ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for monitor Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.

ITRK Intertek Group Plc

5,055.00
-20.00 (-0.39%)
09 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Intertek Group Plc LSE:ITRK London Ordinary Share GB0031638363 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -20.00 -0.39% 5,055.00 5,070.00 5,080.00 5,100.00 5,050.00 5,100.00 205,916 16:35:13
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Testing Laboratories 3.33B 297.4M 1.8438 27.52 8.19B

Intertek Group PLC Annual Financial Report (2036F)

18/03/2022 9:00am

UK Regulatory


Intertek (LSE:ITRK)
Historical Stock Chart


From May 2021 to May 2024

Click Here for more Intertek Charts.

TIDMITRK

RNS Number : 2036F

Intertek Group PLC

18 March 2022

INTERTEK GROUP PLC

(the 'Company')

18 March 2022

ANNUAL REPORT AND ACCOUNTS 2021 AND NOTICE OF 2022 ANNUAL GENERAL MEETING

In accordance with Listing Rule 9.6.1R and Disclosure Guidance and Transparency Rule ('DTR') 4.1.3R, the Company announces that the following documents have been posted to shareholders and submitted to the UK Listing Authority via the National Storage Mechanism:

   --      Intertek Group plc 2021 Annual Report and Accounts; 
   --      Notice of 2022 Annual General Meeting; and 
   --      Proxy Form for the 2022 Annual General Meeting. 

The above mentioned documents (except for the Proxy Form) are available on our website at www.intertek.com and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism . The 2022 Annual General Meeting is due to be held on Wednesday, 25 May 2022 at 9.00 a.m. in the Marlborough Theatre, No. 11 Cavendish Square, London W1G 0AN.

In compliance with DTR 6.3.5R, the information contained in the Appendix below is extracted from the 2021 Annual Report and Accounts and should be read in conjunction with the Company's 2021 Full Year Results Announcement for the year ended 31 December 2021 issued on 1 March 2022. Both documents are available at www.intertek.com and together constitute the material required by DTR 6.3.5R to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the 2021 Annual Report and Accounts in full. Page numbers and cross references in the extracted information refer to page numbers and cross references in the 2021 Annual Report and Accounts.

Appendix

   1.    PRINCIPAL RISKS AND UNCERTAINTIES 

This section sets out a description of the principal risks and uncertainties that could have a material adverse effect on the Group's strategy, performance, results, financial condition and reputation.

Risk framework

The Board has overall responsibility for the establishment and oversight of the Group's risk management framework. This work is complemented by the Group Risk Committee, whose purpose is to manage, assess and promote the continuous improvement of the Group's risk management, controls and assurance systems.

This risk governance framework is described in more detail in the Directors' report on pages 98 to 166.

The Group Audit Director and the Group General Counsel, who report to the Chief Financial Officer and Chief Executive Officer respectively, have accountability for reporting the key risks that the Group faces, the controls and assurance processes in place and any mitigating actions or controls. Both roles report to the Audit Committee, attend its meetings and meet with individual members each year as required.

Risks are formally identified and recorded in a risk register which is owned by each of the Group's divisional, regional and functional risk committees. Risk registers are updated throughout the year by these risk committees and are used to plan the Group's internal audit and risk strategy.

In addition to the risk registers, all senior executives and their direct reports are required to complete an annual return to confirm that management controls have been effectively applied during the year. The return covers Sales, Operations, IT, Finance and People.

Principal risks

The Group is affected by a number of risk factors, some of which, including macroeconomic and industry-specific cyclical risks, are largely outside the Group's control. Some risks are particular to Intertek's operations. The principal risks of which the Group is aware are detailed on the following pages, including a commentary on how the Group mitigates these risks. These risks and uncertainties do not appear in any particular order of potential materiality or probability of occurrence.

There may be other risks that are currently unknown or regarded as immaterial which could turn out to be material. Any of these risks could have the potential to impact the performance of the Group, its assets, liquidity, capital resources and its reputation.

Changes to principal risks

Our principal risks continue to evolve in response to our changing risk environment.

This year, based on our current assessment of its materiality, we have included three new principal risks: macro-economic risk, reflecting an increase in global economic and fiscal uncertainty caused by Covid-19; contracting risk, reflecting an increased focus on customer contract terms and supplier resilience; and sustainability risk, which is the risk of extreme weather events having an impact on our and our customers' operations. We have also removed third-party relations as we no longer believe this is a principal risk to the Group.

 
 Operational 
 Principal risk    Possible impact                                                  Mitigation                     2021 update 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 Reputation                   -- Failure to                                         -- Quality Management          This risk remains 
 Reputation is                 meet financial                                        Systems; adherence            stable compared 
 key to the                    performance expectations.                             to these is regularly         with 
 Group                         -- Exposure to                                        audited and reviewed          2020. The Group 
 maintaining and               material legal                                        by external parties,          continues 
 growing its                   claims, associated                                    including accreditation       to invest in staff 
 business.                     costs and wasted                                      bodies.                       development, 
 Reputation risk               management time.                                      -- Risk Management            quality 
 can occur in                  -- Destruction                                        Framework and associated      systems and 
 a number of                   of shareholder                                        controls and assurance        standard 
 ways:                         value.                                                processes, including          processes to 
 directly as the               -- Loss of existing                                   contractual review            prevent 
 result of the                 or new business.                                      and liability caps            operational 
 actions of the                -- Loss of key                                        where appropriate.            failures. 
 Group or a                    staff.                                                -- Code of Ethics 
 Group                                                                               which is communicated 
 company itself;                                                                     to all staff, who 
 indirectly due                                                                      undergo regular training. 
 to the actions                                                                      -- Zero-tolerance 
 of an employee                                                                      approach with regard 
 or employees;                                                                       to any inappropriate 
 or through the                                                                      behaviour by any individual 
 actions of                                                                          employed by the Group, 
 other                                                                               or acting on the Group's 
 parties, such                                                                       behalf. 
 as joint                                                                            -- Whistleblowing 
 venture                                                                             programme, monitored 
 partners,                                                                           by the Audit Committee, 
 suppliers,                                                                          where staff are encouraged 
 customers or                                                                        to report, without 
 other industry                                                                      risk, any fraudulent 
 participants.                                                                       or other activity 
                                                                                     likely to adversely 
                                                                                     affect the reputation 
                                                                                     of the Group. 
                                                                                     -- Relationship management 
                                                                                     and communication 
                                                                                     with external stakeholders. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 Customer          -- May lead to                                                              -- Net Promoter                This 
 service            customer dissatisfaction                                                   Score                          risk 
 A failure to       and                                                                        ('NPS') customer               remains 
 focus on           customer loss.                                                             satisfaction,                  stable 
 customer           -- Gradual erosion                                                         customer sales                 compared 
 needs, to          of market share                                                            trends                         with 
 provide            and reputation                                                             and turnaround                 2020 . 
 customer           if competitors                                                             time 
 innovation         are perceived                                                              tracking. 
 or to deliver      to have better,                                                            -- Global and 
 our services       more responsive                                                            Local 
 in accordance      or more consistent                                                         Key Account 
 with our           service offerings.                                                         Management 
 customers'                                                                                    ('GKAM'/'LKAM') 
 expectations                                                                                  initiatives 
 and our                                                                                       in place. 
 customer                                                                                      -- Customer 
 promise.                                                                                      feedback 
                                                                                               meetings. 
                                                                                               -- Customer 
                                                                                               claims/complaints 
                                                                                               reporting. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 People                       -- Poor management                                    -- HR strategy policies        This risk remains 
 retention                     succession.                                           and systems.                  stable compared 
 The Group                     -- Lack of continuity.                                -- Development and            with 
 operates                      -- Failure to                                         reward programme to           2020. 
 in specialised                optimise growth.                                      retain and motivate 
 sectors and                   -- Impact on quality,                                 employees. 
 needs to                      reputation and                                        -- Succession planning 
 attract                       customer confidence.                                  to ensure effective 
 and retain                    -- Loss of talent                                     continuation of leadership 
 employees                     to competitors                                        and expertise. 
 with relevant                 and lost market 
 experience and                share. 
 knowledge in 
 order to take 
 advantage of 
 all growth 
 opportunities. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 Macro-Economic    -- Impact on revenue.                                            -- We continue to              This is a new risk 
 Macro-economic     -- Falling market                                                focus on developing            for 2021. 
 factors such       share.                                                           business in new markets 
 as a               -- Shrinking customer                                            and for new customers. 
 global/market      base.                                                            -- We continue to 
 downturn,          -- Impact on share                                               focus on innovations 
 inflation,         price.                                                           in our service offerings. 
 supply chain                                                                        -- We continue to 
 and logistics                                                                       monitor trends and 
 restrictions,                                                                       customer pipelines. 
 materials                                                                           -- We conduct regular 
 shortages,                                                                          strategic and business 
 and contraction                                                                     line reviews, including 
 / changing                                                                          budget forecasting. 
 requirements                                                                        -- We continue to 
 in certain                                                                          monitor the impacts 
 sectors.                                                                            of external risk factors, 
                                                                                     and have access to 
                                                                                     data and analysis 
                                                                                     from our external 
                                                                                     advisers. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 Health, safety    -- Individual                                                    -- Quality management          This risk remains 
 and wellbeing      or multiple injuries                                             and associated controls,      stable compared 
 Any health and     to employees                                                     including safety training,    with 
 safety incident    and others.                                                      appropriate PPE (Personal     2020. 
 arising from       -- Litigation                                                    Protective Equipment), 
 our activities.    or legal/regulatory                                              Health & Safety policies 
 This could         enforcement action                                               (including due diligence 
 result             (including prosecution)                                          on sub-contractors), 
 in injury to       leading to reputational                                          meetings and communication. 
 Intertek's         damage.                                                          -- Avoiding fatalities, 
 employees,         -- Loss of accreditation.                                        accidents and hazardous 
 subcontractors,    -- Erosion of                                                    situations is paramount. 
 customers          customer confidence.                                             It is expected that 
 and/or             -- Wellbeing -                                                   Intertek employees 
 any other          individual or                                                    will operate to the 
 stakeholders       multiple instances                                               highest standards 
 affected.          of stress-related                                                of health and safety 
 Wellbeing          issues and/or                                                    at all times and there 
 impacts on our     illnesses,                                                       are controls in place 
 people             absenteeism, and                                                 to reduce incidents. 
 resulting          related impacts                                                  -- Business continuity 
 from the           on morale.                                                       planning. 
 Covid-19                                                                            -- Employee wellbeing 
 pandemic and                                                                        programme. 
 other similar 
 events. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 Industry and      -- Failure to                                                    -- GKAM and LKAM initiatives   This risk remains 
 competitive        maximise revenue                                                 in place.                     stable compared 
 landscape          opportunities.                                                   -- Diversification            with 
 A failure to       -- Failure to                                                    of customer base.             2020. 
 identify,          take advantage                                                   -- Focus on new services      The Group continues 
 manage             of new opportunities.                                            and acquisitions.             to invest in 
 and take           -- Lack of ability                                               -- Tracking new laws          innovation and to 
 advantage          to respond flexibly.                                             and regulations.              adapt our service 
 of emerging and    -- Erosion of                                                    -- Regular strategic          delivery to meet 
 future risks.      market share.                                                    and business line             our 
 Examples           -- Impact on share                                               reviews.                      clients changing 
 include            price.                                                           -- Development of             needs. 
 the                -- Sanctions and                                                 ATIC-selling initiatives. 
 opportunities      fines for non-compliance                                         -- NPS customer research 
 provided by new    with new laws,                                                   to understand customer 
 markets and        etc.                                                             satisfaction. 
 customers,                                                                          -- Using innovation 
 a failure to                                                                        to respond to the 
 innovate in                                                                         Covid-19 pandemic. 
 terms 
 of service 
 offering 
 and delivery, 
 the challenge 
 of radically 
 new and 
 different 
 business 
 models; 
 the failure to 
 foresee the 
 impact 
 of, or 
 adequately 
 respond to and 
 comply with, 
 changing or new 
 laws and 
 regulations; 
 a failure to 
 anticipate and 
 address the 
 operational, 
 strategic, 
 regulatory 
 and 
 reputational 
 impact of 
 climate 
 change and 
 environmental 
 factors; and 
 a failure to 
 identify and 
 take advantage 
 of the impact 
 of post-Brexit 
 changes to our 
 clients' 
 operations 
 and supply 
 chains. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 IT systems and    -- Loss of revenue                                               -- Information systems         This risk remains 
 data security      due to down time.                                                policy and governance         stable compared 
 Systems            -- Potential loss                                                structure.                    with 
 integrity:         of sensitive data                                                -- Regular system             2020. 
 major IT           with associated                                                  maintenance. 
 systems            legal implications,                                              -- Backup systems 
 integrity          including regulatory                                             in place. 
 issue,             sanctions and                                                    -- Disaster recovery 
 or data            potential fines.                                                 plans that are constantly 
 security           -- Potential costs                                               tested and improved 
 breach, either     of IT systems'                                                   to minimise the impact 
 due to internal    replacement and                                                  if a failure does 
 or external        repair.                                                          occur. 
 factors            -- Loss of customer                                              -- Global Information 
 such as            confidence.                                                      Security policies 
 deliberate         -- Damage to reputation.                                         in place (IT, Data 
 interference       -- Loss of revenue/profitability                                 Protection, CyberSecurity). 
 or power           if we fail to                                                    -- Adherence to IT 
 shortages/cuts,    adopt an IT investment                                           finance systems controls 
 etc.               strategy which                                                   (part of Core Mandatory 
 Systems            supports the Group's                                             Controls ('CMCs')). 
 functionality:     growth, innovation                                               -- Adherence to IT 
 a failure to       and customer offering.                                           general controls. 
 define the                                                                          -- Internal and external 
 right                                                                               audit testing. 
 IT strategies,                                                                      -- Processes to ensure 
 maintain                                                                            compliance with GDPR. 
 existing 
 IT systems or 
 implement new 
 IT systems with 
 the required 
 functionality 
 and which are 
 fit for 
 purpose, 
 in each case 
 to support the 
 Group's growth, 
 innovation and 
 competitive 
 customer 
 offering. 
 Data security: 
 a failure to 
 adequately 
 protect 
 the Group's 
 confidential 
 information, 
 customer 
 confidential 
 information or 
 the personal 
 data of the 
 Group's 
 employees, 
 customers 
 or other 
 stakeholders. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 COVID-19                                                                           -- We are closely              We believe this 
 The risk caused         *    There is a health and safety risk to our people who    monitoring our people's       risk 
 by the ongoing               come into contact with confirmed cases.                health, safety and            remains similar to 
 coronavirus                                                                         security and relevant         the prior year. 
 pandemic. The                                                                       regulatory requirements.      Although 
 virus is a             -- In affected                                               -- We have implemented,       global vaccination 
 potential              areas, there is                                              and continually revise,       programmes and 
 risk to: (1)           a risk that the                                              the Group's Covid-19          other 
 the health and         ability of our                                               Health and Safety             factors (such as 
 safety of our          people to work                                               Policy, which covers          rapid 
 people; (2) the        as normal is impacted                                        extensive hygiene             mass testing and 
 ability of our         by mandatory health                                          control and prevention        improved 
 and our                and safety restrictions,                                     measures for our office       treatments and 
 customers'             including quarantine                                         and field-based people.       therapies) 
 businesses             and travel restrictions                                      -- We have made changes       have reduced this 
 to operate             in certain cases.                                            to operational procedures     risk during 2021, 
 normally;              -- There is a                                                to redirect work to           there remains 
 and (3) global         risk that the                                                Intertek facilities           significant 
 supply                 ability of our                                               in unaffected locations.      uncertainty over 
 chains and the         people to perform                                            -- We are engaging            new 
 flow of goods          field-based work                                             closely with our customers    variants and the 
 and services.          (audits and inspections)                                     to support their needs.       potential 
                        continues to be                                              -- We have working            for ongoing 
                        affected by control                                          groups at the Group,          government 
                        and prevention                                               regional and local            restrictions. 
                        measures that                                                levels to monitor 
                        we and our clients                                           the situation and             We continue to work 
                        are taking, or                                               put appropriate mitigation    closely with our 
                        are subject to.                                              action and continuity         clients 
                        -- In affected                                               plans in place.               to prioritise the 
                        areas, there is                                              -- We have implemented        health and safety 
                        risk of disruption                                           a remote inspection           of our and their 
                        to our normal                                                approach to ensure            people 
                        operations both                                              compliance with the           and to maximise 
                        as a consequence                                             Covid-19 Health and           business 
                        of the issues                                                Safety Policy across          continuity. 
                        faced by our people                                          all of our sites. 
                        and of the impact 
                        to our clients' 
                        operations and 
                        production levels. 
                        --There is a risk 
                        that an ongoing 
                        situation could 
                        continue to disrupt 
                        global supply 
                        chains, which 
                        could lead to 
                        a need to refocus 
                        our service offering 
                        or delivery locations 
                        to align optimally 
                        with customer 
                        requirements and 
                        to remain competitive. 
                        -- There is a 
                        risk that our 
                        2022 performance 
                        will be affected 
                        by the disruption 
                        to the supply 
                        chains of our 
                        clients and any 
                        impact it may 
                        have on global 
                        trade activities. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 Contracting                                                                        -- Any deviations              This is a new risk 
 Agreeing            *    Margin decretive work.                                     from our standard              for 2021. 
 unfavourable                                                                        contract terms are 
 terms with                                                                          subject to legal review 
 customers          -- Onerous liabilities                                           and approval, and 
 and/or             and exposures.                                                   all contracts must 
 suppliers           *    Non-optimised pricing.                                     be approved in line 
 as a result of                                                                      with our Authorities 
 not following                                                                       Grid (which sets out 
 agreed contract    -- Financial exposures                                           approval limits based 
 review             due to claims                                                    on contract values 
 processes,         and litigation.                                                  and other relevant 
 and/or failing                                                                      factors). 
 to negotiate                                                                        -- We continue to 
 appropriate                                                                         operate our claims 
 terms.                                                                              notification procedure, 
                                                                                     including claims management 
                                                                                     and insurer liaison 
                                                                                     where needed. 
                                                                                     -- Both our contracting 
                                                                                     and claims processes 
                                                                                     are supported by training 
                                                                                     programmes for relevant 
                                                                                     staff, and the use 
                                                                                     of relevant systems 
                                                                                     and databases. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 Legal and Regulatory 
 Regulatory and    -- Loss of revenue,                                              -- Monitoring of regulatory    This risk remains 
 political          profitability                                                    environment and political     stable compared 
 landscape          and/or market                                                    developments.                 with 
 A failure to       share.                                                           -- Analysis of impact         2020. 
 identify and       -- Increase to                                                   of regulatory and 
 respond            costs of operations,                                             political changes 
 appropriately      reduction in profitability.                                      on operational SOPs 
 to a change in     -- Reduction in                                                  and Group policies. 
 law and/or         the attractiveness                                               -- Membership of relevant 
 regulation,        of investment                                                    associations, e.g. 
 or to a            in specific                                                      TIC Council with related 
 political          business, sectors                                                advocacy and liaison 
 decision, event    or markets and/or                                                activities including 
 or condition       adverse change                                                   in relation to developing 
 which could        in the competitive                                               climate-related or 
 impact             landscape.                                                       environmental regulations. 
 demand for the 
 Group's 
 services 
 or the Group's 
 ability to 
 grow, 
 innovate and/or 
 provide a 
 competitive 
 customer 
 offering 
 in any existing 
 or new industry 
 sector or 
 market. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 Business ethics              -- Litigation,                                        -- Annual Code of              This risk remains 
 Non-compliance                including significant                                 Ethics training and           stable compared 
 with Intertek's               fines and debarment                                   sign-off requirement.         with 
 Code of Ethics                from certain territories/activities.                  -- Whistleblowing             2020. 
 ('the Code')                  -- Reputational                                       programme, monitored          Ongoing annual 
 and/or related                damage.                                               by the Group Risk             confirmations 
 laws such as                  -- Loss of accreditation.                             Committee, where staff        ensure that staff 
 anti-bribery,                 -- Erosion of                                         are encouraged to             verify compliance 
 anti-money                    customer confidence.                                  report, without risk,         with the Code. 
 laundering,                   -- Impact on share                                    any fraudulent or             Local compliance 
 and fair                      price.                                                other activity likely         officers 
 competition                                                                         to adversely affect           perform due 
 legislation.                                                                        the reputation of             diligence 
 Non-compliance                                                                      the Group.                    on sub-contractors 
 could be either                                                                     -- Enhanced processes         to check that they 
 accidental or                                                                       for engagement with           have signed the 
 deliberate, and                                                                     suppliers and third           Group's 
 committed                                                                           parties.                      Code. 
 either                                                                              -- Zero-tolerance             During 2021, 112 
 by our people                                                                       approach with regard          (2020: 
 or                                                                                  to any inappropriate          99) non-compliance 
 sub-contractors                                                                     behaviour by any individual   issues were 
 who must also                                                                       employed by the Group,        reported 
 abide by the                                                                        or acting on the Group's      through the 
 Code.                                                                               behalf.                       whistleblowing 
                                                                                     -- The Group employs          hotline and other 
                                                                                     local people in each          routes. All were 
                                                                                     country who are aware         investigated, 
                                                                                     of local legal and            with 19 (2020: 27) 
                                                                                     regulatory requirements.      substantiated and 
                                                                                     There are also extensive      corrective action 
                                                                                     internal compliance           taken. 
                                                                                     and audit systems 
                                                                                     to facilitate compliance. 
                                                                                     Expert advice is taken 
                                                                                     in areas where regulations 
                                                                                     are uncertain. 
                                                                                     -- The Group continues 
                                                                                     to dedicate resources 
                                                                                     to ensure compliance 
                                                                                     with the UK Bribery 
                                                                                     Act and all other 
                                                                                     anti-bribery legislation, 
                                                                                     and internal policy. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 Sustainability    -- Impact on business                                            -- All our locations           This is a new risk 
 The risk of        continuity due                                                  are required to maintain        for 2021. 
 extreme            to facilities                                                   robust business continuity 
 weather events     being damaged                                                   plans. 
 leading to         or inaccessible.                                                -- Net Promoter Score 
 business           -- Impact on health,                                            ('NPS') customer 
 interruption.      safety and wellbeing                                            satisfaction, 
                    of our people.                                                  customer sales trends 
                    -- Delays in turnaround                                         and turnaround time 
                    time.                                                           tracking. 
                    -- Customer relationship                                        -- We maintain up-to-date 
                    impacts.                                                        asset registers and 
                    -- Increased costs.                                             values alongside our 
                    -- Logistical                                                   Group Insurance programme. 
                    challenges due                                                  -- We have an established 
                    to redirection                                                  crisis management 
                    of work.                                                        procedure. 
                    -- Impact on revenue 
                    and margin. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 Financial 
 Financial risk    -- Financial losses                                              -- The Group has financial,    This risk remains 
 Risk of theft,     with a direct                                                   management and systems         stable compared 
 fraud or           impact on the                                                   controls in place              with 
 financial          bottom line.                                                    to ensure                      2020. 
 misstatement       -- Large-scale                                                  that the Group's assets        We continue to 
 by employees.      losses can affect                                               are protected from             review 
 On acquisitions    financial results.                                              major financial risks.         and update the CMCs 
 or investments,    -- Potential legal                                              -- Adherence to Authorities    on an annual basis 
 the financial      proceedings leading                                             Grid (which sets approval      and use them for 
 risk or            to costs and/or                                                 limits for financial           year-end 
 exposure           management time.                                                transactions).                 compliance 
 arising from       -- Corresponding                                                -- Stringent controls          certification. 
 due diligence,     loss of value                                                   on working capital 
 integration or     and reputation                                                  and cash collection. 
 performance        could result in                                                 -- Legal, financial 
 delivery           funding being                                                   and other due diligence 
 failures.          withdrawn or provided                                           on M&A and other 
                    at higher interest                                              investments. 
                    rates.                                                          -- Monitoring adherence 
                    -- Possible adverse                                             to our CMCs and tracking 
                    publicity.                                                      of remediations by 
                                                                                    our compliance and 
                                                                                    finance controls teams 
                                                                                    and using our framework 
                                                                                    of risk committees. 
                                                                                    -- A detailed system 
                                                                                    of financial reporting 
                                                                                    is in place to ensure 
                                                                                    that monthly financial 
                                                                                    results are thoroughly 
                                                                                    reviewed. The Group 
                                                                                    also operates a rigorous 
                                                                                    programme of internal 
                                                                                    audits and management 
                                                                                    reviews. 
                                                                                    Independent external 
                                                                                    auditors review the 
                                                                                    Group's half year 
                                                                                    results and audit 
                                                                                    the Group's annual 
                                                                                    financial statements. 
                  ---------------------------------------------------------------  -----------------------------  -------------------- 
 
   2.    Related Parties 

Identity of related parties

The Group has a related party relationship with its key management. Transactions between the Company

and its subsidiaries and between subsidiaries have been eliminated on consolidation and are not discussed

in this note.

Transactions with key management personnel

Key management personnel compensation, including the Group's Directors, is shown in the table below:

 
                                 2021    2020 
                                 GBPm    GBPm 
-----------------------------  ------  ------ 
 Short-term benefits              9.7    11.6 
 Post-employment benefits         0.8     0.8 
 Equity-settled transactions      7.7    10.4 
-----------------------------  ------  ------ 
 Total                           18.2    22.8 
-----------------------------  ------  ------ 
 

More detailed information concerning Directors' remuneration, shareholdings, pension entitlements and

other long-term incentive plans is shown in the audited part of the Remuneration report. Apart from the

above, no member of key management had a personal interest in any business transactions of the Group.

   3.    Statement of Directors' responsibilities 

Statement of Directors' responsibilities in respect of the Financial Statements

The Directors are responsible for preparing the Annual Report & Accounts and the financial statements in accordance with applicable law and regulation.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group financial statements in accordance with UK-adopted international accounting standards and the Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law).

Under company law, Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group for that period. In preparing the financial statements, the Directors are required to:

 
 -   select suitable accounting policies and then apply them 
      consistently; 
 -   state whether applicable UK-adopted international accounting 
      standards have been followed for the Group financial 
      statements and United Kingdom Accounting Standards, comprising 
      FRS 101 have been followed for the Company financial 
      statements, subject to any material departures disclosed 
      and explained in the financial statements; 
 -   make judgements and accounting estimates that are reasonable 
      and prudent; and 
 -   prepare the financial statements on the going concern 
      basis unless it is inappropriate to presume that the 
      Group and Company will continue in business. 
 

The Directors are responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements and the Directors' Remuneration report comply with the Companies Act 2006.

The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Directors' confirmations

The Directors consider that the Annual Report & Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's and Company's position and performance, business model and strategy.

Each of the Directors, whose names and functions are listed in the Directors' Report confirm that, to the best of their knowledge:

 
 -   the Group financial statements, which have been prepared 
      in accordance with UK-adopted international accounting 
      standards, give a true and fair view of the assets, liabilities, 
      financial position and profit of the Group; 
 -   the Company financial statements, which have been prepared 
      in accordance with United Kingdom Accounting Standards, 
      comprising FRS 101, give a true and fair view of the 
      assets, liabilities and financial position of the Company; 
      and 
 -   the Strategic Report includes a fair review of the development 
      and performance of the business and the position of the 
      Group and Company, together with a description of the 
      principal risks and uncertainties that it faces. 
 

In the case of each Director in office at the date the Directors' Report is approved:

- so far as the Director is aware, there is no relevant audit information of which the Group's and Company's auditors are unaware; and

- they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Group's and Company's auditors are aware of that information.

The Directors' Report comprising pages 98 to 166 and the Group Strategic report comprising pages 1 to 61 have been approved by the Board and signed on its behalf by the Chief Executive Officer.

The Company's 2021 Annual Report & Accounts will be delivered to the Registrar of Companies in due course and copies of all of these documents may also be obtained from:

Fiona Evans

Group Company Secretary

Intertek Group plc

33 Cavendish Square

London

W1G 0PS

Registered Number: 4267576

   Telephone:           +44 (0)20 7396 3400 

Contacts

For further information, please contact:

Denis Moreau, Investor Relations

   Telephone:           +44 (0) 20 7396 3415          investor@intertek.com 

Ed Bridges, FTI Consulting

   Telephone:           +44 (0) 20 3727 1000         scintertek@fticonsulting.com 

Intertek is a leading Total Quality Assurance provider to industries worldwide.

Our network of more than 1,000 laboratories and offices in more than 100 countries, delivers innovative and bespoke Assurance, Testing, Inspection and Certification solutions for our customers' operations and supply chains.

Intertek Total Quality Assurance expertise, delivered consistently, with precision, pace and passion, enabling our customers to power ahead safely.

intertek.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACSUBRWRUSUOAAR

(END) Dow Jones Newswires

March 18, 2022 05:00 ET (09:00 GMT)

1 Year Intertek Chart

1 Year Intertek Chart

1 Month Intertek Chart

1 Month Intertek Chart

Your Recent History

Delayed Upgrade Clock