intertek portfolio a live possibility. We see preserving the status quo as the least likely outcome of the review and think that a take-private, trade sale or demerger of the 'Energy & Infrastructure' (E&I) assets all potentially have their merits, though see a trade sale to a listed player as a lower probability given the heightened geopolitical uncertainty at present," analysts at RBC Capital Markets said in a note. "Against this uncertainty, we think it likely that ITRK investors would vote in favour of the EQT proposal in the event it moves to a firm offer."EQT has until June 11 to announce a firm intention to make an offer for Intertek or withdraw its bid.

$EQT.ST$ITRK.L
Asia Markets

UK Shares Flat Amid Growing Political Uncertainty; Intertek Shines

British equities were little changed on Tuesday, with the FTSE 100 down 0.04% at closing, as political uncertainty surrounding Prime Minister Keir Starmer and fresh signs of weakness in the retail sector weighed on sentiment.Four ministers have resigned from the government, adding to concerns over instability within the Labour administration and fueling speculation about Starmer's leadership."A growing rebellion against UK Prime Minister Keir Starmer staying on as Prime Minister could force him to resign and generate significant policy uncertainty. A ballot of grassroots Labour party members would decide his replacement, risking a leftward pivot in policy and a lesser commitment to fiscal consolidation. This would likely put downward pressure on UK asset prices in the near term," Berenberg Senior UK Economist Andrew Wishart said.Across the UK's retail sector, sales dropped 3.4% year over year on a like-for-like basis in April 2026, against the 3.1% rise in the previous month, according to data from the British Retail Consortium. The reading, which missed market expectations of a 0.8% increase, marked the first fall in retail activity since November 2024."April's sales fall was largely driven by the Easter shift, with food hit hardest. But weak consumer confidence also played a role as fears about the Middle East conflict driving up living costs led shoppers to rein in. Big-ticket purchases fell, with the recent recovery in furniture losing steam, and uncertainty around summer holidays hitting discretionary spend. With the World Cup coming, retailers hope it will provide a lift, and early signs show demand for TVs and sound systems picking up," BRC Senior Analyst Ian Bendelow said.In corporate news, telecommunications company Vodafone (VOD.L) said its loss attributable to owners of the parent for the 12 months ended March 31 shrank to 397 million euros from 4.17 billion euros year over year amid an increase in revenue. Vodafone was down 7.02%, becoming the blue-chip index's worst performer.On the upside, Intertek Group (ITRK.L) was the top stock, rising 6.43%, after receiving a fourth and final proposal from Swedish private equity giant EQT of 60 pounds sterling per share in cash plus Intertek's planned 2025 final dividend of up to 1.077 pounds per share. The British assurance, testing, and certification company's board rejected EQT's previous offer of 58 pounds per share in cash."ITRK's shares have not been above GBP60 since Q221 and have materially lagged key benchmarks and peers until recently," RBC Capital Markets said. "We see EQT's bid as a fair balance between compensating ITRK shareholders for future upside potential (whilst there is no guarantee that the current Board can deliver seamless upside), and creating a cushion of safety for EQT as it likely plans to prepare ITRK for the next stage on it strategic journey."

FTSE 100$ITRK.L$VOD.L
Asia Markets

UK's FTSE 100 Closes Week Downbeat; Intertek Group Shares in Red

British stocks finished the trading week in the red, with the FTSE 100 down 0.43% on Friday's close, as markets assessed a fresh batch of corporate updates while awaiting the outcome of the UK elections."The UK's ruling Labour Party has suffered heavy losses as the results of council elections start to come in. Most areas are yet to declare results, including in the crucial Scottish and Welsh parliamentary elections. Some Labour figures are already out this morning calling on Prime Minister Starmer to go," ING analysts said. "Investors will be watching the cabinet closely for signs of pressure or even resignations, as markets weigh up the possibility of an increase in borrowing later this year under different leadership scenarios."On the housing market front, average house prices in the country ticked down 0.1% month over month in April, following a 0.5% decline in March, data from Halifax showed. On an annual basis, average house prices were up 0.4%, against the 0.8% rise in the previous month.In corporate news, Intertek Group (ITRK.L) rejected Swedish private equity giant EQT's takeover offer for the third time, saying the conditional proposal "significantly undervalues" the group and its prospects. EQT's latest improved offer of 58 pounds sterling per share for the British quality assurance provider comes after previously rejected proposals of 54 pounds per share and 51.50 pounds per share. The stock lost 2.70% at closing.Meanwhile, International Consolidated Airlines Group's (IAG.L) total revenue grew 1.9% year over year to 7.18 billion euros in the first quarter, while after-tax profit surged to 301 million euros from 176 million euros. The group mainly attributed the growth to continued robust demand for its networks and airline brands. The British Airways owner's shares closed the trading session 2.83% lower."IAG have made a strong start to the year, although IAG's guidance/ commentary implies downside to FY26E EBIT. IAG expects to recover ~60% of higher fuel costs (~EUR1.9bn higher based on the forward curve on the 5 May) in FY26E through cost and revenue actions, which could suggest a decline in EBIT of ~EUR0.7bn to ~EUR0.8bn y/y in FY26E to EBIT of ~EUR4.2bn to EUR4.3bn in FY26E vs VA cons of EUR4.66bn," RBC Capital Markets said in a quick take note. "IAG trades at an attractive valuation, given its margin and return profile. Relatively high margins leave IAG's earnings less at risk to higher fuel costs than for some peers, and we think there is greater scope to pass on FY26E fuel headwinds in long-haul."

FTSE 100$IAG.L$ITRK.L
US Markets

Intertek Shares Down After Rejecting EQT's Takeover Bid for Third Time

Intertek Group (ITRK.L) again rejected Swedish private equity giant EQT's (EQT.ST) latest revised takeover offer, saying the unsolicited conditional proposal "significantly undervalues" the company and its future prospects.Following the news, Intertek shares were down 3% in London on Friday midday, while those of EQT were trading less than 1% lower in Stockholm.EQT, via its EQT X EUR SCSp and EQT X USD SCSp funds, submitted a sweetened proposal of 58 pounds sterling per share in cash to acquire the UK-based quality assurance provider, according to a Friday release. Previously, Intertek's board "unanimously and unequivocally" rejected EQT's earlier offers of 54 pounds per share and 51.50 pounds per share.Intertek said its board "carefully reviewed" the further improved indicative offer, concluding that it did not reflect the group's value and comes with considerable execution risk."[The] Board of Intertek continues to firmly believe that the strategic review announced on 14 April to evaluate the potential separation, either through a sale or demerger, of Intertek Energy & Infrastructure from Intertek Testing & Assurance presents a significant value creation opportunity for Intertek shareholders," the group said. "The Strategic Review and separation are capable of being carefully managed with a view to maximising the value creation to shareholders and minimising value leakages."With regard to its strategic review, Intertek added that it is giving precedence to a sales-led process, noting that its energy and infrastructure business has already drawn interest from potential buyers.Meanwhile, people with knowledge of the matter told Bloomberg News that several of Intertek's top shareholders, including PineStone Asset Management, are calling on the company to hold open talks with EQT following the latest rebuffed offer. Some investors are also reportedly hoping for EQT to further sweeten its bid to 60 pounds per share, with Intertek likely to be more willing to consider that amount.

$EQT.ST$ITRK.L
Asia Markets

UK Shares Drop as Holiday-shortened Week Starts with HSBC Earnings, Geopolitical Tensions

After a long weekend in the UK, the FTSE 100 closed 1.40% lower on Tuesday as corporate earnings continued to pour in against the backdrop of a fragile US-Iran ceasefire.British banking group HSBC (HSBA.L) dropped 5.86% after reporting first-quarter results that were described as "mixed" by BofA Global Research, with profit after tax attributable to ordinary shareholders of the parent edging up year over year to $6.94 billion from $6.93 billion."HSBC printed an ok set of Q126 numbers," BofA said. "[Pretax profit] ex notable items was in line with consensus, with income beat (from fees and other income) offset by higher costs and impairments. Banking [net interest income] was in line. We are encouraged by HSBC's continued balance sheet and Wealth fee income growth, and remain confident in management's ability to manage cost. While [expected credit loss] was noisy in Q1, we are not concerned about the fundamental credit quality of HSBC's loan book."On the upside, Intertek Group (ITRK.L) rose 5.95% to lead the blue-chip index after confirming it had received a third unsolicited, indicative and conditional proposal from Swedish private equity firm EQT, offering 58 pounds sterling per share in cash, up from prior rejected bids of 54 pounds per share and 51.50 pounds per share."We raise ITRK to Outperform and our [price target] by ~30% to GBP58.50 following announcements of a strategic review to potentially split the business in two and of potential private equity interest in the whole group," RBC Capital Markets said. "We think the status quo is the least likely outcome and think key protagonists have their eye on an eventual US listing of the core testing assets to sit alongside highly comparable, highly valued UL Solutions."In the economic corner, the UK's new car registrations surged 24% year over year to 149,247 units in April, according to data from the Society of Motor Manufacturers and Traders. The reading indicated a recovery in the car market from the negative tax change impact in 2025 and marked the best outturn since 2019, SMMT said."The mounting cost of compliance threatens to limit consumer choice, overall decarbonisation and the sector's competitiveness so the need for a rapid review of the transition to align policy with market realities is unchanged, else Britain's attractiveness as a vehicle market and manufacturing hub will be put at risk," said SMMT Chief Executive Mike Hawes.

FTSE 100$HSBA.L$ITRK.L
Research

RBC Capital Upgrades Intertek Group to Outperform, Boosts PT

RBC Capital on Tuesday upgraded testing laboratories company Intertek Group (ITRK.L) to outperform from sector perform and increased the price target to 58.50 pounds sterling from 44.75 pounds.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$ITRK.L
Asia Markets

UK Shares Gain Amid Reported Peace Talks; Intertek Zooms Up

London's FTSE 100 ended 0.25% higher on Tuesday amid mixed corporate updates and news that the US and Iran could resume talks despite a blockade on Iranian ports.Negotiators from Washington and Tehran could return to Islamabad this week for another round of peace talks, Reuters reported, citing unnamed sources who were privy to a proposal that had been shared ​with both sides to resend their delegations. A senior Iranian source added that no firm date has been set.On the economic side, retail sales in the UK grew 3.1% year over year on a like-for-like basis in March, against the 0.7% rise in the previous month, according to data from the British Retail Consortium. Analysts were expecting a 0.9% increase for the month. The strongest jump since April 2025 was mainly attributed to higher food sales amid an early Easter, while sales of travel-related goods were impacted by the conflict in the Middle East."Retailers hope that the Middle East ceasefire will bring lasting stability, but the outlook remains uncertain. Damage to supply chains has already been done, and rising costs - from shipping and fertiliser to insurance and commodities - are piling yet more pressure onto already stretched retailers. Government must act decisively and boldly now to curb inflation by delaying domestic policies that would push prices even higher for shoppers," said BRC Chief Executive Helen Dickinson.On the corporate front, Intertek Group (ITRK.L) surged 12.83% to the top of the blue-chip index after launching a strategic review to evaluate the potential separation of its energy infrastructure and testing businesses. The assurance, testing, and certification company also maintained its outlook for like-for-like revenue to increase at constant currency."In terms of management, this appears to mark ITRK's CEO's swansong move," RBC Capital Markets said. "With merger talks with BVI having been abandoned in mid-2024, this could yet mark a value creative exit for ITRK's shareholders and a sale has always been the key risk to being excessively bearish. However, buyers are likely to tread carefully given the complex geopolitical backdrop, impending disruption to energy/[Middle East]-related [testing, inspection, and certification] activities and any buyers are unlikely to rush any processes."On the contrary, Imperial Brands (IMB.L), down 4.84%, was the FTSE 100's worst performer after flagging "modest" market share losses across its top five markets while keeping its fiscal 2026 outlook for revenue, operating profit, and EPS."Imperial expects low single digit constant currency revenue growth for tobacco and NGP (Next Generation Products) in 1H, in line with Visible Alpha consensus of 1.5%, and 2H weighted operating profit growth as previously flagged. Full-year guidance of 'at least high-single digit earnings per share growth and at least GBP2.2 billion of free cash flow' has been reiterated. That said, market share looks to have declined in 1H," RBC said in another note.

FTSE 100$IMB.L$ITRK.L
US Markets

Intertek Group Soars After Strong First-Quarter Results, Launches Review of Potential Business Split

Intertek Group (ITRK.L) shares climbed over 12% higher on Tuesday, buoyed by robust first-quarter trading results and the announcement of a strategic review aimed at potentially separating its energy infrastructure and testing divisions.The British assurance, testing, and certification company is evaluating the potential separation of its Intertek Energy & Infrastructure and Intertek Testing & Assurance. The review aims to determine if separate, specialist entities would drive faster market execution and better long-term shareholder returns.The move, which will be implemented by mid-2027 through either a sale or demerger, is intended to help accelerate the businesses' growth in a "highly attractive and growing" quality assurance sector.RBC Capital Markets held a positive sentiment over the "leftfield" strategic review, as it noted that buyers are "likely to tread carefully" amid a challenging geopolitical landscape."A demerger runs the risk of cost duplications and less liquid entities with a smaller investor audience, but we think many investors will view the prospects for sustained independence as limited given the appetite for consolidation by the biggest global players," RBC said in a quick-take report, adding that investor focus is likely to shift quickly to potential acquirers and whether standalone units could command higher valuation multiples.Intertek also reported an increase in group revenue for the three months ended March 31 at 838.5 million pounds sterling, up 3.7% at actual rates and 6.7% at constant currency. The company's like-for-like revenue came in at 828.3 million pounds, 2.4% higher year-on-year at actual rates and 5.4% at constant exchange rates.Chief Executive Officer André Lacroix said the group made a "strong start" to 2026, driven by Consumer Products, double-digit growth in risk-based assurance within Corporate Assurance, and solid demand across Health and Safety and Industry and Infrastructure. "Operating cash flow and free cash flow were strong which, combined with our strong balance sheet, enables us to continue to invest to seize the exciting growth opportunities ahead," he added.Within this context, Intertek affirmed its full-year 2026 outlook, saying it is "on track" to deliver mid-single digit like-for-like revenue growth on a constant currency basis, sustained margin expansion, and "strong" earnings growth and free cash flow.

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