2022: Year in review
I am delighted to report on another successful year for Intertek. What we do every day is amazing, delivering on our purpose of bringing quality, safety and sustainability to life, not just for our 400,000+ clients in more than 100 countries worldwide, but also for their many, many millions of customers and stakeholders.
Continuing with the approach introduced last year, we have presented our 2022 Annual Report as three separate but connected books, designed to make it easier for our stakeholder to fully understand our business, how we bring quality, safety and sustainability to life, what we offer our clients, and the opportunities we have ahead of us.
Intertek at its core is a network of science-based, highly technically skilled individuals and teams who are dedicated to helping businesses become ever better.”
- We are purpose-led and passionate about making the world a better place, bringing quality, safety and sustainability to life.
- We provide a superior customer service with our ATIC solutions, and Science-based Customer Excellence is our competitive advantage.
- Our approach to value creation is based on the compounding effect of margin-accretive revenue growth, strong cash generation and disciplined investment in growth. This has delivered an 8% annual to Total Shareholder Return since 2012.
- Stakeholders’ expectations in a post Covid-19 world in terms of quality, safety and sustainability are higher, making the case for our risk-based Quality Assurance solutions stronger.
- We are well positioned to continue to deliver sustainable growth and value for all our stakeholders.
- Continuous progress on Health and Safety with a reduction of 7bps in our Total Recordable Incident Rate vs 2021.
- Since 2015, we have used the Net Promoter Score (‘NPS’) to listen to our customers and conduct on average 5,400 interviews each month which has enabled us to improve our customer service over the years consistently.
- We recognise the importance of employee engagement in driving sustainable performance for all stakeholders, and we measure employee engagement against our Intertek ATIC Engagement Index. Our 2022 score was 80.
- We are driving environmental performance across our operations through new science-based reduction targets to 2030 as well as site-by-site action plans. Our rigorous monthly performance management of our net zero plans against emission reduction targets has delivered total CO2e emissions (market-based) reductions of 7.8% vs 2021.
- Our voluntary permanent employee turnover was at a low rate of 14%.
- 1. Definitions of the alternative performance measures, metrics and constant rates can be found in Book three, page 61.
- 2. Adjusted operating profit, adjusted operating profit margin, adjusted diluted earnings per share (‘EPS’) and adjusted free cash flow are non-GAAP measures. Adjusted measures are stated before Separately Disclosed Items, which are described in note 3 to the financial statements in Book three, page 11. Reconciliations between statutory and adjusted measures, as well as return on invested capital and cash conversion, are shown in the Financial review.
- 3. Dividend per share for 2022 is based on the interim dividend paid of 34.2p (2021: 34.2p) plus the proposed final dividend of 71.6p (2021: 71.6p).
Science-based Customer Excellence is our differentiator. It enables us to be at the forefront of the world’s most critical and exciting industries, doing amazing things to help businesses everywhere become ever better.
It’s the science behind what we do that drives the customer excellence advantage. The intelligence and expertise of our network of Total Quality Assurance Experts, combined with a drive for continuous improvement, and data-driven innovation, gives our customers the solutions they need to power ahead with confidence.
As proven industry experts, it’s not just what we do that makes us unique, it’s how we do it. We are a force for good bringing quality, safety and sustainability to life in more than 100 countries, creating value for all our stakeholders now and into the future.
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We are pleased to share with you our Annual Report and Accounts in a unique, three book format:
- Book one – Strategic Report
- Book two – Sustainability Report
- Book three – Financial Report
They have been designed to make it easier for our stakeholders to fully understand our business, how we bring quality and safety to life, what we offer our clients and society, and the opportunities we have ahead of us.
The three books, which allow us to present our work in 2022 to you through the three important lenses of growth opportunities, sustainability goals and financial performance, should be read together to form our Annual Report and Accounts 2022.