UPDATE: Intertek launches strategic review, names Mogford new chair

Intertek Group PLC on Tuesday said that its Chair Andrew Martin will step down next month, amid a strategic review process.

Martin has been on Intertek’s board for nearly a decade, the company noted. He will step down after the firm’s annual general meeting on May 20, and will be replaced by Steve Mogford.

Mogford currently serves became a non-executive director of Intertek in January 2025. He is also a director of QinetiQ Group PLC and Costain Group PLC. Further, Mogford was chief executive of United Utilities Group PLC from 2011 to 2023.

Outgoing Chair Martin commented: ‘Steve has extensive public markets experience and a deep understanding of long-term contracting, projects and regulation from an impressive career covering a number of large organisations.’

Mogford added: ‘I am absolutely delighted to be taking over the role as chair of the board from Andrew and to be working with such a capable and experienced board as well as strong leadership team.’

Intertek shares rose 12% to 4,272.10 pence on Tuesday afternoon in London.

News of the board change follows an earlier announcement on Tuesday that Intertek has launched a strategic review and is considering selling its Energy & Infrastructure business.

The London-based assurance, inspection, product testing and certification company is weighing up either a sale or demerger of Intertek Energy & Infrastructure from Intertek.

Intertek Energy & Infrastructure includes the World of Energy and Industry & Infrastructure units, contributing about £1.58 billion of revenue in 2025, down 0.6% from the year prior on a reported basis, but up 2.3% at constant currency.

Intertek Testing & Assurance, which accounted for £1.86 billion of revenue in 2025, up 2.7% on-year and up 6.1% at constant FX, comprises Consumer Products, Corporate Assurance, and Health & Safety.

The strategic review will consider whether Energy & Infrastructure and Testing & Assurance ‘would be better positioned as separate businesses to unlock their full potential’, Intertek explained.

The strategic review will conclude and be implemented by mid-2027.

In the three months ended March 31, the company’s revenue rose 3.7% on-year to £838.5 million, or 6.7% at constant FX. Like-for-like revenue rose 2.4% to £828.3 million from £808.9 million, or 5.4% at constant FX.

World of Energy’s quarterly sales fell 2.4% on a reported basis to £177.3 million from £181.6 million. On a constant-currency basis, World of Energy edged up 0.2%, which Intertek described as ‘a stable performance’.

The company reaffirmed its full-year guidance, targeting mid-single-digit LFL revenue growth at constant FX, continuous margin progression, strong earnings growth and strong free cash flow.

For 2026 as a whole, Intertek is targeting capital expenditure between £150 million and £160 million, net finance costs from £71 million to £72 million and a payout ratio of 65%.

It sees net financial debt ranging from £930 million to £980 million by the year-end, compared with £996.8 million at the end of 2025, and before ‘any material movements due to FX or M&A’.

Nonetheless, Intertek flagged the impact of conflict between the US, Israel and Iran on its business in the first quarter. Within Consumer Products, the Government & Trade Services business, which is involved in import certifications for Middle Eastern and African governments, saw ‘a trading slowdown in March following the start of the conflict in the Middle East’.

Within Industry & Infrastructure, Industry Services reported low-single digit revenue growth. This reflected higher capex investment by Intertek’s customers in oil, gas and renewables, ‘offset by temporary business disruption in the Middle East’. World of Energy was also affected by ‘reduced imports from the Middle East into Asia’.

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