Results round-up

Intertek reported a jump in first-half profit as revenue grew strongly and said the UK’s decision to leave the European Union was unlikely to affect the company’s growth opportunities.

Pre-tax profit in the first half rose to £172.5m from £149.8m on revenue of £1.20bn, up from £1.06bn in the same period last year.

The company declared an interim dividend of 19.4p per share, up from 17p in the first half 2015.

Chief executive officer Andre Lacroix said: “The group has delivered double digit revenue and earnings growth leveraging our high margin and strongly cash generative earnings model.

“We are on track to deliver our full year targets. Our Products division delivered an excellent performance with an operating profit growth of 22% benefiting from a robust organic growth performance and from recent acquisitions. Our Trade related businesses delivered a solid performance while trading conditions remain challenging, as expected, in our Resources sector.”

Defence and engineering firm Ultra Electronics reported a rise in first-half pre-tax profit but said Brexit could affect the government’s commitment to major defence projects.

For the six months to 1 July, IFRS pre-tax profit rose 120% to £32.6m as revenue jumped 10.5% to £366.6m. Underlying pre-tax profit rose to £52.4m from £47.4m.

The company declared an interim dividend of 14.2p per share, up from 13.8p in the first half of 2015.

Chief executive Rakesh Sharma said: "Market conditions have remained largely unchanged since our last preliminary announcement. US defence outlays ended the period close to budget levels but with higher spending in the first quarter compared to the second. The order book has increased over 2016; further, we have been selected for some significant orders in export markets with contract award expected in the second half.”

The total order book grew 23% to £785.7m and Ultra said it has been selected for some significant orders in export markets with contract award expected in the second half.