Annual Report &

Accounts 2024

Strategic Report

the power of

amazing

The power of amazing lies in the energy and passion

of our incredible colleagues and the work they do

every day. At Intertek, we constantly strive to be

ever better. For over 130 years, we have been

pioneers, lighting the way with ingenious solutions

that touch every partof modern life. Our culture

empowers our people and creates sustainable

growth and value for all ourstakeholders.

Our caring and trusted people live by our Values,

workingwith passion and integrity to make a real

difference. Their energy and commitment ensure our

customers become ever more resilient, and that we all

thrive and work together to make the world better, safer

andmore sustainable.

VISIT: INTERTEK.COM/INVESTORS

We are pleased to share with

you our Annual Report & Accounts

in a unique, three-report format:

Report 1: Strategic Report

Where we discuss our growth

opportunities and strategic performance.

Report 2: Sustainability Report

Where we discuss our environmental,

social and governance progress.

Report 3: Financial Report

Where we record our financial

activities, performance and position.

These separate, but connected reports, withtheir

interconnected themes and narratives, allow us to

present what we achieved in 2024 in a systemic,

end-to-end architecture. They have been designed to

make it easier for our stakeholders to fully understand

our business, how we bring quality, safety and

sustainability to life, what we offer our clients and

society, and the opportunities we have ahead of us.

the power of

amazing

1.01 The power of culture

1.02 ever better Intertek

1.03 ingenious thinking

1.04 caring people

1.05 building trust

1.06 thriving culture

1.07 Chief Executive Officer's letter

1.11 Our strategy

1.18 Our business model

1.19 Who we are

1.20 What we do

1.22 Where we operate

1.24 How we do it

1.26 How we create value

1.30 Key performance indicators

1.34 Financial review

1.40 Operating review

1.40 Consumer Products

1.45 Corporate Assurance

1.48 Health and Safety

1.51 Industry and Infrastructure

1.54 World of Energy

1.57 Principal risks and uncertainties

1.65 TCFD statement

1.74 Independent Assurance Report

on ESG Data

1.76 Group non-financial and sustainability

information statement

Contents

Intertek Group plc

Annual Report & Accounts 2024

1.01

3: Financial Report2: Sustainability Report1: Strategic Report1: Strategic Report

We're unleashing the power of amazing through an

ever better, ingenious, caring, trusted and thriving culture.

Ingenious

We constantly innovate to simplify complex

challenges and, through their pioneering

spirit and scientific expertise, our teams

develop ingenious innovations that exceed

our customers’ expectations, help bring

products and services to market quickly

and safely, and scale them up. Our precision

in execution offers clients unparalleled

end-to-end solutions and the Amazing

ATIC Advantage.

Caring

Caring is at the heart of our Purpose and

ensuring the safety and wellbeing of our

people is our top priority. We engage with

them every day, cultivating an inclusive

workplace where they can thrive and

perform at their best. Our diverse team of

experts form a vibrant mosaic, bringing the

power of different thinking and ideas to life.

We are committed to achieving net zero and

excelling in sustainability, using our thought

leadership in this crucial area to guide our

customers on their own journeys.

Trusted

True to our Values, we always behavewith

respect, integrity and responsibility, and

for us, 'Doing Business the Right Way' is

the only way. We operate as one team,

speaking with one voice, and acting with

precision, pace and passion. Our decisions

are grounded in facts, empirical data, and

ethical considerations, and we never let our

clients or each other down. This approach

means Intertek provides solutions that

create trust to enhance our customers'

brands, fostering loyalty among consumers

and confidence among stakeholders.

Ever Better

We lead the industry with our Science-

based Customer Excellence Advantage

and are committed to providing access

to the intelligence and data our colleagues

and customers need to create ever better

solutions. If there is a better way to do it,

we will find it. That’s how we're taking

Intertek to greater heights: through

ourpeople, processes and our data

advantage that gives us the deep insight

to look for new ideas that drive growth

for all stakeholders.

Thriving

Intertek is a high-performance organisation

with ambitious goals and we are focused on

being 10X better than the competition. Our

people are engaged, valued and empowered

to make the right decisions, and we thrive

by winning big together. We attract, inspire,

develop and retain the best talent, ensuring

we always have the right people in the right

place to deliver our Science-based Customer

Excellence Advantage.

READ MORE ABOUT THE POWER OF

EVER BETTER ON PAGE 1.02

READ MORE ABOUT THE POWER OF

CARING PEOPLE ON PAGE 1.04

READ MORE ABOUT THE POWER OF

INGENIOUS THINKING ON PAGE 1.03

READ MORE ABOUT THE POWER OF

BUILDING TRUST ON PAGE 1.05

the power of

culture

Intertek Group plc

Annual Report & Accounts 2024

1.02

3: Financial Report2: Sustainability Report1: Strategic Report

Ever better supply chain

sustainability

Intertek has partnered with Trace For Good, a Saas

platform aimed at enhancing traceability and

sustainability in complex supply chains, particularly

within the textile industry.

Combining Intertek’s Total Quality Assurance

expertise and Trace For Good’s technology to

provide reliable supply chain and product data, the

platform helps brands manage and communicate

the environmental and social impacts of their

products through a data-driven, risk-based quality

assurance approach.

The platform offers features such as supply

chainmapping, verification of claims, supplier risk

assessments, and support in eco-design and Life

Cycle Assessment. It also introduces a Digital

Product Passport, which provides comprehensive

visibility andtraceability of products, helping

businesses meetglobal sustainability standards and

offering consumers insights into each stage of the

product journey.

Our partnership is a testament to

Intertek’s commitment to providing

data-driven, Risk-based Quality Assurance,

empowering brands to achieve ever better

sustainability and transparency in their

supply chains.”

Handan Milewski

Vice President Global Softlines

Using data and insights to deliver

the expertise our customers need

Operating in an increasingly competitive

environment, companies are facing evolving market

demands and challenges, as well as greater pressure

from stakeholders. We provide timely access to

accurate data and insights that drive ever better

thinking, which is the key to staying ahead.

At Intertek, we never stop challenging ourselves

and always go back to the data. We are on a journey

of continuous improvement, powered by our

industry-leading processes and technology,

constantly learning and innovating to provide

groundbreaking solutions that help companies stay

competitive in a rapidly changing market. Our close

customer relationships and access to world-class

intelligence from our global network give us the

data and insights we need to continue on our good

to great journey, creating customer-focused Total

Quality Assurance solutions that make the world

better, safer and more sustainable.

Handan Milewski

Handan discusses how the data-driven

solutions we provide help brands

manage and communicate the

environmental and social impacts of

their products, to become ever better.

FIND MORE HERE

the power of

ever better

intertek

In action

Intertek Group plc

Annual Report & Accounts 2024

1.03

Intertek Group plc

Annual Report & Accounts 2024

1.03

1: Strategic Report

3: Financial Report2: Sustainability Report

1: Strategic Report

Delivering cutting-edge solutions

Ingenuity has always been a key part of our DNA.

True to our pioneering spirit, we continue to

innovate, developing the ingenious solutions that

help businesses overcome complex challenges

and stay ahead in an ever-evolving landscape.

Our experts combine technological innovation,

sustainability and deep expertise to deliver the

comprehensive and ingenious ATIC (Assurance,

Testing, Inspection and Certification) solutions

that help power new growth opportunities.

Byharnessing advanced technologies such

asartificial intelligence, data analytics and

automation, we help our customers bring

essential, life-improving products to market

while enabling them to meet regulatory

compliance faster andmore effectively.

ingenious

thinking

the power of

Supporting innovations

that save lives

Intertek's solutions for medical devices encompass a

broad range of instruments, apparatuses, machines,

implants, and other devices. These can vary widely

in complexity and purpose – everything from

surgical instruments and implantable devices to

health monitoring and fitness devices – and

connectivity isan increasing requirement.

While many portable medical devices incorporate

wireless technology, this can present risks for

life-supporting equipment and other applications.

Toensure compliance and prevent wireless

interference, we validate devices to electromagnetic

compatibility standards. Intertek has the expertise

needed to identify and understand the relevant

regulatory requirements, while managing the

testing required to meet these standards and

helpbring new products to market faster.

The industry is evolving at an

unprecedented pace, driven by smaller,

highly advanced technologies and greater

integration of connectivity in medical

devices. With the world becoming smarter

and more interconnected, Intertek’s

solutions are crucial in ensuring that

innovative, life-saving products reach

themarket safely.”

Clarissa Benfield

Director, Electrical (Medical, Laboratory,

and Life Safety and Security)

Clarissa Benfield

Clarissa explains how the

medical devices we validate and

test make an amazing difference

to people’s health and are vital

in saving lives.

FIND MORE HERE

In action

Intertek Group plc

Annual Report & Accounts 2024

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3: Financial Report2: Sustainability Report1: Strategic Report

caring

people

Caring for people and the planet

Businesses today play a significant role

inshaping society and addressing global

challenges. As a purpose-led company,

Intertekis committed to Sustainability

Excellence in everything we do, through the

Total Sustainability Assurance solutions we

provide to our customers, and by creating an

inclusive, engaging and safe workplace for

allour colleagues.

By adopting sustainability practices at every

level of our organisation and working to reduce

our carbon emissions, we believe we are a real

force for good in the world, having a positive

impact on the planet and the communities

around us.

the power of

Creating a sustainable

future for our communities

At Intertek, we are proud to be a mosaic of diverse

and talented experts contributing different thinking

and solutions. Working together, our people truly

care about their work and its impact on their

customers, colleagues and the communities in

which they operate. They prioritise our customers

by helping them achieve their goals through our

ATIC solutions that ensure their products and

processes meet safety, quality and regulatory

standards.

We also champion sustainability by helping our

customers reduce their environmental footprint

through eco-certifications, carbon assessments,

and innovative solutions for greener practices. We

showcase our care for the environment by adopting

energy-efficient practices across our operations and

promoting resource conservation.

Sustainability is so important to all of

usat Intertek. It’s amazing to know

thatwe are creating positive impacts

through the work we do for our clients,

but also through our contributions to

ourcommunities.”

Jeyapal P

Zonal Head, South India Softlines

Jeyapal P

Jeyapal tells why community

support is so important to him

andhis colleagues and the deep

and positive impact it makes.

FIND MORE HERE

In action

1.05

Intertek Group plc

Annual Report & Accounts 2024

1: Strategic Report

3: Financial Report2: Sustainability Report

1: Strategic Report

Building strong brands

through Quality Assurance

Building trust is fundamental to a company

establishing itself as a reliable and ethical

brand in today’s complex and globalised

markets. It’s the way to foster long-term

relationships, which will lead to customer

loyalty and retention.

'Doing Business the Right Way' underpins

everything we do at Intertek, and through

this approach we deliver unrivalled Total

Quality Assurance with precision, pace and

passion, enabling our customers to make

their businesses stronger. By partnering

with Intertek, companies can confidently

demonstrate and communicate their

commitment to quality, safety and

sustainability, reinforcing trust and

loyaltywhile enhancing their brand.

building

trust

the power of

Global leader in testing,

inspection and certification

At Intertek, we are always at the forefront of the

safe execution and delivery of products to their

intended markets. With engineers and specialists

atmore than 1,000 locations in over 100 countries,

our customer offering is unparalleled. We cover

regulatory standards and requirements, certification

needs, performance and quality programmes, and

much more, building trust across a variety of

industries – from electrical and electronic products

to textiles and apparel.

For example, with child safety a primary concern

forparents, caregivers and communities, our

regulatory experts strive to facilitate the creation

of the safest environment possible for children by

enhancing the design, safety, and quality of juvenile

products such as toys and infant carriers.

Safe products are a vital ingredient in any

environment for children. From design and

safety to Quality Assurance, we work to

deliver consumer confidence and trust in

our customers’ products and protect the

overall sustainability of their brand.”

Bill YB Zhang

General Manager of Hardlines East China

Bill YB Zhang

Bill talks about the rigour of the

testing process on juvenile products

and why he feels that every detail is

so important to building trust with

customers and consumers.

FIND MORE HERE

In action

Intertek Group plc

Annual Report & Accounts 2024

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3: Financial Report2: Sustainability Report1: Strategic Report

A winning culture,

driven by our people

At a time of rapid change, heightened

stakeholder expectations and increasing

regulatory pressures, the right culture is

essential to companies seeking growth. At

Intertek, our thriving culture is the foundation

of our success and powers our people to do

amazing things that drive growth and make the

world a better, safer and more sustainable place.

Initiatives like our 10X Leadership and 10X

Coaching programmes ensure that our people

atall levels have the opportunity to develop

and are engaged with the skills they need to

driveIntertek’s success. Their Science-based

Customer Excellence and pioneering spirit

enable them to address the evolving needs of

our customers and achieve our ambitious goals

to drive sustainable growth and value for all

ourstakeholders year after year.

thriving

culture

the power of a

Energising colleagues to

take Intertek to new heights

The safety, wellbeing and engagement of our

people is the key to our continued success. Our

People Strategy and 10X programmes ensure that

our passionate, agile and high-performance teams

are energised to take us to greater heights.

A career with Intertek means applying skills and

expertise to assuring the quality, safety and

sustainability of products and services used by

millions of people across the world. We have created

tools to support our people at every stage of their

journey with us – from onboarding to coaching, to

engaging colleagues and ensuring we are 10X

better in everything we do.

We are proud to be a mosaic of diverse and talented

experts with different thinking. Our continued

success flourishes in a culture where every

individual can feel safe, have a sense of belonging

and is empowered to achieve their full potential.

Amazing cultures don’t happen by chance,

and at Intertek I’ve seen firsthand how our

10X culture empowers our people to bring

their best selves to work every day. It’s this

environment – powered by 10X purpose-

based engagement – that fuels individual and

team excellence. When our people thrive, our

company thrives, driving sustainable growth

and reinforcing our position as a global

leader in Quality Assurance.”

Smriti Chand

Vice President Human Resources Asia Pacific

Smriti Chand

Smriti discusses the benefits of

our amazing 10X culture and the

development opportunities at

Intertek that mean we can all thrive,

creating sustainable growth and

value for all stakeholders.

FIND MORE HERE

In action

Intertek Group plc

Annual Report & Accounts 2024

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3: Financial Report2: Sustainability Report1: Strategic Report

For more than 130 years, Intertek has

been a pioneer, leading the industry with

innovative solutions that have placed us

at the forefront of the world’s most

critical and exciting industries, providing

mission-critical ATIC (Assurance, Testing,

Inspection and Certification) solutions

toover 400,000 clients across every

industry and region, touching businesses

and lives worldwide.

Our amazing people are our key competitive advantage. Their

hard work, talent and ingenuity, alongside our high-performance

culture, has allowed us to consistently exceed the expectations

of our customers, enabling our clients everywhere to power

ahead safely and sustainably for the benefit of all.

Our good to great journey continues, with our AAA differentiated

growth strategy capitalising on our best in class operating

platform to seize the increase in demand for Risk-based Quality

Assurance as our clients progressively invest in and seek to

diversify their supply chains.

As we look ahead, we remain committed to creating sustainable

growth and value for all our stakeholders – our people,

customers, communities and shareholders. By strengthening

these relationships and delivering our mission-critical solutions,

we are leveraging the power of our unique culture and amazing

people to make a lasting impact on the industries and

communities we serve around the world.

Unleashing

the power

of amazing

Chief Executive Officer's letter

I would like to thank all my colleagues

for their unwavering support and

energy which has enabled us to

deliver another strong performance

in2024. The power of our amazing,

high-performance culture means

weare a force for good, creating

sustainable growth and superior

valuefor all our stakeholders.”

André Lacroix

Chief Executive Officer

Margin target

of 18.5%+

Investments in

high growth and

high margin

sectors

Strong free

cash flow

Disciplined

capital allocation

Significant

Value Growth

Opportunity

Superior

ROIC

Mid-single digit LFL

revenue growth

Intertek Group plc

Annual Report & Accounts 2024

1.08

Chief Executive Officer's letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Strong results in 2024

I would like to recognise all my colleagues for their

unwavering support enabling us to deliver a strong 2024

performance in revenue, margin, EPS, cash and ROIC. Our

revenue grew by 6.6% at constant currency driven by a

LFL revenue growth of 6.3%, and the contribution of our

acquisitions. Leveraging our robust topline performance, we

have delivered an even stronger earnings performance with

an operating margin improvement of 100bps at constant

currency, and an EPS growth of 15.2% at constant currency.

Cash conversion at 121% was excellent, enabling us to

deliver our highest ever cash from operations of £789m and

resulting in our net financial debt declining by £111m to

£500m. We have a strong balance sheet giving us the ability

to invest in growth. ROIC increased by 190bps to 22.4%.

The acquisitions we have made over the last five years

in the high growth and high margin segments are adding

real value to the Intertek portfolio and have contributed

£207m to the 2024 revenue and delivered a margin of

25.1%. We continue to see a steady pipeline of acquisition

opportunities and we will remain disciplined to make sure

we augment the unique strengths of Intertek’s business

model with value accretive M&A. The Board's decision last

year to update our capital allocation policy by increasing

the dividend payout ratio to circa 65% reflects our

confidence in the long-term outlook for the business.

The value growth opportunity ahead is significant. Our

clients are increasing their focus on Risk-based Quality

Assurance to operate with higher standards on quality,

safety and sustainability in each part of their value chain,

triggering a higher demand for our ATIC solutions which

are powered by our Science-based Customer Excellence

Advantage. Over the last ten years, from 2014-2024,

we have delivered a CAGR of 4.9%, 6.2% and 6.2% for

revenue, adjusted operating profit and EPS respectively,

notwithstanding the impact of Covid. We unveiled our

Intertek AAA Differentiated Growth Strategy in May

Intertek high growth cash

compounder earnings model

The value growth opportunity ahead is significant and our

high-performance organisation, strong market position,

industry-leading portfolio and unrivalled customer relationships

mean we are ideally positioned to seize the growth in our

end-markets. Our proven high growth earnings cash compounder

earnings model will continue to deliver significant value for every

stakeholder every day, targeting mid-single digit LFL revenue

growth, margin accretion, and strong cash generation, while

pursuing disciplined cash-accretive investments in attractive

high growth and high margin sectors to deliver superior ROIC.

2023 to seize the higher demand for our industry-leading

solutions, leveraging the best in class operating platform

we have built, and targeting the areas where we have

opportunities to improve performance. As these results

demonstrate, the execution of our AAA Strategy is

on track and the growth opportunity ahead to create

superior value for all stakeholders is truly exciting.

Our high growth cash compounder earnings model is

getting stronger every year, which gives us the opportunity

to further reward our shareholders whilst still investing

organically and looking for value accretive inorganic

growth opportunities. Given the strength of our earnings

model, our performance track record, confidence in future

growth opportunities and the current level of leverage

compared to our target leverage levels of 1.3x – 1.8x net

financial debt to EBITDA, the Board announced an initial

£350m share buyback to be completed during the current

financial year. Subject to compelling organic and inorganic

investment opportunities to deploy capital, to leverage

remaining sustainably below the bottom of our target

range, and to any relevant external macroeconomic factors,

we expect our share buybacks to remain a core element

of our capital allocation policy and to recur regularly.

We are entering 2025 with confidence the Group will

deliver a robust performance with mid-single digit LFL

revenue growth at constant currency, margin progression

and a strong cash flow performance. We have delivered

a strong margin of 17.4% in 2024, effectively achieving

our medium-term target of 17.5%+ faster than expected,

and today we are announcing a new margin target of

18.5%+ in the medium term, capitalising on the revenue

growth acceleration we are seeing for our ATIC solutions,

our disciplined performance management and our

investments in high growth and high margin segments.

Intertek Group plc

Annual Report & Accounts 2024

1.09

Chief Executive Officer's letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

• Levels of Hazard Observations

increased for the fifth consecutive

year, reflecting greater levels of

activity across our sites as well

as greater awareness and reporting

of health and safety overall.

• Since 2015, we have used the

Net Promoter Score (‘NPS’) process

to listen to our customers, enabling

us to improve our customer service

over the years consistently. In 2024,

we conducted on average 6,036

NPS interviews per month.

• We reduced our operational

market-based emissions by 16.7%

against 2023 and 47.2% against

our base year 2019.

• In 2024, we conducted a

preliminary Double Materiality

Assessment to help us meet

upcoming requirements.

• 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. In 2024, we achieved a

new high score of 91 (2023: 87).

• Our voluntary permanent

employee turnover improved

to a five-year low rate of 11.2%

in 2024 (2023: 12.3%).

£3,393.2m

Revenue

2023: £3,328.7m

£3,378.8m

Like-for-like revenue

2023: £3,324.1m

£408.8m

Adjusted free cash flow

1, 2

2023: £378.4m

£590.1m

Adjusted operating profit

1,2

2023: £551.1m

£535.7m

Statutory operating profit

2023: £486.2m

22.4%

Return on Invested Capital

2023: 20.5%

156.5p

Dividend per share

2023: 111.7p

240.6p

Adjusted diluted EPS

1,2

2023: 223.0p

17.4%

Adjusted operating margin

1,2

2023: 16.6%

15.8%

Statutory operating margin

2023: 14.6%

212.7p

Statutory diluted EPS

2023: 183.4p

Robust revenue growth

• Revenue of £3,393m, up 6.6% at constant currency

and+1.9% at actual rates

• LFL growth of 6.3%

: Consumer Products 8.0%, Corporate

Assurance 7.8%, Health and Safety 7.9%, Industry and

Infrastructure 1.7%, and World of Energy 8.0%

Strong margin progression to 17.4%

• 100bps

increase in margin driven by mix, pricing,

operating leverage, cost control and productivity

• Faster delivery than expected of medium-term margin

target of 17.5%+ set in May 2023

• Adjusted operating profit growth of 13%

and +7.1%

atactual rates to £590m

+15.2% growth in adjusted diluted EPS at

constant currency and +7.9% at actual rates

Strong cash generation and financial position

• Daily cash discipline delivers cash conversion of 121%

andadjusted free cash flow to £409m, up 8.0%

• Net financial debt reduced to £500m

and net financial

debt/EBITDA improved to 0.7x

Disciplined capital allocation

• Investments in organic growth of £135m and acquisition

of Base Met Labs

• Value accretive M&A contributing 2024 revenue of

£207m and margin of 25.1%

• Excellent progress in ROIC to 22.4% up +250bps at

constant currency and +190bps at actual rates

Shareholder returns

• Full year dividend of 156.5p, +40.1% year on year in line

with dividend policy of circa 65% payout ratio

• Initial £350m share buyback announced demonstrating

Intertek’s highly cash generative earnings model

Robust growth outlook expected in 2025 and

medium-term margin target raised to 18.5%+

• Mid-single digit LFL revenue growth at constant currency,

margin progression and strong cash flow in 2025

• Medium-term margin target raised to 18.5%+, capitalising

on faster ATIC growth and proven processes

1. Definitions of the alternative performance measures, metrics andconstant rates can be found

on page 3.64 in Report 3.

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

on page 3.11 in Report 3. 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 2024 based on the interim dividend paid of 53.9p (2023: 37.7p) plus

the proposed final dividend of 102.6p (2023: 74.0p).

4. Contribution of acquisitions made in the last five years.

Financial

highlights

• As a purpose-led organisation, we

are energised about making the

world a better place through the

partnerships we have built over

the years with all our stakeholders.

• The Science-based Customer

Excellence of our talented

colleagues gives us a unique

competitive advantage, enabling

organisations to power ahead

safely and sustainably.

• Our clients are increasing their

focus on Risk-based Quality

Assurance to operate with higher

standards across their value chain,

triggering a higher demand for our

ATIC solutions.

• Our AAA differentiated growth

strategy is accelerating growth for

all, benefitting from the increased

investments of our clients in Total

Quality Assurance.

• We will capitalise on our proven

high growth cash compounder

earnings model to unlock the

significant value growth

opportunity ahead, while

improving ourselves in those areas

where we can make an even

greater difference.

• We are well positioned to continue

to deliver sustainable growth and

value for all our stakeholders.

Strategic

highlights

Sustainability

highlights

Intertek Group plc

Annual Report & Accounts 2024

1.10

Chief Executive Officer's letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

AAA people advantage

Our amazing people are the driving force behind Intertek’s

success, and their unwavering dedication is what underpins

our strong performance. I am deeply proud of their

commitment to our Purpose of bringing quality, safety and

sustainability to life, and I thank them for their outstanding

contributions to our clients, shareholders and society.

Our culture continues to energise and inspire our colleagues

to take Intertek to new heights. This powerful approach is

rooted in a passion for excellence and a desire to unlock the

full potential of our people. A key element of this is our 10X

Leadership programme, where since its beginning in 2019,

I have had the privilege of working with hundreds of our

current and future senior leaders. These immersive sessions

foster innovative thinking, enabling our leaders to build

high-performing teams and deliver ever better outcomes.

In addition, our 10X Coaching programme features Intertek

certified coaches who work closely with colleagues to support

their personal and professional growth. This initiative is central

to our culture of continuous development and has been

complemented by over 680,000 hours of training globally,

ensuring our colleagues are equipped to thrive in their roles.

To support new colleagues in their journey with us, we

introduced the 10X Onboarding programme, delivered via

Lucie, our global learning management system. This self-paced

experience immerses new team members in our Values, culture,

and operations, setting them up for success from day one.

These initiatives are integral to our AAA differentiated growth

strategy, which ensures we remain the most trusted Total

Quality Assurance partner for our customers, the employer

of choice for our people, and a leader in sustainability.

By embedding our powerful culture across the organisation,

we empower our amazing people to deliver exceptional

performance. Together, we are creating sustainable value

for all stakeholders, propelling Intertek to new heights.

AAA differentiated strategy for growth

We unveiled our Intertek AAA strategy in 2023 to accelerate

ourgrowth by seizing the high demand for our ATIC solutions,

leveraging the best in class operating platform we have built

andtargeting the areas where we have opportunities to do

evenbetter.

The value growth opportunity ahead is significant and

ourhigh-performance organisation, strong market position,

industry-leading portfolio and unrivalled customer relationships

mean we are ideally positioned to seize the growth opportunity

in our end-markets.

Our proven high growth cash compounder earnings model will

continue to deliver significant value for every stakeholder every

day, targeting mid-single digit LFL revenue growth, margin

accretion and strong cash generation, while pursuing disciplined

cash-accretive investments in attractive high growth and high

margin sectors.

As corporates increase their focus on Risk-based Quality

Assurance as part of efforts to make their businesses safer,

stronger and more sustainable, Intertek is uniquely well

positioned to deliver consistent mid-single digit LFL revenue

growth through the cycle driven by:

• the need to operate with safer and more resilient supply chains

• continued investments in new products and services

• a step-change in managing sustainability

• increased investment in oil and gas and renewables

• an increase in the number of new clients, both in developed

and emerging economies

At the same time, we continue to innovate and invest in our

high-quality growth portfolio which enables us to provide our

customers with cutting-edge ATIC solutions, ensuring we have

the right geographical exposure to the right structural growth

opportunities across our global markets.

Intertek Group plc

Annual Report & Accounts 2024

1.11

Chief Executive Officer's letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

AAA means giving our clients an

'Amazing ATIC Advantage' to make

their businesses stronger.

We want to be the most trusted

TQA partner for our customers,

the employer of choice for our

employees, to demonstrate

Sustainability Excellence

everywhere in our community

anddeliver significant growth

andvalue for our shareholders.

Our strategic

priorities

Our strategic

enablers

Our AAA differentiated

growthstrategy

We will reach our goals by implementing our AAA

strategy to unlock the significant value growth

opportunity ahead. We pursue three strategic

priorities and three strategic enablers.

Embed our powerful 10X

cultureacross the organisation,

empowering our amazing people

to deliver an exceptional

performance and taking

Intertek to new heights.

Create sustainable growth

andvalue for all stakeholders,

leveraging the best in class

operating platform we have

built and returning excess

capital to our shareholders.

Science-based TQA

Customer Excellence

We invest in the skills we

needto deliver operational

excellence and superior

customer service.

Brand

Push & Pull

We lead the market with our

trusted brand, ATIC sales

power and our cut-through

digital marketing.

Winning

Innovations

Our innovative solutions

helpclients resolve their

quality, safety and

sustainability challenges.

10X Purpose-based

Engagement

Our amazing people are our key

competitive advantage, allowing

us to consistently exceed the

expectations of our customers.

Sustainability

Excellence

We lead by example, adopting

rigorous end-to-end TSA

standards and internal

compliance controls.

Margin Accretive

Investments

We target opportunities in

highgrowth and high margin

areas, ensuring sustainable

returns for our shareholders.

Our Amazing ATIC Advantage ‘AAA’ strategy

Being the best for

every stakeholder.

Allthetime.

Our goals

Our highly engaged, customer centric organisation is laser-focused to

take Intertek to greater heights, and the execution of our AAA

differentiated growth strategy is on track to create sustainable growth

and value for all stakeholders.

Customers

Be the most trusted

TQA partner

Sustainability

Excellence

everywhere

Employer of choice

every day

Sustainable growth

and value

Community

Shareholders

Employees

Continue to lead the industry

and invest in our global ATIC

capacity to ensure we have the

right geographical exposure to

the right structural growth

opportunities.

Intertek Group plc

Annual Report & Accounts 2024

1.12

Chief Executive Officer's letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

This is a major area of focus for Intertek, given the expectation

that companies will have to place greater emphasis in the years

ahead on externally verified ESG disclosures to ensure they

are aligned with relevant standards and meet the growing

demands of their stakeholders for progress and transparency.

As regulatory momentum continues to accelerate, companies

will need to upgrade and reinvent how they manage their

sustainability agendas, further sharpening their focus on Risk-

based Quality Assurance. For example, the scope of ESG-related

regulation has increased by around 155% over thelast decade.

This growing regulatory momentum will drive rising demand

forour leading ATIC solutions, creating an increasingly

valuable growth opportunity for Intertek in the years ahead.

As well as helping other companies accelerate their sustainability

journeys, we continue to lead by example by pursuing our own

Sustainability Excellence agenda, adopting rigorous end-to-end

TSA standards that have resulted in our organisation being

recognised with the highest possible AAA rating from MSCI.

READ MORE IN REPORT 2 – SUSTAINABILITY REPORT

Sustainability Excellence

Sustainability is the movement of our time and is central to

everything we do at Intertek, anchored in our Purpose, our

Vision, our Values and our strategy.

In recent years, businesses around the world have had

to navigate heightened pressure from consumers and

regulators demanding faster progress and greater

transparency when it comes to sustainability reporting.

As a result, they have scaled up their efforts around

operational and corporate sustainability, re-evaluating their

energy usage, investing in renewables and reconsidering

how they disclose their non-financial performance.

This has fuelled growing demand for our global Total

Sustainability Assurance ('TSA') programme through

which we provide our clients with proven independent,

systemic and end-to-end assurance on all aspects of

theirsustainability strategies, activities and operations.

The TSA programme comprises three elements:

Intertek Operational Sustainability Solutions

Intertek ESG Assurance

Intertek Corporate Sustainability Certification

TSA is a global programme that leverages our footprint

in over 100countries and covers all industries. We have

built a team of sustainability experts in every major region,

who can help with both a global and local perspective.

Intertek Operational

Sustainability

Solutions

enablecompanies

to understand,

achieve and validate

their existing

and emerging

sustainability goals

for their products,

assets, facilities,

systems, processes

and the environment.

Intertek Corporate

Sustainability

Certification covers

topics from Quality

and Safety to the

Environment and

Communication &

Disclosure, enabling

clients to verify

theircorporate

sustainability

performance across

the ten most

essential corporate

sustainability

subject areas.

Providing

independent

verification of

sustainability

disclosures and

reporting, Intertek

ESG Assurance

enables companies to

identify areas of risk

and impact, define

their sustainability

strategies and

prepare ESGreports.

Total Sustainability Assurance

VISIT: INTERTEK.COM/SUSTAINABILITY

Read more about how we help our clients meet their

sustainability goals in Report 2, pages 2.27-2.37.

1 2 3

Intertek Group plc

Annual Report & Accounts 2024

1.13

Chief Executive Officer's letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

The year also involved a number of other important

achievements, and we have made progress in

several areas:

In 2024, our voluntary

permanent employee

turnoverimproved to a

five-year low rate of

11.2%

2023: 12.3%

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. In 2024, we achieved a

new high score of

2023: 87

In 2024, we conducted a

preliminary Double Materiality

Assessment, to help us meet

upcoming regulations.

We are driving environmental

performance across our operations

through science-based reduction

targets to 2030. By optimising

energy use in our offices and

laboratories and transitioning to

cleaner energy sources, we reduced

our operational market-based

emissions

-16.7%

against 2023 and

- 47. 2%

against our base year 2019

Since 2015, we have used the Net

Promoter Score (‘NPS’) process to

listen to our customers, enabling us

to improve our customer service

over the years consistently. In 2024,

we conducted on average

6,036 NPS

interviews per month

Levels of Hazard Observations

increased for the fifth consecutive

year, reflecting greater levels of

activity across our sites as well

as greater awareness and reporting

of health and safety overall.

Investing in growth with

customer-led innovation

Intertek’s pioneering spirit has driven us to continuously

invest in our ATIC capability, developing and launching

powerful new solutions that meet our customers’ fast-

changing needs for Risk-based Quality Assurance.

We work constantly to anticipate where our customers are

taking their businesses, conducting on average 6,036 interviews

every month as part of our NPS research programme to access

world-class customer-intelligence from across our global

network. It’s this continuous stream of data that enables us to

build on our insights and develop ever better ATIC solutions.

Across multiple industries and geographies, our ingenious

innovations are helping our clients to power ahead safely.

For example, the launch of Intertek Methane Clear has

provided our customers in the global energy industry

with a dedicated suite of science-based solutions that

enable the accurate and independent measurement and

verification of methane emissions. Through technologies

ranging from direct measurement using aerial drones and

fixed sensors, to inspection and testing, and emissions

data management and analysis, Methane Clear allows

companies to better manage their emissions and build

resilience into every stage of their value chains.

Furthermore, the renewal of our historic Intertek Metoc brand has

helped our clients working at the forefront of the clean energy

industry to better reduce costs, manage risks, and accelerate

their journey towards net zero emissions. Through our team of

consultants, scientists and engineers, these customers are

ableto draw upon a wide range of expert technical knowledge

throughout the entire lifecycle of a project, meaning they can get

the guidance needed to ensure their designs and operations are

safe, reliable, and of the highest quality.

We have helped members of the honey industry to stay

ahead of the latest sustainability standards with HoneyTrace,

Total Quality Assurance for bee and honey products from

hive to jar. This has involved training producers in best bee

keeping practices, conducting material tests to establish the

quality, safety and authenticity of raw samples, and ensuring

that more honey products meet relevant regulations.

Intertek Softlines’ iCare has given our customers access to

an innovative one-stop Science-based Customer Excellence

portal that enables them to better manage and monitor their

testing processes from start to finish. By allowing users to

submit test requests, view reports and analytics online and

connect with our in-house teams of experts in just a few clicks,

the platform makes it easy for customers to keep track of

their testing projects in real time, producing textile products

that meet higher standards of transparency and traceability.

READ MORE ABOUT OUR WINNING INNOVATIONS

IN THE OPERATING REVIEW ON PAGE 1.40

Intertek Group plc

Annual Report & Accounts 2024

1.14

Chief Executive Officer's letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Investing in our global ATIC

capabilityto unlock exciting

growthopportunities

At Intertek, we are focused on anticipating the evolving

needs of our clients. This has meant making disciplined

investments in our global ATIC capability to scale up our

portfolio and seize the exciting growth opportunities ahead.

As a result, our expanded global footprint and our capital-

light business model make us very agile, meaning we are able

to respond rapidly to demands for additional ATIC capability in

existing or new markets. As part of our accretive disciplined

capital allocation policy, our first priority is to support organic

growth through capital expenditure and investments in

working capital (target c.5% of revenue in capex). Since 2020,

we have invested £545m.

From the opening of our cutting-edge Battery Centre of

Excellence in Italy to the investments our Business Assurance

team in India has made in attractive, high ROI segments and

the industry-leading capability we’ve built in sustainable

aviation fuel in the Americas, we are investing to drive

sustainable growth and value for all our stakeholders.

We maintained our disciplined approach to acquisitions in

2024, strengthening our global ATIC capability through

strategic investments in attractive high margin, high growth

areas that enable us to deliver new services for our clients

and expand our local, regional and global coverage. The

acquisitions we have made over the last few years in the high

growth and high margin segments are already performing

well, having delivered a £207m contribution to Group revenue

and an impressive 25.1% margin.

Strategic investments in recent years include the acquisition

of SAI Global Assurance in May 2021, a highly complementary,

capital-light and high margin Quality Assurance business, that

augmented our existing strengths in industries like Food,

Quick Service Restaurants and Forestry and expands our

business in Australia, USA, Canada and China.

In July 2021, we acquired JLA Brasil Laboratório de Análises de

Alimentos S.A., further expanding our existing Food and Agri

Assurance capabilities into the highly attractive food-testing

market in Brazil, which remains one of the world’s largest

agri-food exporters.

In July 2022, we acquired Clean Energy Associates (‘CEA’), a

market-leading provider of Quality Assurance, supply chain

traceability and technical services to the fast-growing solar

energy sector. The CEA acquisition continues to empower the

expansion of our sustainability service offering in the Quality

Assurance market for the energy sector.

In April 2023, we announced the acquisition of Controle

Analítico, a leading provider of environmental analysis, with a

focus on water testing, based in Brazil. The acquisition was a

compelling strategic fit, expanding our footprint of leading

Foodand Agri TQA solutions in Brazil.

In August 2023, we announced the acquisition of US-based

PlayerLync, a leading provider of high-quality mobile-first

training and learning content to frontline workforces at some

ofthe world’s leading consumer brands, strengthening our

position as a leader in SaaS-based, technology-enabled People

Assurance services. We invested in our People Assurance

business with the acquisition of Alchemy/Wisetail in 2018, and

PlayerLync provides a compelling opportunity to further enhance

our differentiated TQA proposition and customer excellence

advantage in what is a fast-evolving landscape.

In March 2024, we announced the acquisition of Base

Metallurgical Laboratories ('Base Met Labs'), a leading provider

ofmetallurgical testing services for the Minerals sector based

inNorth America, reinforcing and expanding Intertek’s ATIC

offering in the Minerals industry. The acquisition of Base Met

Labs is highly complementary to our ATIC service offering,

establishing a Minerals testing footprint for Intertek on

theAmerican continent and creating attractive growth

opportunities with existing and new clients.

We will continue to look at acquisition opportunities in attractive

high margin and high growth areas to broaden our ATIC portfolio

of solutions with new services we can offer to our clients and to

further expand our regional coverage.

Building a TEK-based ATIC

advantage through digital

innovation

Investing in innovation, using

breakthrough new technologies to further

augment the strengths of our leading

ATIC solutions by providing our customers

with a superior digitised service.

For example, our technology-enabled digital Supply

Chain Traceability tools provide our customers with

product-level traceability and digital passports, allowing

them to manage relationships with suppliers and

mitigate risks across every level of their supply chains.

These include our strategic collaboration with Trace

For Good on a cutting-edge SaaS platform to enhance

traceability and sustainability in complex supply chains.

This helps brands to effectively manage and communicate

the environmental and social impacts of their products.

We have also upgraded our ToxClear solution to

include new, fully-digitised features like a product-

agnostic chemical risk assessment module, enabling

brands and suppliers to gain greater visibility of the

chemicals used at every stage of their value chains.

This means they can mitigate risks associated with

chemical hazards and operate more sustainably.

These winning innovations are key to ensuring that

our ATIC solutions remain industry-leading and that

we can continue to offer customers the 'TEK'-based

advantage that keeps them ahead of the competition.

In action

Intertek Group plc

Annual Report & Accounts 2024

1.15

Chief Executive Officer's letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

2024 margin

25.1%

2024 operating profit

£52m

2024 revenue

£207m

Acquisitions in high growth and high margin sectors performing well

The six acquisitions made in the last five years contributed £207m to 2024 revenue, £52m to operating profit and delivered a margin of 25.1%.

Health and SafetyCorporate Assurance

Where: Br a zi l

When: July 2021 and April 2023

Where: Austr alia

When: May 2021

Where: USA

When: July 2022

Where: U SA

When: August 2023

Where: North America

When: March 2024

World of Energy People Assurance Minerals

Provider of assurance

services to solar

energymarkets

• Expands services offering

within the World of Energy

to provide Total Quality

Assurance solutions

for solar photovoltaic and

energy storage products

and installations.

• Highly complementary to

our existing solar energy

offerings in product testing

and certification and in-field

inspections.

Provider of mobile-first

training and learning content

to frontline workforces

• Strengthens our position

as a leader in SaaS-based,

technology-enabled People

Assurance services.

• Builds on earlier pioneering

acquisition of Alchemy/

Wisetail by adding robust

mobile content management,

communication, and offline

synchronisation capabilities.

Provider of metallurgical

testing services for the

Minerals sector

• Establishes a Minerals testing

footprint for Intertek on the

American continent.

• Creates attractive growth

opportunities with existing

and new clients.

• Helping the world’s leading

mining companies accelerate

into a sustainable future.

Providers of food and

environmental testing

inBrazil

• Entry to high growth testing

markets in an attractive

region.

• JLA’s scale and service

offering is complementary

to Intertek’s existing

Assurance-led proposition.

• Controle complements our

leading Food and Agri Total

Quality Assurance solutions

in Brazil by expanding our

presence and service offering

in the environmental testing

market.

Leading provider of

assuranceservices

• Increases presence in

complementary geographic

markets – Australia, US,

Canada, UK, China.

• Expands service capabilities

in attractive end-markets

including food, agriculture and

Quick Service Restaurants.

• Increases exposure to

growing global ATIC

addressable market.

WATCH JLA VIDEO WATCH VIDEO

WATCH CONTROLE

ANALITICOVIDEO

WATCH VIDEO WATCH VIDEO WATCH VIDEO

Intertek Group plc

Annual Report & Accounts 2024

1.16

Chief Executive Officer's letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Mid-single digit life for like (LFL) revenue growth target

In the medium to long term, we are targeting Group mid-single

digit LFL revenue growth at constant currency with the

following expectations by division:

• Low- to mid-single digit in Consumer Products

• High-single digit to double-digit in Corporate Assurance

• Mid- to high-single digit in Health and Safety

• Mid- to high-single digit in Industry and Infrastructure

• Low- to mid-single digit in the World of Energy

New medium-term margin target of 18.5%+

We have delivered a strong margin of 17.4% in 2024 broadly in

line with the 17.5%+ target we set in May 2023 and have set a

new margin target of 18.5%+ in the medium-term, capitalising

on the revenue growth acceleration we are seeing for our ATIC

solutions, our disciplined performance management and our

investments in high growth and high margin segments.

Margin accretive revenue growth is central to the way we deliver

value, and we are confident that over time we will deliver our

medium-term margin target of 18.5%+. Our confidence is based

on three simple reasons: we continue to expect mid-single digit

revenue growth over the medium-term and we will benefit

fromour operational leverage; we continue to drive efficiencies

in ourbusiness; and we continue to pursue higher margin

opportunities in our portfolio. Our revenue growth will also

drivesome operational leverage, while our pricing discipline

andour focus on mix will continue.

Share buyback

Our proven, highly cash-generative earnings model is at the

coreof our success, driven by margin accretive revenue

growth,strong cash generation, and disciplined investments

inhigh-growth and high-margin sectors.

With a clearly established capital allocation policy targeting a

leverage range of 1.3-1.8x net financial debt / EBITDA, our

strong performance has resulted in a current leverage of 0.7x

asof 31 December 2024. We will continue to target investing

approximately 5% of revenue annually in capex, distributing

circa65% of earnings as dividends, and pursuing selective M&A

to drive growth and margin in leading market positions or new

attractive areas.

Our high growth cash compounder earnings model is getting

stronger every year which gives us the opportunity to further

reward our shareholders whilst still investing organically and

looking for value accretive inorganic growth opportunities.

Giventhe strength of our earnings model, our performance

trackrecord, confidence in future growth opportunities and the

current level of leverage compared to our target leverage levels

of 1.3-1.8x net financial debt to EBITDA, the Board announced

an initial £350 million share buyback to be completed during

thecurrent financial year. Subject to compelling organic and

inorganic investment opportunities to deploy capital, to leverage

remaining sustainably below the bottom of our target range, and

to any relevant external macroeconomic factors, we expect our

share buybacks to remain a core element of our capital allocation

policy and to recur regularly.

Looking ahead

Through harnessing our powerful culture driven by our amazing

people and customer centric passion, we have continued to

deliver sustainable growth and value for all our stakeholders,

leaving us well-positioned to take our business to new heights

in2025.

The ingenuity and passion of our 45,000 talented colleagues

around the world is matched only by how deeply they care about

what they do, taking every step necessary to exceeding the

needs of our customers and earn and retain the trust of all our

stakeholders. It is their hard work and determination which has

enabled us to thrive, year after year, ensuring we can continue

tomake the world ever better.

With many businesses now scaling up their investments in

Risk-based Quality Assurance, the Science-based Customer

Excellence TQA Advantage and technical expertise possessed

by our colleagues is a strategic differentiator, allowing us to

successfully capitalise on rising demand for our ATIC solutions

created by the growing need for more resilient supply chains,

investments in new products and services, and a step-change

inhow companies manage sustainability.

For these reasons, we are confident that Intertek will deliver

another robust financial performance in 2025 with mid-single

digit LFL revenue growth, margin accretion and strong free cash

flow. It is this strong confidence in the future growth prospects

of the Group which mean we are able to announce the new

medium-term margin target of 18.5%+ and the £350m share

buyback programme.

Intertek Group plc

Annual Report & Accounts 2024

1.17

Chief Executive Officer's letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Our 'You'll Be Amazed' campaign

As an industry pioneer, on our good

to great journey, we have been

focused across all of our business

lines on making Intertek the global

icon for Total Quality Assurance.

The ‘You’ll Be Amazed’ campaign was launched

in 2023 to increase awareness of the sheer

scope of our ATIC solutions and our amazing

people’s expertise. The industry’s first ever

brand campaign that reaches out directly to

consumers, it highlights the mission-critical role

that Intertek plays in areas from pioneering cancer

research to ensuring the quality, safety and

sustainability of everything from food and wind

turbines to biofuels, toys, sweets and cosmetics.

By targeting a consumer audience, the

campaign aims to create awareness outside

a purely business-to-business environment.

This campaign celebrates Intertek's positive

impact on all aspects of modern life, by shining

a light on the incredible work of our colleagues

through social media content and stories.

By helping to make our brand a householdname

for quality, safety and sustainability around the

world, the campaign will place us more front-of-

mind for new decision makers as we become the

B2B2C brand icon for Total Quality Assurance.

The power of amazing

At Intertek, the power of amazing is the driving force

behind everything we do and forms the bedrock of our

unique culture. For over 130 years, we have led the

industry with a pioneering spirit, harnessing the ingenuity

and dedication of our extraordinary colleagues to deliver

trusted, mission-critical solutions that empower business

and communities worldwide in a changing world.

As we look to the future and the next stage of growth,

we are inspired by the limitless potential of our ever better

approach. Our AAA differentiated growth strategy positions

us to seize the opportunities of a rapidly evolving landscape,

meeting the rising demand for Risk-based Quality Assurance

and enabling our clients to thrive through enhanced safety,

quality and sustainability. By combining the power of our

ingenious solutions with the passion of our 45,000 talented

colleagues, we are continually raising the bar on excellence,

ensuring we remain the choice for business everywhere.

Our trusted and long-held customer relationships and high-

performance culture set us apart. From empowering our people

to grow and excel to supporting our clients with cutting-

edge innovations and solutions, we are building a thriving,

sustainable future together. As we unlock the full potential

of our Science-based Customer Excellence Advantage and

high growth cash compounder earnings model, we are well-

positioned to deliver superior value for all our stakeholders.

With the momentum of our thriving entrepreneurial culture

and the relentless commitment of our caring people, we are

ready to take our performance to even greater heights in 2025

and beyond. Together, we will achieve our ambitious goals and

ensure that Intertek continues to make the world a better,

safer and more sustainable place for generations to come.

That is the power of amazing.

André Lacroix

Chief Executive Officer

VISIT: INTERTEK.COM/AMAZED

VISIT: LINKEDIN.COM/COMPANY/INTERTEK

Intertek Group plc

Annual Report & Accounts 2024

1.18

Intertek Group plc

Annual Report & Accounts 2024

1.18

3: Financial Report2: Sustainability Report1: Strategic Report

Who we are

We are passionate about our Purpose and committedto

being ever better. Our amazing people are guided by science,

and sustainability is central toeverything we do.

What we do

Intertek’s unrivalled Total Quality Assurance is delivered

consistently with precision, pace and passion. Science-based

Customer Excellence is whatmakes us different.

Where we operate

We report revenue, operating profit and margin in five

divisions: Consumer Products, Corporate Assurance, Health

and Safety, Industry and Infrastructure, and World of Energy.

How we do it

The industry-leading solutions we provide are delivered

with an unwavering commitment to our customers and

by investing in our global network.

How we create value

We are a force for good in the world, and our solutions

create meaningful and sustainable long-term value for

a broad range of stakeholders.

How we apply our

passionate

culture, Science-

based expertise

and resources

to create sustainable

growth and value

Our business model

page 1.19

page 1.20

page 1.22

page 1.24

page 1.26

Intertek Group plc

Annual Report & Accounts 2024

1.19

Our business model Continued

3: Financial Report2: Sustainability Report1: Strategic Report

We are passionate about our Purpose

and 'Doing Business the Right Way'. We

strive to make the world a better, safer

and more sustainable place for all, now

and for future generations.

As the world changes, supply chains are rapidlygrowing in size

and complexity, bringing unprecedented levels of risk. As a

result, it can become more difficult for businesses to operate

safely and sustainably while delivering quality products and

services. In these challenging times, companies need a trusted

partner, which is why we provide our clients with a unique

risk-based approach to Quality Assurance. We call this Total

Quality Assurance ('TQA') – and only Intertek offers it.

Ever better

As a company, we are committed to becoming everbetter in

everything we do. That means morethan simply seeking ways

toconstantly improve our operations for enhanced efficiency

andeffectiveness. It means investing in our Science-based

Customer Excellence approach to provide superior services,

enabling our 400,000+ clients to become ever better too.

Our amazing people, culture and values

Our core strength is, and always will be, our people. We are

guided by science, and it’s the way our colleagues combine

passion and innovation with customer commitment that sets

usapart.

Our decentralised operating culture is built around strong values.

These values are inspirational and help us to drive sustainable

growth for all. They guide our behaviours every single day,

underpinning the way we work, guiding decision making and

connecting colleagues across the world.

Sustainability is central to everything we do and we

demonstrate our commitment and passion to help our clients

make a difference, as well as bettering ourselves, every day.

We are a global family

that values diversity.

We always do the right thing.

With precision, pace and passion.

We trust each other and

have fun winning together.

We own and shape our future.

We create sustainable

growth. For all.

Bringing quality, safety

and sustainability to life.

To be the world’s most trusted

partner for Quality Assurance.

Our Purpose

Our Vision

Our Values

Who we are

Intertek Group plc

Annual Report & Accounts 2024

1.20

Our business model Continued

3: Financial Report2: Sustainability Report1: Strategic Report

For more than 130 years, we’ve been

a pioneer, innovating to mitigate

risk and bring quality and safety to

organisations. From our beginnings,

certifying grain cargoes and then testing

and ensuring the safety of Thomas

Edison's products, we have become a

global force for good: today, we are an

industry leader committed to bringing

quality, safety and sustainability to

life with precision, pace and passion.

Our work covers everything from testing

toys to inspecting power stations, from

supporting excellence in electric mobility

to promoting circularity in tourism, from

certifying vaccines to providing end-

to-end Quality Assurance across every

aspect of an organisation’s operations

and supply chain. Our innovation-led, end-

to-end value proposition supports our

clients 24/7, providing a unique and fully

End-to-end ATIC services

Enabling our customers to identify and mitigate intrinsic risk in

their operations, supply and distribution chains and quality

management systems.

Assurance goes beyond testing, inspection and certification to look

at the underlying elements that make a company and its products

successful. Intertek’s assurance solutions provide total peace of

mind to our clients that their operating procedures, systems and

people are functioning properly to provide competitive advantage.

Our extensive auditing, performance benchmarking and supply chain

services provide insight into every aspect of a company's operations,

right across the value chain, enabling informed business decisions.

Our training services ensure workforce competencies are current

and relevant. Our experts around the globe bring their knowledge

to clients on assessing overall performance, the quality and

productivity of laboratories, identifying and mitigating risks,

streamlining manufacturing processes and supply chains, and

so much more.

Validating the specifications, value and safety of our customers’

raw materials, products and assets.

Independent third-party inspections help our clients around

the world protect their financial, branding and legal interests

throughout the entire supply chain. We offer inspection services

to manufacturers, retailers, traders, plant operators, governments

and other buyers and sellers of materials and products.

Inspections help minimise the risk of defective products by ensuring

they meet customer standards as well as industry and government

regulations. This serves to protect business interests, manage risk

and ensure quality products are manufactured and delivered to their

final destination at the correct specifications.

Our experienced inspectors help identify products and shipments

which may contain non-standard or non-compliant components and

materials. We also support the end-to-end life management of

facilities such as power plants and oil refineries.

Formally confirming that our customers’ products and

services meet all trusted external and internal standards.

Intertek maintains extensive global accreditations, and we are

recognised for our testing and certification services.

With both international and local proficiency, Intertek brings

the qualifications customers need to get products in front of the

right eyes. We offer certification programmes that achieve market

entry into a variety of global destinations, programmes for a more

eco-friendly environment, and programmes to verify social

accountability compliance for companies and their suppliers.

We help clients showcase and maintain products’ safety and

performance. Our leadership and expertise in regulatory standards

and certifications keep clients ahead of changes and challenges,

and our knowledge of the process from sourcing to market

position creates efficient, cost-effective solutions that meet best

industry practices.

Evaluating how our customers’ products and services

meet and exceed quality, safety, sustainability and

performance standards.

Intertek’s testing services support the quality, performance,

regulatory compliance, safety, benchmarking, evaluation,

validation, analysis, and other requirements for products,

components, raw materials, sites, and facilities.

Our field and in-house laboratory testing services provide the

data our clients need to optimise the production process and

get products to market quickly and economically.

Our experts and global resources are equipped to meet testing,

timelines and product needs. As regulations change and

technology is created or innovated, our knowledge and industry

expertise ensure products and businesses are prepared to meet

evolving demands.

Assurance

(21% Group revenue)

Inspection

(25% Group revenue)

Certification

(8% Group revenue)

Testing

(46% Group revenue)

What we do

At Intertek, we bring our

clients the benefits of

our unique risk-based

assurance solution:

Total Quality Assurance.

integrated portfolio of ATIC (Assurance,

Testing, Inspection and Certification)

services in a way that delivers complete

peace of mind across all products,

services and operating systems.

But the ATIC solutions we offer go

beyond the quality and safety of a

corporation’s physical components,

products and assets. They go to the

heart of the reliability of their operating

processes and quality management. We

call this Total Quality Assurance because

it enables our clients to mitigate risk

at every stage of their operations.

In short, we help our clients operate

in safety and make their businesses

stronger, making the world

amazing – a better, safer and more

sustainable place for everybody.

Research &

development

Consumer

management

Distribution &

retail channels

Component

suppliers

Transportation

Manufacturing

Raw materials

sourcing

Intertek’s innovation-led,

end-to-end value proposition

helps organisations to mitigate

risk at every stage and operate

safely, effectively and with

complete peace of mind in a

complex world.

TQA value

proposition

Intertek Group plc

Annual Report & Accounts 2024

1.21

Our business model Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Most trusted partner

forQualityAssurance

Our leading ATIC solutions are mission-critical for the world

to operate safely. To become the most trusted partner

for Quality Assurance, our Science-based TQA Experts

always work to deliver end-to-end quality, safety and

sustainability solutions that exceed customer expectations.

This clearly sets us apart, meaning our clients can rely on

us to always deliver rapid and accurate insight feedback.

Customer Promise

Total Quality Assurance expertise

deliveredconsistently with precision,

paceand passion, enabling our customers

topower ahead safely.

We underpin this commitment with

thousands of customer interviews every

month, ensuring we understand their

priorities and continuously invest in the

mission-critical innovation they need.

Intertek Group plc

Annual Report & Accounts 2024

1.22

Our business model Continued

3: Financial Report2: Sustainability Report1: Strategic Report

READ MORE ON PAGE 1.54

World of Energy

£337. 2m £843.6m £757.3m

£46.0m £80.7m £7 7.5m£333.8m £837.9 m £757.3m

13.6% 9.6% 10.2%

RevenueRevenue Revenue

Adjusted operating profitAdjusted operating profit Adjusted operating profit

Like-for-like revenueLike-for-like revenue Like-for-like revenue

Adjusted operating marginAdjusted operating margin Adjusted operating margin

Our World of Energy division focuses on the

ATIC solutions we offer to our clients to develop

better and greener fuels as well as renewables.

Global Business Lines

• Caleb Brett

• Transportation Technologies

• Clean Energy Associates

Structural growth drivers

• Renewable energy

• Energy consumption

• Population growth/social mobility

• EV/Hybrid

• Greener fuels

Industry and Infrastructure

Our Industry and Infrastructure division

focuses on the ATIC solutions our clients need

to develop and build better, safer and greener

infrastructure.

Global Business Lines

• Industry Services

• Minerals

• Building & Construction

Structural growth drivers

• Energy consumption

• Energy transition

• Population growth

• Infrastructure investment

• Greener buildings

Health and Safety

Our Health and Safety division focuses on the

ATIC solutions we offer to our clients to make

sure we all enjoy a healthier and safer life.

Global Business Lines

• AgriWorld

• Food

• Chemicals & Pharma

Structural growth drivers

• Healthier foods

• Growing populations

• Sustainable food sourcing

• Regulations

• New molecules

Intertek Group plc

Annual Report & Accounts 2024

1.24

Our business model Continued

3: Financial Report2: Sustainability Report

1: Strategic Report

As the world becomes more

complex and interconnected, our

customers face increased risks to

quality, safety and sustainability.

1,000+

Laboratories and offices

45,000

Employees

100+

Countries

100+

Languages

3,000

Auditors

150,000+

Audits

Our global network

How we do it

As the global leader in Risk-based Quality Assurance,

we are uniquely positioned to help customers gain an

advantage by mitigating risk. We enable them to grow

by building trusted relationships, listening to their needs,

developing insights and using our data science to create

amazing, innovative Total Quality Assurance solutions

that make the world better, safer and more sustainable.

But it’s not just what we do that makes us unique. The way

in which we do it and how we engage with our customers

also have a powerful positive impact. Our expertise is guided

by science and delivered with an unwavering commitment to

give our clients an Amazing ATIC Advantage. The interviews

we carry out every month through our Net Promoter Score

programme measure the percentage of customers likely to

recommend our services. This is an invaluable tool in helping us

get to know our customers, understand their evolving needs and

ensure we deliver an incredible service at every Intertek site.

Every one of our 45,000 employees in our global network,

based in more than 100 countries, works hard to understand

the challenges our customers face. Then, by working in

close partnership with one another, we can collectively

make the world better, safer and more sustainable for all.

Intertek Group plc

Annual Report & Accounts 2024

1.25

Intertek Group plc

Annual Report & Accounts 2024

1.25

Our business model Continued

3: Financial Report2: Sustainability Report1: Strategic Report 3: Financial Report2: Sustainability Report1: Strategic Report

Our science-based experts provide customers with innovative ATIC

solutions in our industry-focused Centres of Excellence

Strategically located near Detroit in the epicentre of the

automotive industry, our Electrification Centre of

Excellence in Plymouth, Michigan, offers some of the most

extensive testing capabilities in North America for electric

vehicle batteries and supply equipment. Through science-

based Total Quality Assurance solutions, this facility plays

acrucial role in supporting manufacturers in the transition

to greener transport.

Electrification Centre of Excellence

in Plymouth, US: supporting the

transition towards electric mobility

Our new 'Battery Xcellence Centre' in Mestre, Italy, features

the latest technologies for testing battery and energy

storage systems, along with unrivalled industry expertise.

With equipment including battery cyclers, climatic and

salt-spray chambers, anti-fire containers and an altitude

test chamber, the centre meets the testing needs for

transportation and storage safety, functional safety, and

performance for a wide range of cells and battery packs.

This state-of-the-art facility in Italy joins our global

network of specialist centres strategically located in key

markets including the USA, China, Taiwan, India, Hong Kong

and Europe.

Battery Xcellence Centre

Supporting sustainableenergy

solutionsworldwide

Minerals Global Centre

ofExcellence in Perth,

Western Australia

A technology and innovation centre

with afocus on automation and

sustainability to provide our Minerals

clients with faster, safer, higher

quality, and more efficient analytical

solutions. Located in Perth,

Australia, a key hub for the minerals

and mining industry, this state-of-

the-art lab gives our customers

access to trusted expertise across

the minerals supply chain.

Maison Centre of Excellence

in Florence, Italy

Based in Lastra a Signa, the heart of Italy's garment

manufacturing district, Intertek's Maison Centre of

Excellence isour innovative experiential space and

adjacent world-class lab where science meets luxury. The

centre brings together – virtually or face to face – our

industry experts, forward-thinking luxury and fashion

brands, industry leaders, academics and ahost of textile

industry participants to collaborate and take bold new

ideas and turn them into reality.

Electric Vehicle ('EV')

Centre of Excellence in

Milton Keynes, UK

Our EV Centre of Excellence

testingfacility in the UK supports

manufacturers to develop next-

generation electric propulsion

systems, fromhigh-speed motor

testing to full vehicle validation

capabilities. Our global network of

automotive testing facilities can

support manufacturers and

suppliers with a wide portfolio of

bespoke solutions and capabilities,

such as engine andhybrid testing,

EV fluids, and fuel, additive and

lubricant testing.

Investing in state-of-the-art operations

State-of-the-art Caleb

Brett laboratory in

O’ahu, Hawaii

Opened in 2024, Intertek Caleb

Brett's laboratory on the island of

O’ahu, Hawaii, underscores our

commitment to providing the most

comprehensive and reliable jet fuel

testing services available. The

state-of-the-art facility positions us

to meet the growing demand for

Quality Assurance in aviation fuels,

while supporting our clients’

commitments to safety and

environmental responsibility.

Intertek Group plc

Annual Report & Accounts 2024

1.26

Our business model Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Our Purpose is to bring

quality, safety and

sustainability to life for

an ever better world.

Here, we explain how

we do this for our

stakeholders.

How we create value

People

We create amazing opportunities for our

45,000 people to thrive, always striving to

offer the best customer service to our clients.

We support 400,000+ clients with innovative

solutions that enable them to operate with

higher standards on quality, safety and

sustainability in each part of their value chain.

Why they are important to us

Our people are our most valuable asset and are critical to

our success. Customer centric and passionate about what

they do, they deliver sustainable value through unmatched

expertise and quality of work for our customers every day.

How we engage

We create a high-performance, growth-oriented, inclusive

and caring culture with clear, transparent communication

and regular recognition, in which each colleague has a

personal growth plan.

How they benefitted in 2024

• Champions engagement and team action planning

• 10X performance management approach, talent

development, recognition and growth planning

• 10X Leadership development events, 10X Coaching

and 10X Coaching certification programme

• Lucie Partners training platform, for non-employees

representing Intertek

• IGNITE programme to empower and inspire sales leaders

• Improved safety culture through iHazard

• MOSAIC workshops on diversity, equity and inclusion

• Kindness global wellbeing programme

• Extensive learning and development through Lucie,

our global learning management system

• Engaging employee communication channels

Why they are important to us

Our customers are at the centre of everything we do,

anddelivering the highest standards of customer service

isa crucial aspect of becoming the world’s most trusted

TQA partner.

How we engage

We continuously engage and build our relationships with

customers, and closely analyse our NPS data.

How they benefitted in 2024

• Communication, partnership and 24/7 support

• Refreshed intertek.com country sites to provide best

in class digital experience in many languages

• Fast development of innovative Risk-based Quality

Assurance solutions

• Training and webinars from all business lines, covering

allindustries

• Digital customer portals for improved efficiency,

productivityand visibility

• Digital directories providing our clients' customers with

access to product and supply chain information

Customers

Section 172 statement

In its discussions and decisions during the year, the Board

of Directors has acted in the way that it considers, in

good faith, would be most likely to promote the success

of the Group for the benefit of its members as a whole

(having regard to stakeholders and the matters set out in

sub-sections 172(1) (a)–(f) of the 2006 Companies Act).

Details of how the Board has engaged with

stakeholders and how it has had regard to their

interests is set out on page 2.72 in Report 2.

FOR MORE INFORMATION

SEE PAGE 2.27 IN REPORT 2

FOR MORE INFORMATION

SEE PAGE 2.13 IN REPORT 2

Intertek Group plc

Annual Report & Accounts 2024

1.27

Our business model Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Investors

Communities

Governments

and regulators

We operate a high growth cash compounder

earnings model with a proven track record of

sustainable value creation over the long term.

We support and enhance our communities

andthe environment across our global network

ofstate-of-the-art operations in more than

100countries.

Governments and regulators expect compliance

with all global, regional and local regulation,

responsible business practices and collaboration

on the transition to net zero.

Why they are important to us

Delivering for our investors drives our ongoing success,

enabling us to deliver for all stakeholders today and tomorrow.

How we engage

We engage with existing and potential investors and

sell-side analysts through regular trading updates, investor

conferences and roadshows throughout the year.

How they benefitted in 2024

• Stock exchange announcements, including financial

results

• Investor roadshows and participation in investor

conferences

• Engaging through meetings and calls

• Annual General Meeting

• Annual Report, ESG Reporting Index

• Shareholder information on intertek.com

• Enriched Investors section on intertek.com

Why they are important to us

Our businesses and people are part of the communities

in which we work and are dedicated to supporting

organisations and initiatives that improve the environment,

and the lives of local people. We are a force for good, close

to home, that makes the world amazing for everyone.

How we engage

Our businesses regularly engage with and contribute to our

communities, and many colleagues support local and

charitable causes that reflect the diversity of our

communities and people.

How they benefitted in 2024

• Support for and partnerships with charities andNGOs

• Focused activities to improve local communities

andenvironments

• BBEB.com platform to share impactful stories andinspire

positive change in the world

Why they are important to us

‘Doing Business the Right Way’ is part of who we are.

Asaresponsible business, we are dedicated to engaging

positively with governments and regulators to support

ourcommunities and comply with global, regional and

localregulations.

How we engage

We interact with trade associations and governmental

authorities to provide input into industry and regulatory

improvements in product safety, quality, sustainability

andriskassurance. Interactions with governments,

governmental authorities and regulators are reviewed

byour Group Legal &Risk functions to ensure we fully

comply with all laws andregulations.

How they benefitted in 2024

• Our businesses’ economic and tax contribution

togovernments and communities supports the basic

infrastructure of society

INTERTEK.COM/INVESTORS

FOR MORE INFORMATION

SEE PAGE 2.49 IN REPORT 2

FOR MORE INFORMATION

SEE PAGE 2.56 IN REPORT 2

Intertek Group plc

Annual Report & Accounts 2024

1.28

Our business model Continued

How we create value Continued

3: Financial Report2: Sustainability Report1: Strategic Report

The UN SDGs

Long-term impacts

We can achieve positive and lasting change

byconsidering our impacts, targeting our

response and collaborating across sectors

toscale positive contributions.

As a Total Quality Assurance provider, we are in a strong

positionto align with each of the United Nations Sustainable

Development Goals (‘UN SDGs’) through the internal activities

we carry out for our people, in our communities and for the

environment, as well as through the Total Sustainability

Assurance solutions we provide to our customers.

In 2024, we have continued to look at how the UN SDG targets

can be associated with individual goals and how our activities

can help achieve these targets. We continue to focus primarily

on the six SDGs most relevant to the Group.

READ MORE ABOUT OUR SUSTAINABILITY EXCELLENCE

APPROACH IN REPORT 2

Good Health and Wellbeing

To ensure healthy lives and promote

wellbeing for all at all ages, we have

developed programmes that support the

good health and wellbeing of the people

within our business as well as deliver

theseprogrammes for our customers

andcommunities.

Affordable and Clean Energy

Increasing our energy self-sufficiency

improves profitability and energy security.

We are assessing our operations for

energy and process efficiencies and

areinvesting in solar energy systems,

where appropriate, to enable energy

diversification. We are also working with

clients to deliver their renewable energy

products and services.

Quality Education

We are supporting the goal to ensure

inclusive and equitable quality education

and promote lifelong learning opportunities

for all, by building more relationships with

educational institutions and providing

opportunities for young people to engage

with our engineers and scientists. We

participate in programmes that ensure

equal access to all levels of education and

vocational training for the vulnerable,

including persons with disabilities,

Indigenous peoples and children in

vulnerable situations.

Decent Work and Economic Growth

Our daily operations provide employment

for 45,000 people across 100 countries.

We provide training and development

opportunities in safe, secure working

environments, graduate and apprentice

opportunities, programmes for young

people experiencing difficulties

securingemployment, offer equal

opportunities to all and value diversity

among our employees.

Gender Equality

Improving gender balance is a priority

forus. We continue to focus on gender

diversity by attracting, developing and

retaining more talented women across

the business. We have policies, procedures

and initiatives in place to support gender

diversity throughout Intertek.

Climate Action

Climate change is one of the greatest

threats facing society, but emissions

continue to rise. Reducing our own

greenhouse gas emissions is a priority for

us, as well as working with our customers

to ensure they are resilient to the impacts

that a changing climate might bring.

In action

Intertek Group plc

Annual Report & Accounts 2024

1.29

Our business model Continued

How we create value Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Reducing our impact

Following the installation of a solar photovoltaic project

at our office in Bangkok, Thailand is now the ninth

country where we have installed a renewable energy

system at one or more sites.

The incredible power of diversity

In 2024, we continued to build on our MOSAIC programme,

to help everyone understand the incredible power of

diversity across our global workforce. MOSAIC has

becomean essential ongoing resource for the business.

Providing access

to STEM education

In India, we completed the first phase of a project

designed to give more than 40,000 young people in

rural Gurugram and Mumbai access to high-quality

STEM education.

READ MORE ON PAGE 2.04 IN REPORT 2

1. Revenue, adjusted operating profit and ROIC are recalculated using 2023 exchange

rates to form the basis for Executive Director remuneration, as described in more detail

on page 2.117 in Report 2.

2. Adjusted operating profit, adjusted operating margin, adjusted cash flow from

operations, adjusted free cash flow and adjusted diluted earnings per share are stated

before Separately Disclosed Items, which are described on page 3.11. There is no

difference between adjusted and statutory revenue.

3. Dividend per share is based on the interim dividend of 53.9p (2023: 37.7p) plus the

proposed final dividend of 102.6p (2023: 74.0p).

4. 2023 ROIC has been prepared using 2024 average exchange rates for adjusted

operating profit and adjusted tax, and year-end 2024 exchange rates for invested

capital. 2023 ROIC at actual rates was 20.5%

Intertek Group plc

Annual Report & Accounts 2024

1.30

3: Financial Report2: Sustainability Report1: Strategic Report

Strong 2024 performance

in revenue, margin, EPS,

cash and ROIC.

Disciplined performance management

focused on margin accretive revenue

growth, with strong cash conversion

and capital allocation to drive strong

returns on invested capital.

Key performance indicators

Financial

The Group uses a variety of key performance

indicators (‘KPIs’) to monitor performance and

measure the financial impact of the Group’s

strategy. Where applicable, KPIs are based on

adjusted measures in order to provide a

meaningful and consistent year-on-year

comparison. An explanation and reconciliation

of statutory to adjusted performance

measures is given on page 1.37. A glossary of

performance measures is provided on pages

3.64-3.66 in Report 3.

2023

2024 3,393

3,329

6.6%1.9%

2023

2024 590 536

551 486

13.0% 10.2%7.1%

2023

2024 240.6 212.7

223.0 183.4

15.2% 16.0%7.9%

2023

2024 3,379

3,324

6.3%1.6%

2023

2024 17.4 15.8

16.6 14.6

100bps 120bps80bps

2023

2024 156.5

111.7

40.1%

2023

2024 789 776

749 726

6.9%5.3%

2023

2024 22.4

20.5

190bps 250bps

2023

2024 408.8

378.4

8.0%

Key

Adjusted actual rates

Adjusted constant rates Statutory actual rates 2024 Adjusted 2023 Adjusted Statutory

Intertek Group plc

Annual Report & Accounts 2024

1.31

Key performance indicators Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Revenue

(£m)

Revenue growth measures how well

the Group is expanding its business

and includes currency impacts.

Operating profit

1,2

(£m)

Measures profitability of the Group

and includes currency impacts.

Diluted earnings per

(pence)

A key measure of value creation for the

Board and for shareholders.

Like-for-like revenue (£m)

Revenue growth, including acquisitions following

their 12-month anniversary of ownership and

excluding the historical contribution of any

business disposals/closures excluding

acquisitions and disposals.

Operating margin

1,2

(%)

Measures profitability as a proportion

of revenue.

Dividend per share

(pence)

Measures returns provided to shareholders.

Cash flow from

operations

(£m)

Shows the ability of the Group to

turn profit into cash.

Return on invested capital

at constant rates

1,4

(%)

Measures how effectively the Group

generates profit from its invested capital.

Adjusted free cash flow

(£m)

Measures the cash available to shareholders.

Intertek Group plc

Annual Report & Accounts 2024

1.32

Key performance indicators Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Non-financial

Health and safety Customer satisfaction

Environment

Operational emissions

Since the adoption of our near-term absolute emissions

reduction targets, we measure our environmental

performance against these. Operational emissions comprise

scope 1, scope 2 (market-based) and scope 3 (business

travel and employee commuting).

Voluntary permanent employee

turnover and employee engagement

Voluntary permanent leavers are employees who

choose to leave the Group themselves. This does

not include employees on a fixed-term contract.

Intertek ATIC Engagement Index – based on the

key drivers of sustainable value creation and which

measures engagement on a monthly basis in every

operation with the following metrics: Net Promoter Score,

customer retention, quality, voluntary permanent employee

turnover and Total Recordable Incident Rate.

Gender balance

Percentage of women in senior management roles

(Group Executive Committee and their direct reports).

Compliance training

Completion of annual compliance training

by eligible employees

(online or face to face,

when available) during the training window.

Why we measure it

We measure our carbon emissions to reduce our impact

onthe environment and increase operational efficiency.

Wetrack both location-based and market-based

scope2emissions.

Why we measure it

Ensuring employees are engaged is essential totalent

retention and we measure and monitor this closely at a

global and local level through ourvoluntary turnover rate.

Why we measure it

We promote diversity in all its forms, including gender, age,

sexual orientation and disability, as well as having an ethnic

and social make-up that reflects broader society. Achieving

better gender balance is a driver of progress.

Why we measure it

Our commitment to the highest standards of integrity and

professional ethics is embedded inthe Group’s culture

through the integrity principles set out in our Code of

Ethics. Every year, to support continuing understanding in

thisarea, our people are required to complete

ourcomprehensive training course.

Operational emissions (in tCO

e) Employee voluntary turnover and

Intertek ATIC Engagement index

Women in senior management (%) Training completion by eligible employees

(%)

Target

2030: reduce absolute scope 1, scope 2 (market-based)

andscope 3 (business travel and employee commuting)

by50% vs 2019 base line.

Target

We aim to keep our voluntary permanent turnover rate

below 15% and continue to target an Intertek ATIC

Engagement Index score of 90 or more.

Target

2025: we aim to increase the proportion of women in senior

leadership roles to 30%.

Target

We aim to achieve 100% completion of our annual

compliance training by eligible employees.

We measure our success by tracking both non-financial andfinancial key performance

indicators that reflect ourstrategic priorities. We continue to review the sustainability

areas that are most material and relevant to ourstakeholders and have set ourselves

targets in those areasthat are aligned to our corporate strategy.

Customer focus

Average number of Net Promoter Score ('NPS') interviews

carried out eachmonth.

Why we measure it

Customers are our priority. Since 2015, we haveused the

NPS process to listen to our customers. These insights

giveus a deep understanding of what our customers

needandwant, fuelling our innovations.

Average NPS interviews per month

Target

We will continue to aim to conduct at least

6,000 NPS interviews per month.

Total Recordable Incident Rate ('TRIR')

Recordable incidents include medical treatment incidents,

lost time incidents and fatalities per 200,000 hours worked.

Why we measure it

A reduction in incidents is an important measureof the

effectiveness of our safety culture. It also lowers rates

ofabsenteeism andcosts associated with work-related

injuries and illnesses.

Total Recordable Incident Rate

Target

TRIR of less than 0.5 per 200,000 hours worked.

2019 2020 2021 2022 2023 2024

50,000

100,000

150,000

200,000

250,000

300,000

2023

2022

2021

2020

2019

5,684

2024 6,036

5,463

5,862

2021 2022 2023 2024

0.2

0.3

0.4

0.5

0.6

0.7

0.8

FOR MORE INFORMATION, READ OUR BASIS OF REPORTING ESG DATA DOCUMENT AT INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY

Intertek Group plc

Annual Report & Accounts 2024

1.33

Key performance indicators Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Employees Compliance

Operational emissions

Since the adoption of our near-term absolute emissions

reduction targets, we measure our environmental

performance against these. Operational emissions comprise

scope 1, scope 2 (market-based) and scope 3 (business

travel and employee commuting).

Voluntary permanent employee

turnover and employee engagement

Voluntary permanent leavers are employees who

choose to leave the Group themselves. This does

not include employees on a fixed-term contract.

Intertek ATIC Engagement Index – based on the

key drivers of sustainable value creation and which

measures engagement on a monthly basis in every

operation with the following metrics: Net Promoter Score,

customer retention, quality, voluntary permanent employee

turnover and Total Recordable Incident Rate.

Gender balance

Percentage of women in senior management roles

(Group Executive Committee and their direct reports).

Compliance training

Completion of annual compliance training

by eligible employees

(online or face to face,

when available) during the training window.

Why we measure it

We measure our carbon emissions to reduce our impact

onthe environment and increase operational efficiency.

Wetrack both location-based and market-based

scope2emissions.

Why we measure it

Ensuring employees are engaged is essential totalent

retention and we measure and monitor this closely at a

global and local level through ourvoluntary turnover rate.

Why we measure it

We promote diversity in all its forms, including gender, age,

sexual orientation and disability, as well as having an ethnic

and social make-up that reflects broader society. Achieving

better gender balance is a driver of progress.

Why we measure it

Our commitment to the highest standards of integrity and

professional ethics is embedded inthe Group’s culture

through the integrity principles set out in our Code of

Ethics. Every year, to support continuing understanding in

thisarea, our people are required to complete

ourcomprehensive training course.

Operational emissions (in tCO

e) Employee voluntary turnover and

Intertek ATIC Engagement index

Women in senior management (%) Training completion by eligible employees

(%)

Target

2030: reduce absolute scope 1, scope 2 (market-based)

andscope 3 (business travel and employee commuting)

by50% vs 2019 base line.

Target

We aim to keep our voluntary permanent turnover rate

below 15% and continue to target an Intertek ATIC

Engagement Index score of 90 or more.

Target

2025: we aim to increase the proportion of women in senior

leadership roles to 30%.

Target

We aim to achieve 100% completion of our annual

compliance training by eligible employees.

Diversity, equity and inclusion

1. Refer to the Basis of Reporting ESG Data document for a definition of eligible

employees . New joiners complete training throughout the year as part of their

induction.

Male Female

Key financials 2021 2022 2023 2024

Employee voluntary

turnover (% of

permanent employees) 13.0% 14.0% 12.3% 11.2%

Intertek ATIC

Engagement index

score 80 80 87 91

2023

2022

2021

2020

2019

97.6

2024 100.0

96.8

94.2

2023

2022

2021

2020

2019

23.6

2024 26.3

20.8

23.0

76.4

73.7

79.2

77.0

* A few employees did not complete the training,

the 2024 rate is rounded to the nearest 0.1%

Intertek Group plc

Annual Report & Accounts 2024

1.34

3: Financial Report2: Sustainability Report1: Strategic Report

Our high growth cash

compounder earnings model and

daily performance management

discipline have delivered strong

earnings growth and record cash

from operations, delivering a

reduction in net debt, negative

working capital and a strong

balance sheet."

Colm Deasy

Chief Financial Officer

Intertek’s AAA strategy

and high-performance

culture delivering strong

financial performance

£3,393m

Revenue up

Actual rates: 1.9%

Constant rates: 6.6%

£536m

Statutory operating profit up

Actual rates: 10.2%

Constant rates: 16.8%

£590m

Adjusted operating profit up

Actual rates: 7.1%

Constant rates: 13.0%

15.8%

Statutory operating margin up

Actual rates: 120bps

Constant rates: 140bps

17.4%

Adjusted operating margin up

Actual rates: 80bps

Constant rates: 100bps

212.7p

Statutory diluted EPS up

Actual rates: 16.0%

Constant rates: 25.8%

156.5p

Dividend per share up

Actual rates: 40.1%

Negative

Working Capital

£409m

Adjusted Free Cash Flow up

Actual rates: 8.0%

22.4%

Return on Invested Capital up

Actual rates: 190bps

Constant rates: 250bps

Financial review

Financial highlights

Intertek Group plc

Annual Report & Accounts 2024

1.35

Financial review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Five-year performance – adjusted diluted EPS1 (pence)

+2.5%

CAGR

2023

2022

2021

2020

2019

223.0

2024 240.6

211.1

190.8

170.9

212.5

Dividend per share

(pence)

+8.1%

CAGR

2023

2022

2021

2020

2019

111.7

2024 156.5

105.8

1. Presentation of results: To provide readers with a clear and consistent presentation of

the underlying operating performance of the Group’s business, some figures

discussed in this review are presented as adjusted, before SDIs (see note 3 to the

financial statements on page 3.11 in Report 3). A reconciliation between adjusted and

statutory performance measures isset out on overleaf. Figures before 1 January 2019

(when IFRS 16 was adopted) are on an IAS 17 basis.

2. Dividend per share for 2024 is based on the interim dividend paid of 53.9p (2023:

37.7p) plus the proposed final dividend of 102.6p (2023: 74.0p).

3. CAGR represents the compound annual growth rate from 2019 to 2024.

Consolidated income statement commentary

Total reported Group revenue increased by 1.9%, with 0.3%

growth contributed by acquisitions, a like-for-like ('LFL')

revenueincrease of 1.6% and a decrease of 470bps from

foreignexchange, reflecting sterling appreciation against

mostof theGroup's trading currencies.

The Group’s LFL revenue at constant rates consisted of an

increase of8.0% in Consumer Products, 7.8% in Corporate

Assurance, 7.9% in Health and Safety, 1.7% in Industry and

Infrastructure, and 8.0% in Worldof Energy.

We delivered an adjusted operating profit performance of

£590.1m (2023: £551.1m), up 13.0% at constant rates and

7.1%at actual rates.

The Group's adjusted operating margin was 17.4% (2023: 16.6%),

anincrease of 100bps from the prior year at constant exchange

rates and80bps at actual rates.

The Group’s statutory operating profit after Separately

Disclosed Items ('SDIs') forthe period was £535.7m (2023:

£486.2m), up 16.8% at constant rates. The statutory margin

was 15.8% (2023: 14.6%). The Group’s statutory profit for the

year after tax was £367.2m (2023: £318.1m).

Net financing costs

Adjusted net financing costs were £42.3m, a decrease of £1.6m

on 2023 resulting from a lower interest expense. This comprised

£2.5m (2023: £3.8m) of finance income and £44.8m (2023:

£47.7m) of finance expense. Statutory net financing costs of

£45.7m (2023: £63.9m) included £3.4m of costs (2023: £20.0m)

relating to SDIs, predominantly driven by changes in the fair

value of contingent consideration related to acquisitions.

Tax

The adjusted effective tax rate was 24.7%, an increase of 0.1%

on the prior year (2023: 24.6%). The tax charge, including the

impact of SDIs, of £122.8m (2023: £104.2m), equates to an

effective rate of 25.1% (2023: 24.7%). The cash tax onadjusted

profit before tax was 23.1% (2023: 23.5%).

Earnings per share

Adjusted diluted earnings per share ('EPS') at actual exchange

rates was7.9% higher at 240.6p (2023: 223.0p). Diluted EPS

after SDIs was212.7p (2023: 183.4p) per share and basic EPS

afterSDIs was 214.4p (2023: 184.4p).

Dividend

The Board recommends a full year dividend of 156.5p per

share, a year-on-year increase of 40.1%, reflecting the Group’s

strong cash generation in 2024 and the implementation of

our new dividend policy based on a payout ratio of circa 65%.

The full year dividend of 156.5p represents a total cost of

£254.2m, or65% of adjusted profit attributable to shareholders

of the Group for2024 (2023: £181.2m and 50%). The dividend

is covered 1.5 times by earnings (2023: 2.0 times), based on

adjusted diluted earnings per sharedivided by dividend per share.

Results for the year

Key financials

2024

£m

2023

£m

Adjusted

Revenue 3,393.2 3,328.7

Operating profit 590.1 551.1

Diluted EPS 240.6p 223.0p

Profit after tax 412.6 382.4

Cash flow from operations 789.2 749.0

Statutory

Revenue 3,393.2 3,328.7

Operating profit 535.7 486.2

Diluted EPS 212.7p 183.4p

Profit after tax 36 7.2 318.1

Cash flow from operations 775.8 725.9

Dividend per share 156.5p 111.7p

Dividends paid in the year 206.1 176.3

Intertek Group plc

Annual Report & Accounts 2024

1.36

Financial review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Acquisitions and investment

One of the key corporate goals of the Group’s strategy is

delivering an accretive, disciplined capital allocation policy.

As a result, the Group invests both organically and by

acquiring or investing in complementary businesses to

strengthen our portfolio in the locations demanded by

clients. This approach enables the Group to focus on those

existing business lines or countries with good growth

and margin prospects where we have market-leading

positions or to enter exciting new growth areas offering

the latest technologies and Quality Assurance services.

Acquisitions

The Group completed one acquisition in the year (2023: two)

with cash consideration paid of £14.9m (2023: £43.6m), net of

cash acquired of £0.3m (2023: £3.1m), and a further contingent

consideration payable of £7.8m.

In March 2024, the Group acquired Base Metallurgical

Laboratories Ltd. and Base Met Labs US Ltd. (jointly 'Base Met

Labs'), a leading provider of metallurgical testing services for

theMinerals sector based in North America.

In 2024, £nil (2023: £2.7m) was spent in relation to

consideration forprior year acquisitions.

Organic investment

The Group invested £124.8m (2023: £116.9m) organically

in laboratory expansions, new technologies (including

software) and equipment and other facilities. This

investment represented 3.7% ofrevenue (2023: 3.5%).

Pensions

The Group’s pension moved to a net surplus of

£22.0m (2023: £17.0m surplus) driven by periodic

updates to our actuarial assumptions.

Separately Disclosed Items (‘SDIs’)

A number of items are separately disclosed in the financial

statements as exclusion of these items provides readers

with a clear and consistent presentation of the underlying

operating performance of the Group’s business. Reconciliations

of the statutory to adjusted measures are given overleaf.

The underlying performance of the business, by division, is shown in the table below:

Revenue Adjusted operating profit

Notes

2024

£m

Change at

2024 actual

rates

Change at

constant

rates

2024

£m

Change at

2024 actual

rates

Change at

constant

rates

Consumer Products 2 958.8 2.5 7.6 268.7 8.9 14.8

Corporate Assurance 2 496.3 3.9 8.6 117. 2 7.1 12.7

Health and Safety 2 337. 2 3.3 9.0 46.0 6.5 13.9

Industry and Infrastructure 2 843.6 (2.0) 2.4 80.7 (6.3) (1.6)

World of Energy 2 757.3 3.9 8.0 77.5 18.1 25.4

Group total 3,393.2 1.9 6.6 590.1 7.1 13.0

Net financing costs 14 (42.3)

Adjusted profit before income tax 547.8 8.0 15.4

Adjusted income tax expense 6 (135.2)

Adjusted profit for the year

412.6 7.9 15.2

Adjusted diluted EPS (pence) 7 240.6 7.9 15.2

Intertek Group plc

Annual Report & Accounts 2024

1.37

Financial review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

When applicable, these SDIs include amortisation of acquisition

intangibles; impairment of goodwill and other assets; the

profit or loss on disposals of businesses or other significant

fixed assets; costs related to acquisition activity; the cost of

any fundamental restructuring; the costs of any significant

strategic projects; significant claims and settlements; and

unrealised market or fair value gains or losses on financial

assets or liabilities, including contingent consideration.

Adjusted operating profit excludes the amortisation of acquired

intangible assets, primarily customer relationships, as we

do not believe that the amortisation charge in the income

statement provides useful information about the cash costs

of running our business as these assets will be supported and

maintained by ongoing marketing and promotional expenditure,

which is already reflected in operating costs. Amortisation

of software, however, is included in adjusted operating

profit as it is similar in nature to other capital expenditure.

The costs associated with our cost reduction programme are

excludedfrom adjusted operating profit where they represent

changes associated with operational streamlining, technology

upgrades and related asset write-offs and are costs that are not

expected to reoccur. The restructuring programme, which began

in 2022, is expected to last up to five years. The treatment

as SDI is consistent with the disclosure of costs for similar

restructuring and strategic programmes previously undertaken.

The impairment of goodwill and other assets that by

their nature or size are not expected to recur, the profit

and loss on disposals of businesses or other significant

assets, and the costs associated with successful, active or

aborted acquisitions are excluded from adjusted operating

profit in order to provide useful information regarding the

underlying performance of the Group’s operations.

The SDIs charge for 2024 comprises amortisation of

acquisition intangibles of £32.3m (2023: £34.2m);

acquisition and integration costs relating to successful,

active or aborted acquisitions of £2.5m (2023: £8.3m);

significant legal claims of £3.8m ( 2023: £nil); and

restructuring costs of £15.8m (2023: £22.4m).

Further information on SDIs is given in note 3 to the

financial statements on page 3.11 in Report 3.

2024 reconciliation of statutory

to adjusted performance measures

£m Statutory SDIs Adjusted

Revenue 3,393.2 – 3,393.2

Operating profit 535.7 54.4 590.1

Operating margin (%) 15.8% 1.6% 17.4%

Net financing costs (45.7) 3.4 (42.3)

Income tax expense (122.8) (12.4) (135.2)

Profit for the year 36 7.2 45.4 412.6

Cash flow from operations 775.8 13.4 789.2

Basic EPS (pence) 214.4 28.2 242.6

Diluted EPS (pence) 212.7 27. 9 240.6

2023 reconciliation of statutory

to adjusted performance measures

£m Statutory SDIs Adjusted

Revenue 3,328.7 – 3,328.7

Operating profit 486.2 64.9 551.1

Operating margin (%) 14.6% 2.0% 16.6%

Net financing costs (63.9) 20.0 (43.9)

Income tax expense (104.2) (20.6) (124.8)

Profit for the year 318.1 64.3 382.4

Cash flow from operations 725.9 23.1 749.0

Basic EPS (pence) 184.4p 39.8p 224.2p

Diluted EPS (pence) 183.4p 39.6p 223.0p

Key performance indicators

The Group uses a variety of key performance indicators (‘KPIs’)

to monitor the financial performance of the Group and its

operating divisions. The specific metrics and associated

definitions are disclosed on pages 1.30-1.33.

LFL revenue at constant currency is presented to show the

Group’s revenue excluding the effects of the change in the

scope of the consolidation (acquisitions following their

12-month anniversary of ownership, and removes the historical

contribution of any business disposals/closures) and removing

the impact of currency translation from the Group’s growth

figures.

Like-for-like revenue at

constantcurrency

2024

£m

2023

£m

Change

Reported revenue 3,393.2 3,328.7 1.9

less: Acquisitions/

disposals revenue (14.4) (4.6)

LFL revenue 3,378.8 3,324.1 1.6

Impact of foreign

exchange movements – (146.0)

LFL revenue at

constant currency 3,378.8 3,178.1 6.3

The rate of Return on Invested Capital (‘ROIC’), defined as

adjusted operating profit less adjusted taxes divided by invested

capital, measures the efficiency of Group investments. This is a

key measure to assess the efficiency of investment decisions

and is also an important criterion in the decision-making process.

ROIC in 2024 of 22.4% compares to 19.9% in the prior year at

constant exchange rates (2023: 20.5% at actual exchange rates).

Intertek Group plc

Annual Report & Accounts 2024

1.38

Financial review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Free cash flow reconciliation

2024

£m

2023

£m

Cash flow from operations 775.8 725.9

less: Net capital expenditure (130.0) (105.4)

add back: Interest received 2.7 3.5

less: Interest paid (52.2) (71.9)

less: Income tax paid (126.5) (119.0)

less: Lease liabilities paid (74.4) ( 7 7. 8 )

Free cash flow 395.4 355.3

add back: SDI cash outflow 13.4 23.1

Adjusted free cash flow 408.8 378.4

Net debt

The Group ended the period in a strong financial position. Financial

netdebt was £499.8m, a decrease of £110.8m on 31 December

2023. The undrawn headroom on the Group’s existing committed

borrowing facilities at 31 December 2024 was £655.7m (2023:

£664.3m) and cashand cash equivalents were £336.5m (2023:

£298.6m), representingsignificant total liquidity.

Total net debt, including the impact of the IFRS 16 lease liability,

was £799.4m (2023: £918.4m).

The Group has a well-balanced loan portfolio to enable the

funding of future growth opportunities with a maturity profile

as shown overleaf.

Working capital

During 2024, we have continued our working capital focus

and,through disciplined performance management, we have

increased our negative working capital position to negative

£95.9m (2023: negative £78.8m). Working capital has moved

to(2.8)% of revenue, reflecting 40bps improvement

comparedto2023.

Return on Invested Capital at constant currency

2024

£m

2023

£m

Change

Adjusted operating profit 590.1 522.2 13.0

less: Adjusted tax

(145.6) (128.5) 13.4

Adjusted profit after tax 444.5 393.7 12.9

Invested capital

1,982.9 1,979.4 0.2

ROIC % 22.4% 19.9% 250bps

1. Calculated by applying the adjusted effective tax rate (2024: 24.7%, 2023: 24.6%) to

adjusted operating profit.

2. Net assets excluding tax balances, net financial debt and net pension liabilities.

Cash flow and net debt

Cash flow

The Group relies on a combination of debt and internal cash

resources tofund its investment plans. One of the key metrics

for measuring the ability of the business to generate cash is cash

flow from operations. Due to the cash payments associated with

the SDIs, and to provide a complete picture of the underlying

performance of the Group, adjusted cash flow from operations is

shown below to illustrate the cash generated by the Group:

Cash conversion

2024

£m

2023

£m

Change

Cash flow from operations 775.8 725.9 6.9

add back: Cash flow relating

toSDIs 13.4 23.1

Adjusted cash flow

fromoperations 789.2 749.0 5.4

Repayment of lease liability (74.4) ( 7 7. 8 ) (4.4)

Cash flow for cash conversion 714.8 671.2 6.5

Cash conversion % 121.1% 121.8% (70bps)

Five year trend – working capital

as % of revenue

(620

bps

)

2023

2022

2021

2020

2019

(2.4)

2024 (2.8)

(1.5)

(1.6)

(0.1)

3.4

1. Working capital is defined under the consolidated statement of financial position

within the financial statements on page 3.03 in Report 3.

2. Figures before 1 January 2019 (when IFRS 16 was adopted) are on an IAS 17 basis.

Adjusted free cash flow (£m)

0.7%

CAGR

2023

2022

2021

2020

2019

378.4

2024 408.8

386.3

401.8

435.6

395.3

1. CAGR represents the compound annual growth rate from 2019 to 2024.

Intertek Group plc

Annual Report & Accounts 2024

1.39

Financial review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Borrowings by maturity profile

(At 31 December 2024)

Less than one year 11%

One to five years 74%

Over five years 15%

Under existing facilities, the Group has available debt

headroomof£655.7m at 31 December 2024 (2023: £664.3m).

The components of net debt at31 December 2024 are

outlinedbelow:

January

2024

£m

Cash and

non-cash

movements

£m

Exchange

adjustments

£m

December

2024

£m

Cash

298.6 52.5 (14.6) 336.5

Borrowings

(909.2) 72.8 0.1 (836.3)

Financial

netdebt (610.6) 125.3 (14.5) (499.8)

Lease

liabilities

(307.8) 1.5 6.7 (299.6)

Net debt (918.4) 126.8 ( 7. 8 ) (799.4)

1. As disclosed in note 14 of the financial statements on page 3.27 in Report 3.

2. Borrowings include £1.5m of non-cash movements related to amortisation of facility

fees (see note 14 of the financial statements on page 3.27 in Report 3). Lease

liabilities include £72.9m of non-cash movements.

To ensure the Group is not exposed to income statement

volatility in relation to foreign currency translation on its debt,

the Group ensures that any foreign currency borrowings are

matched to the value of its overseas assets in that currency

(an‘effective’ hedge).

The Group borrows primarily in US dollars, and any currency

translation exposures on the borrowings are offset by the

currency translation on the US dollar and US dollar-related

overseas assets of the Group.

The composition of the Group’s gross borrowings in 2024,

analysed by currency, is as follows:

Borrowings by currency

(At 31 December 2024)

GBP 2%

EUR 18%

USD 80%

Foreign currency movements

The Group transacts in over 80 currencies across more than

100countries, and revenue and profit are impacted by currency

fluctuations. However, the diversification of the Group’s revenue

base provides a partial dilution to this exposure.

At constant rates, revenue grew 6.6% (actual rates 1.9%) and

adjusted operating profit grew 13.0% (actual rates 7.1%).

The exchange rates used to translate the statement of financial

position and the income statement into the Group’s functional

currency, sterling, for the five most material currencies used in

the Group are shown as follows:

Statement of

financial position

rates

Income statement

rates

Value of £1 2024 2023 2024 2023

US dollar 1.26 1.28 1.28 1.24

Euro 1.21 1.15 1.18 1.15

Chinese renminbi 9.18 9.14 9.21 8.81

Hong Kong dollar 9.76 10.0 9.99 9.71

Australian dollar 2.02 1.87 1.94 1.87

Significant accounting policies

The consolidated financial statements in Report 3 are prepared

in accordance with IFRS as adopted by the UK. Details of the

Group’s significant accounting policies are shown in note 1 to

thefinancial statements on page 3.07 in Report 3.

Colm Deasy

Chief Financial Officer

Intertek Group plc

Annual Report & Accounts 2024

1.40

3: Financial Report2: Sustainability Report1: Strategic Report

Operating review

Intertek value proposition

Our Consumer Products division focuses

on the ATIC solutions we offer to our

clients to develop and sell better, safer,

and more sustainable products to their

own clients. This division was 28% of our

revenue in 2024 and includes the

following business lines: Softlines,

Hardlines, Electrical & Connected World

and Government & Trade Services ('GTS').

As a trusted partner to the world’s leading

retailers, manufacturers and distributors,

the division supports a wide range of

industries including textiles, footwear,

toys, hardlines, home appliances,

consumer electronics, information and

communication technology, automotive,

aerospace, lighting, building products,

industrial and renewable energy products,

and healthcare.

Financial highlights 2024

2024

£m

2023

£m

Change at

actual rates

Change at

constant rates

Revenue 958.8 935.8 2.5% 7.6%

Like-for-like revenue 957.4 931.2 2.8% 8.0%

Adjusted operating profit 268.7 246.8 8.9% 14.8%

Adjusted operating margin 28.0% 26.4% 160bps 170bps

2024 performance

In FY 2024, our Consumer Products-

related business delivered a revenue of

£958.8m, up year on year by 7.6% at

constant currency and 2.5% year on year

at actual rates. We delivered an adjusted

operating profit of £268.7m, up 15% year

on year at constant currency and up 9%

year on year at actual rates resulting in

an adjusted operating margin of 28.0%,

an increase of 170bps year on year at

constant currency.

• Our Softlines business delivered

double-digit LFL revenue growth as we

have seen an increase in ATIC

investments by our clients in

e-commerce, Risk-based Quality

Assurance, end-to-end sustainability

and in new products.

Consumer Products

High-single digit like-for-like revenue growth

Strategy

Our TQA value proposition provides

a systemic approach to support the

Quality Assurance efforts of our

Consumer Products-related customers

in each of the areas of their operations.

To do this we leverage our global

network of accredited facilities and

world leading technical experts to help

our clients meet high quality, safety,

regulatory and brand standards, and

develop new products, materials and

technologies, as well as the import

of goods in their markets, based

on acceptable quality and safety

standards. Ultimately, we assist them

in getting their products to market

quickly and safely, to continually

meet evolving consumer demands.

2025 growth outlook

We expect our Consumer Products

division to deliver mid-single digit LFL

revenue growth at constant currency.

Mid- to long-term

growthoutlook

Our Consumer Products division will

benefit from growth in new brands,

SKUs& e-commerce, increased

regulation, a greater focus on

sustainability and technology, as well

asagrowing middle class. Our mid to

long-term guidance for Consumer

Products is low to mid-single digit LFL

revenue growth at constant currency.

• Hardlines reported a mid-single digit

LFL revenue performance as we are

benefitting from ATIC investments by

our clients in e-commerce, sustainability

and new product development.

• With increased ATIC activities driven

bygreater regulatory standards in

energy efficiency, more demand for

medical devices and 5G investments,

our Electrical & Connected World

business delivered high-single digit

LFLrevenue growth.

• Our Government & Trade Services

business provides certification services

to governments in the Middle East and

Africa to facilitate the import of goods

in their markets, based on acceptable

quality and safety standards. The

business reported low-single digit LFL

revenue growth in the period.

Revenue

£958.8m

2023: £935.8m

Adjusted operating margin

28.0%

2023: 26.4%

Percentage of Group revenue

28%

2023: 28%

In action

Intertek Group plc

Annual Report & Accounts 2024

1.41

Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Softlines

Providing a range of solutions for

textiles, garments, footwear and

personal protective equipment.

Our role: Our solutions enable fashion

retailers, brands and manufacturers to

gatekeep regulatory compliance, while

continuously improving their product

performance in terms of quality, safety

andsustainability.

Government & Trade Services

Providing conformity assessment

services to governments,

regulatory bodies, exporters and

importers to support trade

compliance.

Our role: We support governments,

customs authorities, exporters and

importers by ensuring imported goods

comply with international safety and quality

standards. Our worldwide network of offices

delivers rapid inspection and certification.

Hardlines

Comprehensive solutions for a wide

variety of toys and hardgoods.

Our role: Solutions for toys, children’s and

juvenile products, household products,

furniture, and office supplies. We help our

customers meet regulatory and retailer-

specific requirements, improve product

performance and differentiation through

benchmarking, and facilitate global market

access.

Electrical & Connected World

Helping clients meet safety,

performance, environmental

andquality requirements

anddelivering best in class

networking and cyber security

solutions for today’s wireless

andconnected devices.

Our role: We bring more than 100 years of

product testing and certification expertise

to a wide range of industries, such as

Medical, Lighting, Energy, Appliances &

Electronics, Industrial Equipment, and IT &

Telecom Equipment. We also provide

comprehensive hardware, software, and

cyber security solutions to help clients

rapidly launch secure and reliable products in

each industry and sector around the world.

Business lines

Addressing all quality assurance

needs on a single platform

InterLink 2.0 is an advanced digital Total

Quality Management platform that helps

brands and retailers manage product Quality

Assurance in complex production cycles.

What it is: InterLink provides core features such as online

job requests, report cockpit, report disposition, business

intelligence, knowledge library, communication gateway and

product approval. The latest version, InterLink 2.0, draws on

cutting-edge technology to offer an even more user-friendly

experience, enhanced security measures, and sophisticated

data analysis solutions to help customers excel in the

marketplace and manage their end-to-end supply chain needs.

Customer benefit: Combining new interface, digitised

certificate data that supports CPSC’s e-filing, and ready-to-

integrate APIs to streamline data exchange, InterLink

2.0 enables seamless e-Filing experience in a few clicks and

gives customers advanced business intelligence powered

by Power BI. It addresses all Quality Assurance needs on

a single platform, offering customers great value and the

convenience of access anytime, anywhere. Harnessing real-

time, data-focused insights gives businesses a competitive

edge, while minimising their supply chain risks. Seamless

CPSC e-filing and quicker lead times also enhance the

product life cycle and help increase speed to market.

VISIT: INTERTEK.COM

In action

Intertek Group plc

Annual Report & Accounts 2024

1.42

Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Intertek Softlines’

iCare – Total Quality

in a few clicks

iCare provides clients with a pioneering,

industry-leading solution that enables them

to seamlessly manage and monitor their

testing processes from start to finish.

What it is: Increasing regulation and heightened consumer

expectations are driving demand among customers in the

ATIC space for bespoke, end-to-end solutions. Intertek

Softlines’ iCare is an innovative one-stop Science-based

Customer Excellence portal that addresses the transparency

and traceability around the processing and testing of

laboratory samples.

Customer benefit: The new portal ensures that our

customers can submit test requests, view reports and

analytics online and connect with our in-house teams of

experts in just a few clicks. They can seamlessly manage

alltheir testing projects in one place, from submitting a

newtest request or checking their project status, to

downloading final reports. And with real time status

information and the ability to chat to us online, all within

theportal, iCare means our customers can keep track of

their testing whatever the time of day or night.

VISIT: INTERTEK.COM

Trace For Good

Partnership

Innovative traceability platform that

empowers brands with real-time insights

into the production journey of textile

goods, end-to-end.

What it is: Intertek has partnered with Trace For Good,

aSaaS platform aimed at enhancing traceability and

sustainability in complex supply chains, particularly

withinthe textile industry. The platform helps brands to

effectively manage and communicate the environmental

andsocial impacts of their products.

Customer benefit: Trace For Good’s supply chain

traceability and data management platform combined

with Intertek's global network of experts and ATIC

solutionswill enable brands and suppliers to collaborate

inreal time to track, trace and verify the impact of each

product, gain product sustainability information.

VISIT: INTERTEK.COM

In action

Intertek Group plc

Annual Report & Accounts 2024

1.43

Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Building trust and

transparency with our

High-Performance Mark

Intertek’s High-Performance Mark

(HP Mark) is an instantly recognisable

Mark for Performance offering peace

of mind to end-consumers when they

purchase consumer products.

Our HP Mark programme helps retailers, brands and

manufacturers demonstrate the functional properties of

their products by verifying their performance attributes

through testing. It also enables them to communicate the

benefits to end-consumers with the use of labelling that

bears our HP Mark. Customers use the Mark to showcase

specific performance features of their products, such as

waterproof and wind-proof for ski jackets and antibacterial

and slip resistant for footwear.

In 2024, the programme was expanded from Textile and

Footwear, into Furniture, Kitchenware, Pet Products and

Eyewear. Our customers can build their unique Intertek

HP Mark by selecting their performance claims, which are

substantiated through testing for product differentiation

through our High-Performance Centres of Excellence

worldwide. Their 'proof of performance' labelling can

then show that their claims have been independently

verified by Intertek.

VISIT: INTERTEK.COM

New global regulatory compliance

service – Intertek Access

Intertek Access is a robust compliance

andregulatory information service that

offers our clients an early understanding

ofthe regulatory requirements they

faceworldwide.

What it is: Intertek Access harnesses Intertek’s extensive

worldwide network of experts to provide tailored market

requirements for 65 countries, offering technical details

on electrical safety testing, energy efficiency testing, and

beyond. It supplies manufacturers with everything they

need from the initial concept phase to product development

– including up-to-date information on market requirements,

certifications, and regulatory bodies, alongside customised

compliance plans.

Customer benefit: When accessing new and non-traditional

markets, companies require specific expertise in global market

regulation to guide their product development from concept

to commercialisation. Our easy-to-use online tool streamlines

diverse regulatory requirements into a single process for

accessing multiple markets. For more customised service,

an Intertek expert can create a market testing requirements

report, known as an Access Passport, specific to a company’s

product category and desired countries. They then guide

users through the step-by-step process of bringing a product

to market, covering the research and innovation stage to

prototype, market launch and production, through to ongoing

product compliance via standards and regulatory updates.

VISIT: INTERTEK.COM

In action

Intertek Group plc

Annual Report & Accounts 2024

1.44

Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

ToxClear platform

relaunched with

new functionalities

Our upgraded ToxClear platform improves

the safety, traceability and transparency of

chemicals used in manufacturing, assuring

safer, cleaner and more sustainable

supplychains.

What it is: Upgraded in 2024, Intertek ToxClear offers a

Zero Discharge of Hazardous Chemicals ('ZDHC') approved,

cloud-based chemical management tool leveraging

Manufacturing Restricted Substances List ('MRSL') and

wastewater testing data. It also features a product agnostic

chemical risk assessment module, giving both softgoods

and hardgoods industry stakeholders visibility into the

chemicals used and helping them manage them at each

stage of their operations.

Customer benefit: ToxClear is a one-stop digital sustainable

chemical management platform that helps both brands and

their suppliers detox their supply chains. Its user-friendly

design makes it simple for stakeholders to track their

MRSL conformance and manage regulatory chemical risks,

while minimising the use of hazardous chemicals, including

PFAS, throughout the input, process, and output stages.

Customers can digitise their supply chain chemical inventory

data, while incorporating risk assessment, benchmarking

and corrective measures. This will accelerate their path

to achieving their sustainability goals, helping customers

drive improvements and work towards eliminating harmful

substances in their supply chains faster.

VISIT: INTERTEK.COM

Intertek Group plc

Annual Report & Accounts 2024

1.45

Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Corporate Assurance

Intertek value proposition

Our Corporate Assurance division focuses

on the industry agnostic assurance

solutions we offer to our clients to make

their value chains more sustainable and

more resilient end-to-end. This division

was 15% of our revenue in 2024 and

includes Business Assurance and Assuris.

High-single digit like-for-like revenue growth

Financial highlights 2024

2024

£m

2023

£m

Change at

actual rates

Change at

constant rates

Revenue

496.3 47 7.5 3.9% 8.6%

Like-for-like revenue 492.4 477.5 3.1% 7. 8 %

Adjusted operating profit 117. 2 109.4 7.1% 12.7%

Adjusted operating margin 23.6% 22.9% 70bps 80bps

Revenue

£496.3m

2023: £47 7. 5m

Adjusted operating margin

23.6%

2023: 22.9%

Percentage of Group revenue

15%

2023: 14%

Strategy

Business Assurance and Assuris are

central to our ATIC offering and are

some of the most exciting businesses

within Intertek, given the increased

focus on operational risk management

within the value chain of every

company. Intertek Business Assurance

provides a full range of business

process audit and support services,

including accredited third-party

management systems auditing and

certification, second-party supplier

auditing and supply chain solutions,

sustainability data verification,

process performance analysis and

training. Assuris’ global network of

experts provides a global network of

scientists, engineers, and regulatory

specialists to provide support to

navigate complex scientific, regulatory,

environmental, health, safety, and

quality challenges throughout

the value chain of our clients.

2025 growth outlook

We expect our Corporate Assurance

division to deliver high-single digit LFL

revenue growth at constant currency.

2024 performance

In FY 2024, our Corporate Assurance-

related business reported revenue of

£496.3m, LFL revenue growth of 7.8% at

constant currency and up year on year

by 8.6% at constant currency and 3.9%

at actual rates. We delivered adjusted

operating profit of £117.2m, up 13% year

on year at constant currency and 7% year

on year at actual rates with an adjusted

operating margin of 23.6%, an increase of

80bps year on year at constant currency.

Mid- to long-term

growthoutlook

Our Corporate Assurance division will

benefit from a greater corporate focus

onsustainability, the need for increased

supply chain resilience, enterprise cyber

security, People Assurance services and

regulatory assurance. Ourmid to

long-term guidance for Corporate

Assurance is high-single digitto

double-digit LFL revenue growthat

constant currency.

• Business Assurance delivered

high-single digit LFL revenue growth

driven by increased investments by our

clients to improve the resilience of their

supply chains, the continuous focus on

ethical supply and the greater need for

sustainability assurance.

• The Assuris business reported

mid-single digit LFL revenue

performance as we continue to

benefitfrom improved demand for our

regulatory assurance solutions and

from increased corporate investment

inESG.

In action

Intertek Group plc

Annual Report & Accounts 2024

1.46

Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Business lines

Business Assurance

Providing a full range of

businessprocess audit and

support solutions.

Our role: We enable our clients to

improvetheir operations, meet regulatory

requirements, mitigate business risks,

reduce their environmental impact, qualify

their suppliers, and help them achieve their

business objectives.

Intertek Assuris

Helping clients reduce risk,

accessglobal markets, promote

health and safety, and protect

theenvironment.

Our role: Intertek Assuris provides

globalregulatory support and scientific

substantiation to enable market access,

implements quality management systems,

assesses essential safety concerns and

provides clients with a pathway to

decarbonisation.

Offering seamless access to

Standards through Intertek Inform

Intertek Inform uses market-leading

technology to provide companies with

standards and regulatory solutions to

facilitate faster market access.

What it is: Intertek Inform (formerly known as Intertek

SAIGlobal Standards) provides up-to-date standards,

transparent pricing, and real-time alerts when standards

change. With a vast library of 1.6million standards from over

360 publishers, such as ISO, ASTM, ASME, BSI, and Standards

Australia, our digital, centralised platform offers tailored

access to the information customers need, when they need

it, helping them get their products to market faster. Users

also receive alerts that provide an up-to-date summary of

allthe standards on their Intertek Inform watchlist.

Customer benefit: Meeting the right internationally

recognised standards is critical to the ongoing success

ofour customers in both established and new markets.

Toensure we offer them seamless access to our library

ofstandards, the Intertek Inform Technology team has

nowlaunched a mobile app as part of our Standards

Management Solution i2i. This i2i mobile app allows

customers to download their essential standards to

accessthem anytime, even without an internet connection.

They can also log into their accounts with just one set of

credentials, using a convenient single sign-on ('SSO') that

streamlines their login experience and enhances the

platform’s security.

VISIT: INTERTEK.COM

In action

Intertek Group plc

Annual Report & Accounts 2024

1.47

Intertek Group plc

Annual Report & Accounts 2024

1.47

Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

'People Make the Difference'

at Intertek Alchemy Engage

Conference 2024

The 14

Intertek Alchemy Engage

Conference, hosted in Austin, Texas,

brought together more than 300

employee engagement and development

leaders to “learn, connect and grow.”

What it is: Intertek Alchemy is dedicated to helping the

industry grow by engaging, developing, and retaining

its workforce. Our Engage Conference serves as an ideal

forum to meet new people, share our initiatives, listen to

feedback, and explore common problems in the industry

that may drive innovations that address evolving

needs. The 2024 event featured best practice sessions,

networking opportunities, and a forward-looking focus

aimed at building safe and productive cultures within the

manufacturing, processing, packaging, and distribution

industries. Attendees also explored how to further their

business growth at the Alchemy Showcase, where they

received a firsthand look at all of Intertek Alchemy’s

training solutions and consulting services.

Customer benefit: The conference kicked off

withleaders from Intertek Alchemy sharing trends,

advancements, and insights under the theme of

'People Make the Difference'. Our innovation team was

delighted to showcase newly released training courses

on leadership, warehouse, and workplace harassment

topics, as well as course libraries translated into

Haitian-Creole. They also previewed upcoming courses

onworkplace safety, maintenance, and employee

wellbeing topics, as well as sharing their focus on

developing technology that will streamline course

creation and translations, allowing for training in

multiplelanguages simultaneously, and enhancing

ourbusiness intelligencetools.

VISIT: INTERTEK.COM

Supporting EUDR compliance

for key commodities

Intertek’s solutions for EU Deforestation

Regulation ('EUDR') compliance are more

than just a reaction to customer needs

– they are a testament to our pioneering

innovation in sustainability.

What it is: To help companies prepare for the EUDR

legislation that will come into force on 30 December 2025,

we have introduced a comprehensive suite of solutions.

EUDR impacts the import and export of seven key

commodities – wood, rubber, cocoa, coffee, cattle, soy, and

palm oil – within the European market. Non-compliance

may lead to penalties up to 4% of EU revenue and market

exclusion. Our support spans from the farmer to the

end-consumer, ensuring that the path to compliance is

seamless, effective, and geared towards a sustainable,

deforestation-free future.

Customer benefit: Our aim is to help customers act to

preserve our natural resources, while safeguarding their

market position. We help them navigate the intricate

regulatory requirements they face with confidence and

precision. Our comprehensive solutions support every

aspect of their compliance journey, providing guidance

onregulations, training, and services that cover risk

assessment, mitigation, audits and verification.

VISIT: INTERTEK.COM

Intertek Group plc

Annual Report & Accounts 2024

1.48

Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Financial highlights 2024

2024

£m

2023

£m

Change at

actual rates

Change at

constant rates

Revenue 337. 2 326.3 3.3% 9.0%

Like-for-like revenue 333.8 326.3 2.3% 7.9%

Adjusted operating profit 46.0 43.2 6.5% 13.9%

Adjusted operating margin 13.6% 13.2% 40bps 50bps

Health and Safety

Intertek value proposition

Our Health and Safety division focuses

on the ATIC solutions we offer to our

clients to make sure we all enjoy a

healthier and safer life. This division

was 10% of our revenue in 2024 and

includes our AgriWorld, Food, and

Chemicals & Pharma business lines.

High-single digit like-for-like revenue growth

Strategy

Our TQA value proposition provides

our Health and Safety-related

customers with a systemic, end-to-

end ATIC offering at every stage of

the supply chain. In an industry with

significant structural growth drivers,

our science-based approach supports

clients as the sustained demand

for food safety testing activities

increases along with higher demand for

hygiene and safety audits in factories.

Our long-standing experience and

expertise in the Chemicals and

Pharma industries enables clients to

mitigate risks associated with product

quality and safety and processes,

supporting them with their product

development, regulatory authorisation,

chemical testing and production.

Revenue

£337. 2m

2023: £326.3m

Adjusted operating margin

13.6%

2023: 13.2%

Percentage of Group revenue

10%

2023: 10%

2024 performance

In FY 2024, our Health and Safety-

related business delivered LFL revenue

growth of 7.9% at constant currency

to £337.2m, a year on year increase of

9.0% at constant currency and 3.3%

at actual rates. Adjusted operating

profit was £46.0m, up 14% year on

year at constant currency and 6.5% at

actual rates. Adjusted operating margin

was 13.6%, an improvement of 50bps

year on year at constant currency.

2025 growth outlook

We expect our Health and Safety

divisionto deliver mid-single digit

LFLrevenue growth.

• AgriWorld provides inspection activities

to ensure that the global food supply

chain operates fully and safely. The

business reported high-single digit LFL

revenue growth as we continue to see

an increase in demand for inspection

activities driven by sustained growth

inthe global food industry.

• Our Food business registered

double-digit LFL revenue growth as

wecontinue to benefit from higher

demand for food safety testing

activities as well as hygiene and

safetyaudits in factories.

• In Chemicals & Pharma we saw

mid-single digit LFL revenue growth,

reflecting improved demand for

regulatory assurance and chemical

testing and from the increased R&D

investments of the pharma industry.

Mid- to long-term

growthoutlook

Our Health and Safety division will

benefit from the demand for healthier

and more sustainable food to support a

growing, global population, increased

regulation, and new R&D investments in

the pharma industry. Our mid to long-term

guidance for our Health and Safety

division is mid to high-single digit LFL

revenue growth at constant currency.

In action

Intertek Group plc

Annual Report & Accounts 2024

1.49

Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Business lines

AgriWorld

Providing assurance, testing,

inspection and certification

services across the entire

agricultural supply chain.

Our role: We offer an extensive array of

services including inspection services,

monitoring the quality and quantity of cargo

from source to destination; and high-quality

analysis for the Agri-biotech and breeding

industries and assurance services

supporting sustainable farming practices.

Our global experts offer seamless support,

and provide traceability throughout the

entire supply chain.

Food

Providing testing, inspection,

auditing, certification and

advisory services to food

companies.

Our role: We help major global brands to

launch new food products, support food

health initiatives, ensure safety and quality

across the supply chain, help reduce

food-borne diseases, and enable developing

nations to increase their global food exports.

Chemicals & Pharma

Enabling clients' product

development, regulatory

authorisation and production.

Our role: Our analytical and assurance

solutions accelerate product development

and mitigate risks associated with product

quality and safety, processes, and supply

chains for the pharmaceutical, chemical,

polymer, packaging, medical device, and

cosmetic sectors.

Customer benefit: Despite its reputation as a pure and

natural product, honey ranks among the most tampered-

with foods on the planet, with an estimated 14% of

honey sold worldwide being either fake or mixed with

other substances. Our powerful new solution helps

honey professionals meet regulatory requirements

while also safeguarding consumers and building trust

through unparalleled traceability and accountability.

Thelevel of transparency HoneyTrace provides is critical

in light of recent EU regulatory changes, which mandate

specific origin information on honey packaging and

encourage the use of traceability systems to validate

that information.

VISIT: INTERTEK.COM

HoneyTrace –

traceability from hive to jar

Complete transparency of honey's journey

from hive to jar, tracking each batch as it

moves from beekeeper to exporter,

importer and packer.

What it is: Intertek Food Services has launched

HoneyTrace, an innovative traceability solution for the

honey industry, designed to protect the integrity of the

honey supply chain. Built using blockchain technology

and backed by our extensive honey testing expertise,

the secure platform can track the identity and location

of beekeepers, store laboratory test results, and monitor

batches throughout the supply chain. It provides

complete transparency of honey's journey from hive to jar,

minimising opportunities for adulteration – the deliberate

modification of honey, such as adding sugars, syrups, or

colours, or falsifying the product's origin to enhance its

value or appearance.

In action

Intertek Group plc

Annual Report & Accounts 2024

1.50

Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Third Annual Inhaled & Nasal

Biologics | DNA Forum

For the third year, Intertek’s UK Pharma

teamhosted this conference in Cambridge

spanning two days of cutting-edge

discussions and networking opportunities

with leaders in this complex area of drug and

vaccine development. This industry-leading

event is a valuable forum to explore the

latest research and best practices in

pulmonary and intranasal biologic and

DNAdrug development.

A variety of companies and academic institutions shared

theirinsights and practical case studies, while expert

speakersdelved into innovative formulation and delivery

technologies and the reasoning behind overcoming

developmental challenges.

Over the past decade, biologics and nucleotide-based

therapies have become increasingly important. Delivering

these treatments via the lungs and nasal cavity offers a

promising, non-invasive alternative to traditional parenteral

methods, with potential benefits for both localised

respiratory and systemic treatments across various diseases

and conditions. However, the administration of biologics,

mRNA, and nucleotide-based therapies and vaccines

through respiratory routes presents unique challenges.

Developers must carefully balance product performance,

manufacturability, regulatory considerations, and

commercial factors to create effective solutions.

Hosting this annual forum highlights Intertek’s commitment

to supporting the advancement of science and innovation

in the field of inhaled and nasal biologics, DNA therapeutics

and vaccine development. Furthermore, ongoing partnership

with the Academy of Pharmaceutical Science ('APS')

ensures that the conference continues to be independently

science-led and accessible to a wide, diverse audience, whilst

enabling education, conversation and collaboration in this

complex and evolving area of drug development.

VISIT: INTERTEK.COM

Partnership with pharmaceutical

technology company

CrystecPharma

Intertek has partnered with crystal and

particle engineering experts CrystecPharma

to enhance formulation science and speed

up development timelines for dry powder

inhaler ('DPI') products.

What it is: Our new partnership aims to advance

formulation science and expedite the development

of inhaled medicines, especially DPIs, which are used

for various applications including respiratory diseases

and systemic drug delivery. Intertek's deep experience

in designing robust analytical methods for inhaled

and nasal drug products paired with CrystecPharma's

proprietary mSAS® (modified Supercritical Anti-Solvent)

drug formulation technology will help us create an

exciting new'fast to clinic' platform, facilitating rapid

DPIdevelopment and GMP clinical manufacturing.

Customer benefit: Intertek’s collaboration with

CrystecPharma offers pharmaceutical clients the chance

toaccelerate development timelines and create innovative,

high-performing medicines that will enhance treatments

for patients. Thanks to our unique 'fast to clinic' platform,

available in 2025, stable and safe DPI medicines can now

be developed and brought to market in a fraction of the

time previously achievable.

VISIT: INTERTEK.COM

Intertek Group plc

Annual Report & Accounts 2024

1.51

Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Industry and Infrastructure

Intertek value proposition

Our Industry and Infrastructure division

focuses on the ATIC solutions our

clients need to develop and build better,

safer and greener infrastructure. This

division was 25% of our revenue in

2024 and includes Industry Services,

Minerals and Building & Construction.

Low-single digit like-for-like revenue growth

Financial highlights 2024

2024

£m

2023

£m

Change at

actual rates

Change at

constant rates

Revenue

843.6 860.5 (2.0)% 2.4%

Like-for-like revenue 837.9 860.5 (2.6)% 1.7%

Adjusted operating profit 80.7 86.1 (6.3)% (1.6)%

Adjusted operating margin 9.6% 10.0% (40bps) (40bps)

Strategy

Our TQA value proposition helps

our customers to mitigate the risks

associated with technical failure or

delay, ensuring that their projects

proceed on time and meet the highest

quality standards as demand for more

environmentally friendly buildings and

infrastructure grows. By helping to

improve safety conditions and reduce

commercial risk, our broad range

of assurance, testing, inspection,

certification and engineering services

allows us to assist clients in protecting

both the quantity and quality of

their mined and drilled products.

Revenue

£843.6m

2023: £860.5m

Adjusted operating margin

9.6%

2023: 10.0%

Percentage of Group revenue

25%

2023: 26%

2025 growth outlook

We expect our Industry and

Infrastructure division to deliver

mid-single digit LFL revenue growth

atconstant currency.

Mid- to long-term

growthoutlook

Our Industry and Infrastructure division

will benefit from increased investment

from energy companies to meet growing

demand and consumption of energy

fromthe growing global population, the

scalingup of renewables, increased R&D

investments that OEMs are making in EV/

hybrid vehicles and from the development

of greener fuels. We expect mid to

high-single digit LFL revenue growth in

the medium-term at constant currency.

2024 performance

Our Industry and Infrastructure-

related business reported LFL revenue

growth of 1.7% at constant currency

and we delivered revenue of £843.6m

in FY 2024, up year on year by 2.4%

at constant currency and down 2.0%

at actual rates. Adjusted operating

profit of £80.7m, was down circa 2%

at constant currency and down 6%

year on year at actual rates. Adjusted

operating margin was 9.6%, 40bps lower

year on year at constant currency.

• Industry Services, which includes our

Capex Inspection services and Opex

Maintenance services, delivered

mid-single digit LFL revenue growth.

We benefitted from increased capex

investment in traditional Oil and Gas

exploration and production as well as

inrenewables, enabling our Moody

division in H2 to deliver double-digit

LFL revenue growth despite severe

weather disruption in the USA.

Double-digit LFL revenue growth in our

Moody business was partially offset by

a negative LFL revenue performance in

our Opex business, due to the exit of

non-profitable contracts.

• Our Minerals business delivered

mid-single digit LFL revenue growth as

we continue to benefit from the robust

demand for testing and inspection

activities in our key markets.

• We continue to see growing demand

for more environmentally friendly

buildings and the increased number of

infrastructure projects being planned

inour Building & Construction business

in North America. We reported a

low-single digit negative LFL revenue

growth as our business was impacted

by a temporary slow-down of

investments in large construction

projects and severe weather

disruptions in the USA in H2.

In action

Intertek Group plc

Annual Report & Accounts 2024

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Intertek Metoc – delivering across

the entire lifecycle of a project

With a history spanning over four decades,

the Intertek Metoc brand was renewed in

2024, highlighting the pioneering energy,

industry expertise and end-to-end solutions

offered by our diverse team.

Across sectors such as wind, wave, tidal energy, subsea cable,

water, and oil and gas, Intertek Metoc’s multi-disciplinary team

operates at the critical interface where engineering design

and asset operation meet environmental limitations. This

enables us to help clients achieve compliance, reduce costs,

and manage risks, all while advancing their journey toward net

zero emissions.

Our team of consultants, scientists, engineers, and regulatory

experts provides assurance and consultancy solutions from

the outset, laying a solid groundwork for safe, economical,

Intertek Methane Clear – providing

accurate and independent

measurement and verification

Our Science-based Customer Excellence

programme moving energy companies

Faster to Net Zero.

What it is: Intertek Methane Clear is our programme that

provides energy companies with accurate and independent

measurement and verification for the reporting of methane

emissions, supporting compliance with local regulatory

regimes and methane emissions reporting. The reporting

of methane emissions is moving from being a voluntary to

a mandated regulatory requirement in major jurisdictions

like the EU, USA, UK, and Canada, who have been finalising

Business lines

Industry Services

Ensuring the safe and optimised

use of customers’ assets and

minimising quality risks in their

supply chains.

Our role: Our Industry Services business

line uses its in-depth knowledge of

industries such as renewable energy,

oilandgas, and petrochemicals to

providecustomers with a diverse and

technologically advanced range of TQA

solutions. The services we offer include

technical inspection, non-destructive

andmaterials testing, and asset

performance management.

Minerals

Providing a wide range of

servicesto the mining and

minerals exploration industry.

Our role: Located in key mining

locationsacross the globe, and operating an

extensive network of mineral laboratories,

Intertek Minerals offers expert inspection,

analytical testing and advisory services to

the Minerals, Exploration, Ore and Mining

industries. We cover each step of the supply

chain from exploration, production, sampling

and inspection, to commercial trade

settlement analysis.

Building & Construction

Providing testing, inspection,

certification and engineering

services to the construction

industry.

Our role: We offer a full suite of

product-related testing and certification

capabilities, plus project-related assurance,

testing, inspection, and consulting services

that are unparalleled in the building and

construction market.

and sustainable projects. Whether we are identifying the

bestsubsea cable route from an environmental or engineering

standpoint or developing environmental modelling scenarios

to meet water quality goals and engineering cost savings, our

experts support early project planning and development by

delivering essential assessments for stakeholder engagement

and project viability.

Our clients gain access to a wide range of expert technical

knowledge, while benefitting from the environmental

consulting and advisory services they need to secure

necessary permits, minimise risks, and streamline costs and

scheduling. They also receive expert guidance on changing

regulatory demands and effective stakeholder engagement,

with the assurance that their engineering designs and asset

operations are safe, reliable, and of the highest quality.

VISIT: INTERTEK.COM

their regulations. Reporting of these emissions needs

to be accurately baselined and monitored, and Methane

Clear is designed to help emitters work towards the Oil &

Gas Methane Partnership 2.0 ('OGMP') standard level of

measurement, reporting and verification ('MRV').

Customer benefit: Through a suite of science-based

solutions that range from direct measurement using aerial

drones and fixed sensors, to inspection and testing, emissions

data management and analysis, and mitigation consulting,

Methane Clear enables companies to effectively reduce

emissions levels and build resilience into their value chains,

creating market trust and transparency for compliance

withregulations.

VISIT: INTERTEK.COM

In action

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Annual Report & Accounts 2024

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Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Expanding Intertek CarbonClear’s

certification programme

We have expanded our CarbonClear

industry diversification this year and issued

our first Low Carbon Intensity Certification

for soda ash produced by WE Soda at its

two facilities in Türkiye.

What it is: Intertek CarbonClear offers an independent

certification programme that verifies the actual carbon

emissions generated per unit produced, standardised by

industry and lifecycle stage. The programme provides a

unique platform to consistently evaluate emissions across

all stages of the supply chain, validating and disclosing

the carbon impact or intensity for individual projects or

across a company's entire portfolio. It can also pinpoint

critical areas for emissions reduction compared to peers

andotherindustries, helping to accelerate the transition

toward a lower-carbon economy.

Customer benefit: WE Soda, the world's top producer of

natural soda ash, employs a low carbon intensity solution

to extract soda ash and sodium bicarbonate from trona ore.

We verified their carbon emissions from upstream production

through to packaging. Following Intertek CarbonClear’s

detailed analysis and reporting, certification was awarded to

two soda ash solution mining sites in Türkiye. This enables

WE Soda to demonstrate significant reductions in emissions

to all relevant stakeholders, establish benchmarks against

their competitors, and monitor yearly progress.

VISIT: INTERTEK.COM

Supporting our customers'

investments in healthy building

Our Building & Construction team

unveileda range of innovative Healthy

Building Solutions this year, including a

series of videos that showcase the

resources we offer.

What it is: Our Building & Construction ('B&C')

teamhas launched a comprehensive range of Healthy

BuildingSolutions that address occupant health and

wellbeing, focusing on four key areas that cover resilience,

sustainability, health and acoustics. To complement the

information it has made available on our Healthy Buildings

web pages, the B&C team has also created a series of online

videos to showcase our solutions, in which our experts

delve into these four key areas and help bring them to life

for our customers.

Customer benefit: We support customers’ investments

in healthier buildings, creating spaces that enhance

humanhealth, wellbeing and productivity, while addressing

environmental and economic sustainability. Our Property

Resilience Assessments ('PRAs') take a close look at their

entire building and site, from the roof to the foundation,

inside and out. LEED® Certification for Sustainable

Buildings certifies that our customers’ building projects

meet the rigorous sustainability standards established

by the U.S. Green Building Council. WELL Certification for

healthier spaces demonstrates that a building supports

thehealth and wellbeing of its occupants based on

measurable criteria.

VISIT: INTERTEK.COM

Intertek Group plc

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Operating review Continued

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Financial highlights 2024

2024

£m

2023

£m

Change at

actual rates

Change at

constant rates

Revenue 757.3 728.6 3.9% 8.0%

Like-for-like revenue 757.3 728.6 3.9% 8.0%

Adjusted operating profit 77. 5 65.6 18.1% 25.4%

Adjusted operating margin 10.2% 9.0% 120bps 140bps

World of Energy

Intertek value proposition

Our World of Energy division focuses on

the ATIC solutions we offer to our clients

to develop better and greener fuels as

well as renewables. This division was 22%

of our revenue in 2024 and includes Caleb

Brett, Transportation Technologies ('TT')

and Clean Energy Associates ('CEA').

Strategy

Our TQA Value Proposition provides

worldleading expertise to enable our

clients to benefit from the significant

opportunities in the World of Energy.

Wedo this by providing specialist cargo

inspection, analytical assessment,

calibration and related research and

technical services to the world's

petroleum and biofuels industries.

High-single digit like-for-like revenue growth

We provide rapid testing and validation

services to the transportation industry,

leveraging our Transportation

Technologies subject matter expertise

that is recognised by leading

manufacturers worldwide. We evaluate

everything from automobiles and

energy storage to airplanes, and deliver

top tier testing for emerging markets,

such as autonomous and electric/

hybrid vehicles.

CEA is a market-leading provider of

Quality Assurance, supply-chain

traceability and technical services to

the fast-growing solar energy sector.

Its leading assurance service offering

includes in-line monitoring that allows

clients to oversee the management

and traceability of their supply chains,

offering a comprehensive, end-to-end

service to support customers on their

decarbonisation and energy

sustainability journeys.

Revenue

£757.3m

2023: £728.6m

Adjusted operating margin

10.2%

2023: 9.0%

Percentage of Group revenue

22%

2023: 22%

2025 growth outlook

We expect our World of Energy division

todeliver mid-single digit LFL revenue

growth at constant currency.

Mid- to long-term

growthoutlook

Our World of Energy division will benefit

from increased investment from energy

companies to meet growing demand and

consumption of energy from the growing

global population, the scaling up of

renewables, increased R&D investments

that OEMs are making in EV/hybrid

vehicles and from the development of

greener fuels. Our mid to long-term LFL

guidance at constant currency for the

World of Energy division is low to

mid-single digit revenue growth.

2024 performance

FY 2024 saw our World of Energy-related

business report revenue of £757.3m,

a LFL revenue increase of 8.0% at

constant currency and year on year

growth of 8.0% at constant currency

and 3.9% at actual rates. Adjusted

operating profit was £77.5m, up 25%

year on year at constant currency and

18% at actual rates. Adjusted operating

margin of 10.2% is ahead 140bps

year on year at constant currency.

• Intertek Caleb Brett, the global leader

in the Crude Oil and Refined products

global trading markets, benefitted from

robust momentum reflecting increased

global mobility and higher testing

activities for biofuels and delivered

high-single digit LFL revenue growth.

• Transportation Technologies delivered

high-single digit LFL revenue growth,

driven by increased investment in new

powertrains to lower CO

/NOx

emissions and in traditional combustion

engines to improve fuel efficiency.

• Our CEA business reported double-digit

LFL revenue growth as we continue to

benefit from the increased investments

in solar panels which is the fastest

growing form of renewable energy.

In action In action

Intertek Group plc

Annual Report & Accounts 2024

1.55

Operating review Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Business lines

Caleb Brett

Specialised cargo inspection and

analytical assessment services to

the oil and gas, chemical and other

commodities markets.

Our role: We offer global 24/7/365 services

covering cargo and inventory inspection

services, analytical assessment, calibration

andrelated research and technical services

to the world’s petroleum and biofuels

industries.

Transportation Technologies

Providing diverse, rapid testing

and validation services to the

transportation industry.

Our role: Our Transportation Technologies

expertise is recognised by leading

manufacturers worldwide. We evaluate

everything from automobiles and energy

storage to airplanes, and deliver top-tier

testing for emerging markets, such as

autonomous and electric/ hybrid vehicles.

Clean Energy Associates ("CEA")

Provides quality assurance, supply

chain and technical services to the

fast-growing solar energy, energy

storage and green hydrogen

sectors.

Our role: CEA helps maximise the

quality,safety and performance of clients’

operational assets, manages global solar PV,

green hydrogen and energy storage supply

chains, and provides a complete quality

assurance solution through data, analysis

and oversight.

Intertek Caleb Brett Analytical

Stockpile Assessment –

redefining precision in

bulk material measurement

Intertek Caleb Brett’s Analytical Stockpile

Assessment ('ASA') is a patented, cutting-

edge solution that supports client

initiatives by redefining how bulk materials

are measured and valued.

What it is: Intertek Caleb Brett employs a scientifically

proven method that segments stockpiles into layers,

allowing for detailed and reliable analysis. Our ASA

technology guarantees top-tier accuracy with a

remarkable ±1.8% variance in stockpile tonnage, far

surpassing results produced using traditional methods.

The technology is patented in Australia, United States,

United Kingdom, France, Germany, Italy, Poland, Portugal,

Spain, Türkiye, India and South Africa, with a patent

application pending in Brazil.

Customer benefit: Our innovative ASA service offers

customers unmatched precision in estimating the weight

and financial value of their stockpiles across various

sectors, including grains and sugar, fertilisers, mineral

concentrates, coal, petroleum coke, and cement. We can

provide unparalleled accuracy and confidence in managing

these stockpiles, delivering substantial benefits to raw

materials managers, financial auditors, and buyers –

such as reducing financial risks, improving operational

efficiency, and enabling them to make more informed

business decisions.

VISIT: INTERTEK.COM

Clean Energy Associates –

providing market intelligence

A comprehensive understanding of global

supply, technology, pricing, and policy for

the photovoltaic, energy storage, and

green hydrogen sectors.

What it is: Clean Energy Associates ('CEA') provides

tailored solutions, supplying comprehensive knowledge

onglobal supply, technology advancements, pricing

trends, and policy and regulation developments in the

solar power, energy storage, and green hydrogen sectors.

We offer our customers Market Intelligence insights into

suppliers and industry dynamics typically only available

to genuine insiders, delivered through our Syndicated

Reports, Executive Business Reviews, and Bespoke

Consulting services.

Customer benefit: Staying ahead in the evolving

landscape of the clean energy market is difficult due to

its complexity and geopolitical shifts that can disrupt

supply chains. Our Market Intelligence services ensure that

customers are not just keeping pace with the changes,

but they are strategically positioned to capitalise on them.

This ensures that they stay informed and adaptable,

equipped with the most accurate information to help them

make progress in their decarbonisation journey. It also

helps them tackle supplier negotiations, project planning,

site management, and investment choices with assured

confidence, supported by comprehensive data and analysis.

VISIT: INTERTEK.COM

In action

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Operating review Continued

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Intertek Caleb Brett – expanding

industry leading testing capabilities

Intertek Caleb Brett has been a pioneer in

the field of global, professional, and reliable

bulk commodity inspection for more than

acentury. As part of our commitment to

providing unparalleled quantity and quality

services, we have expanded our capabilities

and laboratory footprint in 2024.

Supporting the local and regional

energy sectors in Guyana

Our Intertek Caleb Brett’s new Georgetown, Guyana

laboratory is equipped with the latest technology and

staffed by a team of highly trained and experienced Intertek

experts. It offers comprehensive fuel testing services,

conducted with the utmost accuracy and adherence

to international standards, providing clients with the

confidence and assurance they need in their fuel products.

Guyana has emerged as a significant player in the global

energy market. By bringing testing capabilities closer to

home, Intertek is helping to streamline operations for local

businesses in Guyana and across the Caribbean region

and reduce turnaround times. This supports the overall

growth, development and competitiveness of the region's

energy sector, while creating new job opportunities in the

community and nurturing local talent.

Strengthening our presence in

Spain’s maritime and energy sectors

Positioned at the crossroads of major global shipping

routes,Algeciras, Spain, is a strategic maritime hub in

Europe.Establishing a new fuel testing laboratory here allows

Intertek Caleb Brett to offer immediate access to essential

fuel and marine gasoil testing and inspection services. These

services include cargo inspection, fuel quantity surveys,

sampling and blending, gauging, stock monitoring, tank

calibration, marine fuels testing for ISO 8217 compliance, and

aromatics content analysis. Staffed by a team of highly skilled

scientists and technicians with decades of experience in fuel

analysis and marine operations, the laboratory uses cutting-

edge technology, such as advanced gas chromatography

and mass spectrometry instruments. All this strengthens

our position as a pioneer in various services critical to the

maritime and energy sectors in the region, while helping

businesses comply with international environmental and

fuelstandards and avoid costly delays.

Expanding our testing capabilities

for animal fats and used cooking oils

Intertek Caleb Brett has made significant investments

to upgrade its New Plymouth, New Zealand laboratory’s

testing capabilities. It now offers full specification

analysis of animal fats and used cooking oils, making it

the only laboratory in New Zealand capable of providing

comprehensive testing of these key materials in the

production of biofuels. This is vital for maintaining strict

quality control and ensuring biofuel production complies

with stringent global standards. Expanding our testing

capabilities not only supports the transition to more

sustainable energy sources but also strengthens New

Zealand’s position in the global renewable energy market.

We are proud to be at the forefront of this important shift.

By providing advanced testing, inspection, and certification

services, Intertek Caleb Brett is committed to supporting

the renewable energy transition and ensuring that the

highest standards of quality and precision are met.

New state-of-the-art facility ensuring

the highest standards in jet fuel

Intertek Caleb Brett's new laboratory is equipped

with all the state-of-the-art technology required to

assess the key parameters essential to jet fuel safety,

reliability, and performance. Strategically situated

on the island of O’ahu, Hawaii, our experts offer a

wide array of testing services that cover chemical

composition, physical properties, environmental

considerations, and overall performance metrics,

aligning with the stringent ASTM D1655 specification,

a global standard for quality. Our comprehensive

evaluations monitor factors such as acidity, sulphur

content, distillation properties, flash point and

API gravity/density. By conducting these detailed

analyses, Intertek Caleb Brett not only ensures

compliance with industry standards but also

significantly contributes to enhancing the safety

and operational efficiency of the aviation industry

in Hawaii and worldwide.

VISIT: INTERTEK.COM/CALEB-BRETT

Reporting of

principal risks and

uncertainties

2006

Single materiality

assessments

begin

2019

Going concern

statement

2002

Our integrated

risk management

framework

2017

Long-term viability

statement

2014

Compliant

with TCFD

recommendations

2022

Double materiality

assessments

begin

2024

Preparing to report

in compliance with

applicable

regulations

2025

The evolution of our risk management approach

Intertek Group plc

Annual Report & Accounts 2024

1.57

3: Financial Report2: Sustainability Report1: Strategic Report

Assessing and

managing our risks.

Intertek has always had a leading

approachtoriskmanagement

Since our listing in 2002, we have reported to our shareholders

in each Annual Report on the sustainability of our business

andoperations.

For most of that period, our focus has been on our financial

sustainability. We have looked at the impact of our risk

environment and our risk mitigation actions through the

lensofour financial performance.

In 2017, we began our end-to-end risk management approach.

Using our framework of risk committees, we started to look at

our changing risk landscape dynamically throughout the year.

This allowed us to drive ownership of risks deeper into our

operations and to put the right mitigation actions in place at

alllevels of ourbusiness.

In 2019, we carried out our first single materiality assessment to

review and reflect how climate and other sustainability risks and

opportunities could impact our financial performance and position.

Our first TCFD statement in 2022 contained our assessment of

the financial risks and opportunities specifically of decarbonisation

(or a failure to decarbonise) on our business and operations.

In line with our ever better approach, we are now taking the next

step in the evolution of our risk management framework. By

conducting a double materiality assessment, we are moving for

the first time from looking at risk and opportunity in the context

of our own footprint (our business, our operations, our people

and our governance) to looking at our entire value chain and our

ecosystem (society and the environment) and the role we play

within it.

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.

Principal risks and uncertainties

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Annual Report & Accounts 2024

1.58

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3: Financial Report2: Sustainability Report1: Strategic Report

Our TCFD compliance statement

Our principal risks

Long-term viability statement

Intertek’s financial risks and opportunities generated by the

economic, social and natural environment

Environmental, social

and governance matters

that create or erode

enterprise value

Intertek’s impacts

onthe environment

and people

Stakeholders:

Investors

Stakeholders:

Customers, employees, investors, society, suppliers

Positive and negative impacts, real or potential, on the planet

and society that are linked to Intertek’s activities

Assessing our end-to-end sustainability

impacts, risks and opportunities (‘IROs’)

Assessing our IROs on a

double materiality basis

Assessing our climate-related

risks and opportunities

Assessing our principal

risks and uncertainties

Assessing the sustainability

of our business

Financial materiality Environmental and social (Impact) materiality

The visual below provides a summary of how we have

assessed our end-to-end sustainability IROs on a double

materiality basis.

Planet and societyIntertek Intertek Planet and society

READ MORE PAGE 2.07 IN REPORT 2

Intertek Group plc

Annual Report & Accounts 2024

1.59

Principal risks and uncertainties Continued

3: Financial Report2: Sustainability Report1: Strategic Report

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, which manages,

assesses and promotes 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 2.62 and 2.81 in Report 2.

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 on 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 risk registers, 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, relevant operational and

functional leaders for each site are required to complete

year-end compliance certification to confirm that the right

management processes and controls are in place and are

operationally effective. The compliance certification covers

all of the Group’s Core Mandatory Controls ('CMCs'), which

cover Compliance, Sales, Operations, Marketing, Communications,

our use of intermediaries, IT, Finance, Sustainability and

People management.

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 and its assets, liquidity, capital resources and reputation.

Changes to principal risks

Our principal risks continue to evolve in response to our changing

risk environment. We have evolved Regulatory and political risk

into Geopolitical risk as a principal risk for 2024 since our most

recent risk exercise identified no significantly material risks

relating to regulatory developments.

Long-term viability statement

In accordance with provision 31 of the 2018 UK Corporate

Governance Code, the Directors have assessed the viability of

the Group over a five-year period to 31 December 2029, by

carrying out a robust assessment of the potential impact of the

principal risks and uncertainties on the Group’s current position,

including those that would threaten the Group’s business model,

future performance, solvency or liquidity. This is documented on

the following pages.

The Directors have determined that a five-year period is

anappropriate period over which to provide the viability

statement of the Group, as the Group’s strategic review

coversafive-year period.

Furthermore, the Directors believe the five-year period

appropriately reflects the average business cycles of the

business lines in which the Group operates, particularly in

relation to capital expenditure investment horizons. In modelling

the viability scenario, we have made the assumption that we

willbe able to refinance external debt and renew committed

facilities as they become due.

In addition to the bottom-up strategic review process where the

prospects of each business line are reviewed, an assessment has

been made of the potential operational and financial impacts on

the Group of the principal risks and uncertainties outlined in

thefollowing pages. The Directors have also assessed certain

combinations of these principal risks and uncertainties in a

number of severe, but plausible, scenarios, as well as the

effectiveness of any mitigating actions as set out in the table

onpages 1.60-1.64. The Directors have assessed that climate

change will not have a meaningful impact on the viability of

theGroup over the five-year period to 31 December 2029.

The Group has a broad customer base across its multiple

business lines and in its different geographic regions and is

supported by a robust balance sheet and strong operational cash

flows. The Board considers that the diverse nature of business

lines and geographies in which the Group operates significantly

mitigates the impact that any of the modelled scenarios might

have on the Group’s viability.

Based on this assessment, the Directors confirm that they have

a reasonable expectation that the Company will be able to

continue in operation and meet its liabilities as they fall due

overthe period to 31 December 2029. The statement on going

concern is in the Directors’ report on page 2.89 in Report 2.

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Viability scenario analysis

Regulatory or

geopolitical

environment

change

Description

Failure to identify, understand and

respond to regulatory or geopolitical

changes results in loss of revenue,

profitability, market share, and/or

adversely changes the competitive

landscape.

Associated principal risks

• Industry and competitive landscape

• Customer service

• Geopolitical

• People retention

• Reputation

• Macroeconomic

Ethical and/or

quality breach

Description

An ethical and/or quality breach

leads to litigation (including

significant fines and debarment

from certain territories/activities),

reputational damage, loss of

accreditation and erosion of

customer confidence.

Associated principal risks

• Business ethics

• People retention

• Financial

• Reputation

• IT systems and data security

• Health, safety and wellbeing

• Macroeconomic

Customer

service issue

Description

Failure to respond/adapt to a

customer service issue leads

toaloss of key customers and

detrimentally impacts reputation.

Associated principal risks

• Industry and competitive landscape

• Customer service

• Business ethics

• People retention

• Reputation

• Macroeconomic

IT systems

breach

Description

A serious data security/IT systems

breach results in a significant

financial penalty and a loss of

reputation among customers.

Associated principal risks

• Customer service

• People retention

• IT systems and data security

• Reputation

• Macroeconomic

Scenario Scenario Scenario Scenario

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Principal risks and uncertainties Continued

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Reputation

People retention

Customer service

Operational

Reputation is key to the Group maintaining and growing its

business. Reputation risk can occur in a number of ways: directly

as the result of the actions of the Group or a Group company itself;

indirectly due to the actions of an employee or employees; or

through the actions of other parties, such as joint venture

partners, suppliers, customers or other industry participants.

Possible impact

• Failure to meet financial performance expectations.

• Exposure to material legal claims, associated costs and wasted

management time.

• Destruction of shareholder value.

• Loss of existing or new business.

• Loss of key staff.

Mitigation

• Quality management systems; adherence to these is regularly

audited and reviewed by external parties, including accreditation

bodies.

• Risk management framework and associated controls and

assurance processes, including contractual review and liability

capswhere appropriate.

• Code of Ethics, which is communicated to all staff, who undergo

regular training.

• Zero-tolerance approach with regard to any inappropriate

behaviour by any individual employed by the Group or acting on

theGroup’s behalf.

• Whistleblowing programme, monitored by the Group Risk

Committee, where staff are encouraged to report, without risk, any

fraudulent or other activity likely to adversely affect the reputation

of the Group.

• Relationship management and communication with external

stakeholders.

2024 update

This risk remains stable compared with 2023. The Group continues to

develop risk mitigation activities such as the enhancement of its social

media policy, and development of CMCs.

A failure to focus on customer needs, to provide customer

innovation or to deliver our services in accordance with our

customers’ expectations and our Customer Promise.

Possible impact

• Customer dissatisfaction and customer loss.

• Gradual erosion of market share and reputation if competitors are

perceived to have better, more responsive or more consistent

service offerings.

Mitigation

• Net Promoter Score (‘NPS’) customer satisfaction, customer sales

trends and turnaround time tracking.

• Global and Local Key Account Management (‘GKAM’/’LKAM’)

initiatives in place.

• Customer feedback meetings.

• Customer claims/complaints reporting.

• Tracking and process for regional and divisional claims, complaints

and quality issues.

2024 update

This risk remains stable compared with 2023.

The Group operates in specialised sectors and needs to attract and

retain employees with relevant experience and knowledge in order

to take advantage of all growth opportunities.

Possible impact

• Poor management succession.

• Lack of continuity.

• Failure to optimise growth.

• Impact on quality, reputation and customer confidence.

• Loss of talent to competitors and lost market share.

Mitigation

• HR strategy, policies and systems covering recruitment

andonboarding.

• Training, development and reward programme to retain and

motivateemployees.

• Succession planning to ensure effective continuation of leadership

and expertise.

• Employee wellbeing and support programmes.

2024 update

This risk remains stable compared with 2023. We continue to develop our

risk mitigation in this area with enhanced HR strategies and policies.

Intertek Group plc

Annual Report & Accounts 2024

1.62

Principal risks and uncertainties Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Operational (continued)

Health, safety and

wellbeing

Macroeconomic factors such as a global/market downturn, inflation,

supply chain and logistics restrictions, materials shortages, and

contraction/changing requirements in certain sectors.

Possible impact

• Impact on revenue.

• Falling market share.

• Shrinking customer base.

• Impact on share price.

Mitigation

• Continued focus on developing business in new markets and for

newcustomers.

• Focus on innovations in our service offerings.

• Monitor trends and customer pipelines.

• Conduct regular strategic and business line reviews, including

budget forecasting.

• Monitor the impacts of external risk factors and maintain access to

data and analysis from our external advisers.

2024 update

This risk remains stable compared with 2023.

Any health and safety incident arising from our activities could

result in injury to Intertek’s employees, sub-contractors, customers

and/or any other stakeholders affected. Issues impacting the

wellbeing of our people resulting from pandemics and other similar

events could have significant impact.

Possible impact

• Individual or multiple injuries to employees and others.

• Litigation or legal/regulatory enforcement action (including

prosecution) leading to reputational damage.

• Loss of accreditation.

• Erosion of customer confidence.

• Wellbeing – individual or multiple instances of stress-related issues

and/or illnesses, absenteeism, and related impacts on morale.

Mitigation

• Quality management and associated controls, including safety

training, appropriate personal protective equipment, health and

safety policies (including due diligence on sub-contractors),

meetings and communication.

• Avoiding fatalities, accidents and hazardous situations is paramount.

It is expected that Intertek employees will operate to the highest

standards of health and safety at all times and there are controls in

place to reduce incidents.

• Business continuity planning.

• Employee wellbeing programme.

2024 update

This risk remains stable compared with 2023.

A failure to identify, manage and take advantage of emerging and

future risks. Examples include: missing the opportunities provided

by new markets and customers; a failure to innovate in 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; failure to anticipate and address the operational,

strategic, regulatory and reputational impact of climate change and

environmental factors; and failure to identify and take advantage of

the impact of changes to our clients’ operations and supply chains.

Possible impact

• Failure to maximise revenue opportunities.

• Failure to take advantage of new opportunities.

• Lack of ability to respond flexibly.

• Erosion of market share.

• Impact on share price.

• Sanctions and fines for non-compliance with new laws etc.

Mitigation

• GKAM and LKAM initiatives in place.

• Diversification of customer base.

• Focus on new services and acquisitions.

• Tracking of new laws and regulations.

• Regular strategic and business line reviews.

• Development of ATIC-selling initiatives.

• NPS customer research to understand customer satisfaction.

• Continuing to drive innovation at the core.

2024 update

This risk remains stable compared with 2023.

Macroeconomic

Industry and

competitive landscape

Intertek Group plc

Annual Report & Accounts 2024

1.63

Principal risks and uncertainties Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Systems integrity: major IT systems integrity issue, or data

security breach, either due to internal or external factors such

asdeliberate interference, or to power shortages/cuts etc.

Systems functionality: a failure to define the right IT strategies,

maintain 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.

Possible impact

• Loss of revenue due to downtime.

• Potential loss of sensitive data with associated legal implications,

including regulatory sanctions and potential fines.

• Potential costs of IT systems' replacement and repair.

• Loss of customer confidence.

• Damage to reputation.

• Loss of revenue/profitability if we fail to adopt an IT investment

strategy which supports the Group's growth, innovation and

customer offering.

Mitigation

• Information systems policy and governance structure.

• Regular system maintenance.

• Backup systems in place.

• Disaster recovery plans that are constantly tested and improved to

minimise the impact if a failure does occur.

• Global information security policies in place (IT, data protection,

cyber security).

• Adherence to IT finance systems controls (part of CMCs).

• Adherence to IT general controls.

• Internal and external audit testing.

• Processes to ensure compliance with GDPR.

2024 update

This risk remains stable compared with 2023. Our IT security team

continues to develop security enhancements through a multi-year IT

risk reduction programme, strengthening core IT infrastructure.

Agreeing unfavourable terms with customers and/or suppliers

asaresult of not following agreed contract review processes,

and/or failing to negotiate appropriate terms.

Possible impact

• Margin-decretive work.

• Onerous liabilities and exposures.

• Non-optimised pricing.

• Financial exposures due to claims and litigation.

Mitigation

• Any deviations from our standard contract terms are subject to

legal review and approval, and all contracts must be approved in

line with our Authorities Grid (which sets out approval limits based

on contract values and other relevant factors).

• We continue to operate our claims 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.

2024 update

This risk remains stable compared with 2023.

Contracting

IT systems and

data security

Intertek Group plc

Annual Report & Accounts 2024

1.64

Principal risks and uncertainties Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Legal and regulatory Financial

A failure to identify and respond appropriately to political events,

decisions and conditions across the globe, and their repercussions,

could impact 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. Such events,

decisions and conditions may also have consequences for our

peopleand those working for us, whose safety and wellbeing is

ourparamount concern.

Possible impact

• Loss of revenue, profitability and/or market share.

• Increase to costs of operations, reduction in profitability.

• Reduction in the attractiveness of investment in specific

businesses, sectors or markets and/or adverse change in the

competitive landscape.

• Physical and psychological harm and or lack of security caused to our

employees, those working on our behalf and their families.

Mitigation

• Monitoring of political developments.

• Agile and rapid risk mitigation response to evolving situations

focusing on employee safety and security issues.

• Analysis of impact of political changes on operational standard

operating procedures and Group policies.

• Membership of relevant associations, e.g. TIC Council, with related

advocacy and liaison activities to keep informed through multiple

communication channels.

2024 update

After the focus adjustment, this risk remains stable compared with 2023.

Non-compliance with Intertek’s Code of Ethics (‘the Code’) and/or

related laws such as anti-bribery, anti-money laundering, and

anti-competition legislation. Non-compliance could be either

accidental or deliberate, and committed either by our people or

sub-contractors who must also abide by the Code.

Possible impact

• Litigation, including significant fines and debarment from certain

territories/activities.

• Reputational damage.

• Loss of accreditation.

• Erosion of customer confidence.

• Impact on share price.

Mitigation

• Annual Code of Ethics training and sign-off requirement.

• Whistleblowing programme, monitored by the Group Risk Committee,

where staff are encouraged to report, without risk, any fraudulent or

other activity likely to adversely affect the reputation of the Group.

• Enhanced processes for engagement with suppliers and third parties.

• Zero-tolerance approach with regard to any inappropriate

behaviourby any individual employed by the Group or acting

ontheGroup’s behalf.

• The Group employs local people in each country who are aware of

local legal and regulatory requirements. There are also extensive

internal compliance 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 relevant legislation and internal policy.

2024 update

This risk remains stable compared with 2023. Ongoing annual

confirmations ensure that staff verify compliance with the Code.

During 2024, 127 (2023: 106) non-compliance issues were reported

through the whistleblowing hotline and other routes. All were

investigated, with 29 (2023: 39) substantiated or partially substantiated

by the investigation; in relation to these, appropriate corrective and

disciplinary action was taken.

Risk of theft, fraud or financial misstatement by employees and

those acting on behalf of Intertek or third parties. On acquisitions

or investments, the financial risk or exposure arising from due

diligence, integration or performance delivery failures.

Possible impact

• Financial losses with a direct impact on the bottom line.

• Large-scale losses can affect financial results.

• Potential legal proceedings leading to costs and/or management

time.

• Corresponding loss of value and reputation could result in funding

being withdrawn or provided at higher interest rates.

• Possible adverse publicity.

Mitigation

• The Group has financial, management and systems controls in

place to ensure that the Group’s assets are protected from major

financial risks.

• Adherence to Authorities Grid (which sets approval limits for

financial transactions).

• Stringent controls on working capital and cash collection.

• Legal, financial and other due diligence on M&A and other

investments.

• Monitoring adherence to our CMCs, and tracking 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 there are

also management reviews. Independent external auditors review

the Group’s half-year results and audit the Group’s annual financial

statements.

2024 update

This risk remains stable compared with 2023.

We continue to review and update the CMCs on an annual basis and

use them for year-end compliance certification.

Geopolitical

Business ethics

Financial

Intertek Group plc

Annual Report & Accounts 2024

1.65

3: Financial Report2: Sustainability Report1: Strategic Report

Our TCFD journey

We believe that, as a sustainable

business and a leading provider of

sustainability solutions to more than

400,000 companies, Intertek has an

important role to play in taking action

on climate change and supporting the

transition to a low-carbon economy –

both for our clients and in our own

value chain.

We have set ambitious targets to get to net zero emissions

by 2050, with interim targets to 2030, which have been

validated by the Science Based Targets initiative ('SBTi').

In2024, our rigorous monthly performance management

ofclimate-related action plans delivered operational market-

based emissions reductions of 16.7% against 2023.

Climate change policies, disclosure requirements, and

public, consumer and investor pressure have led to a 'race

to net zero' by governments and corporations – with the

aim being decarbonisation of the global economy in line

with Paris Agreement goals to limit global warming.

Decarbonisation to a point of net zero carbon emissions

will involve economic, political and societal changes. The

key to achieving it lies in the energy transition – a shift

from reliance on fossil fuels to renewables and green

energy sources, with the significant changes in energy

infrastructure that involves. It will require a reduction in

the carbon footprint of global activities: transport and

Putting climate change

and decarbonisation

in context

travel; facilities and construction; supplies consumed; and

goods and services produced. The likelihood – based on

the current rate of progress – is that achieving net zero

within the Paris Agreement timeframe will require the scale

development and use of new carbon capture and storage

technologies, together with breakthrough innovations

to accelerate the reduction of carbon emissions linked

to manufacturing, transportation and consumption.

Conversely, if decarbonisation goals are not met, the

effects of climate change will increase and extreme

weather events will be more likely. Governments and

corporations will need to consider mitigating the risks of

this outcome by ensuring that their energy, manufacturing

and supply networks are resilient and secure.

TCFD statement

1.66

Intertek Group plc

Annual Report & Accounts 2024

TCFD statement Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Our TCFD compliance statement

The TCFD requires the disclosure of information aligned to

its core elements – governance, strategy, risk management,

and metrics and targets. The TCFD aims to improve the

disclosure of climate-related risks and opportunities and

provide stakeholders with the necessary information to

undertake robust and consistent analyses of the potential

financial impacts of climate change. We recognise the

value that the recommendations bring and continue to

align and enhance our climate-related disclosures.

We set out below our climate-related financial

disclosures, which are consistent with all TCFD

recommendations and recommended disclosures

reduction targets

for all employees

included in yearly

compensation

Compliant with TCFD

recommendations

Systemic monthly

performance management

ofemission reductions

andaction plans

Country-specific targets

and action plans to

reduce emissions

Deepened

understanding of

climate-related risks

and opportunities

across the organisation

Continued monthly

performance

management of

emission reductions

andaction plans

Our TCFD journey

Our TCFD disclosures are set outin five sections:

Section 1: our governance of climate-related risks and

opportunities

Section 2: how we consider climate change in our strategy

Section 3: our climate-related risk management approach

Section 4: our climate-related metrics and targets

Section 5: our climate change methodology and approach

We have integrated climate-related disclosures

throughout our Annual Report. These are included

through cross-references to other sections

containing further relevant information.

1. TCFD: ‘Recommendations of the Task Force on Climate-related Financial

Disclosures’ and any relating annex guidance.

Systemic CO

emission

collection at all sites/

operations

First Group-wide

GHG emission

reduction target set

Commitment to net

zero by 2050

Voluntary disclosure

againstTCFD

recommendations

SBTi validation

2018

2022 20242017

2021

2020

2023

Intertek Group plc

Annual Report & Accounts 2024

1.67

TCFD statement Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Section 1: Governance

TCFD recommended disclosures Further information

a) Describe the Board’s oversight of climate-related

risks and opportunities

• Our Governance structure

(pages 2.62-2.63 in Report 2)

b) Describe management’s role in assessing and

managing climate-related risks and opportunities

• Internal control and risk management

(page 2.81 in Report 2)

1 a) Our Board’s oversight of climate-related risks and opportunities

Our Board of Directors is responsible for the oversight of climate-related risks and opportunities. Climate-

related risks are integrated into every Board agenda as part of the Board’s review of risks and our integrated

risk, control and compliance approach. Climate-related issues are considered as part of the Board’s strategic

review sessions and reflected in the Board’s strategic review and guidance.

The Board takes emerging and systemic climate-related risks and opportunities into account:

1. when considering the Group Risk footprint and our internal controls/risk management policies at each

Boardmeeting; and

2. in reviewing the Group’s principal risks and in the risk modelling that feeds into the long-term

viabilitystatement.

The Board is able to draw on the climate-related expertise of our Non-Executive Directors. Gill Rider (who

retired from the Board in May 2024) serves as President of the Marine Biological Association. Tamara Ingram

ischair of the ESG committee for Marks and Spencer Group plc. Steve Mogford's experience across a breadth

ofsectors and his commitment to sustainability will further enhance the Board's climate-related expertise

following his appointment on 1 January 2025.

The Group’s Head of Sustainability and EVP – Sustainability report to the Board on our climate-related risks

andopportunities, respectively, from both an internal and external perspective, as part of an annual in-depth

Intertek Total Sustainability review. In addition, the Board receives specific updates on our TCFD approach and

progress during the year. The Board monitors and oversees our progress against our science-based targets and

our climate-related action plans.

1 b) Management’s role in identifying, assessing and managing climate-related risks

andopportunities

We believe that assessing and managing climate-related risks and opportunities is an integral part of our

overall integrated risk management approach. Our framework of regional, divisional and functional risk

committees considers climate-related risks and opportunities and identifies and implements appropriate

actionplans. This creates an awareness and ownership of climate-related risks and opportunities within

ouroperational, HR, compliance, finance and insurance leadership.

In addition, climate-related risks and opportunities are identified, managed and tracked by:

• our Net Zero Steering Committee (whose members include our Group CEO, Group CFO, Group Company

Secretary, EVP – Sustainability and Head of ESG and Non-financial Reporting) focuses on the implementation

and performance of our net zero roadmap and our science-based emission reduction targets to meet our

ambition to get to net zero by 2050;

• our Beyond Net Zero Steering Committee (whose members include our Group CEO, Group Company Secretary,

Group Head of Sustainability, EVP – Sustainability, SVP – Corporate Development, Group Chief Marketing &

Communications Officer and Group General Counsel), which has oversight of our Total Sustainability agenda

including internal and external climate-related actions over and above our greenhouse gas ('GHG') and net zero

commitments; and

• our specific CEO-led working group on TCFD/climate-related risks and opportunities.

Our approach means that we can apply the management expertise we have from providing TCFD and other

climate-related ESG Assurance solutions to our clients in the assessment and management of our own risks

and opportunities.

Section 2: Strategy

TCFD recommended disclosures Further information

a) Describe the climate-related risks and opportunities

the organisation has identified over the short,

medium, and long term

• Principal risks and uncertainties (pages 1.57-1.64)

b) Describe the impact of climate-related risks and

opportunities on the organisation’s businesses,

strategy and financial planning

• Strategic Report: Our business model

(pages 1.18-1.29)

• Sustainability Report (Report 2)

• Financial Report (Report 3)

c) Describe the resilience of the organisation’s strategy,

taking into consideration different climate-related

scenarios, including a 2°C or lower scenario

• Strategic Report: Our business model

• Sustainability Report (Report 2)

• Financial Report (Report 3)

At the high level, our ambition is to become a net zero emissions business by 2050 while mitigating the

physical impact of climate change on our operations and supporting our clients with sustainability solutions.

Innovative sustainability services have been at the core of our business and strategy for over 100 years. Today’s

'race to net zero' by governments and corporations is beneficial to Intertek given our investments in sustainability.

These include our operational sustainability solutions; our carbon emissions certification, CarbonClear™; our ESG

disclosures verification; and our corporate sustainability certification, TSA. Ongoing dependency on traditional oil

and gas, and the significant investments required to scale up renewable energy, will mean our Industry Services

businesses should benefit from traditional energy investment and the parallel developments in the renewables

space – while our differentiated World of Energy value proposition and our total energy expertise position us

strongly to take advantage of the global energy transition required to get to net zero.

The world will face difficulties in meeting Paris Agreement targets and addressing climate change unless:

allcompanies, public and private, commit to reduce carbon emissions to net zero; significantly increased investments

are made in renewables; and there is breakthrough innovation to accelerate carbon emission reductions and

facilitate carbon capture and storage. This negative outcome should lead to increased demandforour services as it

would lead to an increased focus on developing low-carbon products and other innovations and technologies that

will reduce emissions, including increased investment in carbon capture andstorage.

Intertek Group plc

Annual Report & Accounts 2024

1.68

TCFD statement Continued

3: Financial Report2: Sustainability Report1: Strategic Report

2 a) Our climate-related risks and opportunities

Based on our supply and demand model and decarbonisation scenarios (details of which are set out in

section5), our view of Intertek’s climate-related risks and opportunities is as follows.

Climate-related opportunities

Opportunity area Description of opportunities

Energy

transition

The key question for our energy-related businesses is what the risks and opportunities of

a transition to lower carbon/renewable energy will look like, and over what timeframe.

The world will be dependent on traditional oil and gas for longer than people think: there

has been under-investment in oil and gas exploration since 2015; there is structural

under-investment in alternative energy sources; and renewables will take time to scale.

All of those factors create risks for governments and economies in moving away too

quickly from traditional energy sources.

This will require our clients to make incremental investments in traditional oil and gas

infrastructure and E&P. Our Industry Services businesses should therefore benefit over

the next 20 to 25 years both from traditional energy investment and the parallel

developments in the renewables space.

Our Caleb Brett business should benefit from the increasing global demand for oil and gas

in the short term, and in the medium to long term continue to benefit from an increase in

the production and consumption of oil-related products as well as the development/

growth of greener fuels – biofuels and synthetic. Our clients will need to make significant

investments in traditional oil and gas if they are to continue to meet the growing global

energy demand.

The carbon capture and carbon removal technologies which will be required to achieve

net zero targets are currently at an early stage of development and it is likely that

increased investments will be required to accelerate their production and availability: this

should benefit our engineering-based inspection businesses within Industry Services.

The energy transition that certain of our traditional oil and gas clients face as they move

to being total energy providers underlines the importance of our differentiated World of

Energy value proposition. Intertek’s range of energy expertise is able to support our

clients across the full World of Energy spectrum: from traditional oil and gas, petroleum

refining and distribution, petrochemicals and power generation to nuclear power, solar,

biofuels, tidal, wave and wind power. This gives Intertek a high-level, cross-sectional view

of energy industry topics and trends that we believe will position us strongly to take

advantage of current and future business development linked to the energy transition.

Opportunity area Description of opportunities

Carbon

footprint

transition

For our Consumer Products businesses, the risks and opportunities of decarbonisation

will be linked to our clients’ transition to lower-carbon logistics, manufacturing/

production and supply chain networks.

We expect consumer spending on products to continue to increase and the number

ofSKUs produced to also increase. An increasing consumer and regulatory focus on

sustainability will lead to changes in demand for products with lower carbon footprints.

Equally, manufacturers’ own sustainability goals will lead them to seek raw materials with

lower carbon footprints and to develop lower carbon footprint products.

We believe that corporations will face difficulties in achieving their net zero targets given

the financial, organisational and practical complexities of transitioning to low-carbon

footprint operations. We therefore expect the demand for existing products to stay high

for longer. Given the difficulties in getting to net zero without R&D and investments in

logistics and supply chains, our Consumer Products businesses will benefit from higher

corporate investments in R&D to design low-carbon products at the start of the value

chain, and from investments in supply chain relocations closer to home markets to reduce

carbon footprints and increase resilience.

Policy Climate-related laws and regulations will increase over time.

In the short term, governments are likely to limit policies which require mandatory

behavioural changes to the industry sectors which are the most critical to

decarbonisation: energy, infrastructure and transportation. It is likely that corporates

inother industry sectors will be encouraged to decarbonise by increasing disclosure

andtransparency requirements.

The regulatory approach over the medium to long term will change depending on

companies’/countries’ success in meeting Paris Agreement targets, and regulation will

become less voluntary and more mandatory over time if those targets are likely to be

missed based on existing behaviours.

We expect to benefit from increased regulation to drive investment and product

development by our clients in the energy, infrastructure and transportation sectors.

We expect our Business Assurance businesses to benefit from an increase in supplier

audit and management solutions as corporations seek to address their scope 3/supply

chain carbon emissions.

ESG disclosure requirements are likely to increase in response both to new regulations

and disclosure standards and to increasing investor and stakeholder expectations. We

expect this to lead to increased demand for our ESG disclosure/verification services.

Intertek Group plc

Annual Report & Accounts 2024

1.69

TCFD statement Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Climate-related risks

Risk area Description of risk

Physical

impacts

We consider that there are three types of possible physical impacts:

1. Direct physical impacts, where the increased frequency and/or severity of extreme

weather events causes an increased incidence of disruption to our own operations/

supply chain/transportation networks;

2. Client physical impacts, where the extreme weather events cause disruption to our

clients’ operations and therefore changes to client demand – or the geographic location

of client demand – for our services; and

3. Economic physical impacts, where temperature increase and extreme weather events

reduce economic activity, leading to a fall in demand for our services in line with a fall in

consumer demand/client production.

Based on our natural catastrophe experience and modelling, and because of the

capital-light nature of our operations and our ability to redirect work within our own

network, we believe that the impacts of extreme weather events to Intertek are likely

tobe local and not material at the Group level.

2 b) The impact of climate-related risks and opportunities on our businesses,

strategyandfinancialplanning

Intertek has been a global thought and innovation leader in sustainability services for decades,

andsustainability services are core to our global business. We help customers across all aspects

ofsustainability, covering all major industries, with end-to-end sustainability solutions.

Climate-related opportunities are one part of our overall sustainability strategy. At the high level, we believe

that the actions which companies and corporations will need to take to transition to a low-carbon economy

willbe an opportunity for us and will accelerate the demand for our ATIC solutions, including:

• our climate-related operational sustainability services (such as energy efficiency, carbon footprint

orzerowaste to landfill certifications);

• our corporate sustainability solutions (where we help corporations to establish and validate the

effectiveness of their own sustainability programmes); and

• our Intertek ESG Solutions (where we independently verify our clients’ sustainability reporting

anddisclosures).

We continue to develop innovative ATIC service offerings to support our clients’ low-carbon transition aims

andto enable them to comply with the increasing regulatory requirements relating to sustainability and ESG.

Our World of Energy businesses continue to scale up investments in strategic growth areas driven by

climate-related factors, such as:

• An increase in total energy demand driven by GDP and population growth.

• The need to address structural under-investment in traditional oil and gas while renewables lack scale.

• Technology and infrastructure investments needed to build scale renewable infrastructure.

• The significant investments and innovations required to meet net zero pathways, including developments

inhydrogen, synthetic fuels, carbon capture and carbon storage.

Our strategy includes M&A investments such as our acquisition of Clean Energy Associates, which has enabled

us to expand our sustainability service offering in the fast-growing quality assurance market for solar energy

and energy storage. It also includes organic innovations such as Intertek Hydrogen, Intertek CarbonClear™ and

CarbonZero, and Intertek Green R&D.

Our climate-related risks and opportunities assessment also feeds directly into our wider strategy, portfolio

and financial planning, including our planning on:

• climate-change mitigation activities and our net zero action plans; and

• the location of our facilities.

We believe the impact of climate-related risks and opportunities is as follows:

Climate-related

opportunities

Timeframe Scenario

Financial impactShort Medium Long RCP4.5 RCP8.5

Transition impacts

Energy transition ◊ ◊◊ ◊◊◊ *

See note 1 below Carbon footprint transition ◊ ◊◊ ◊◊◊ *

Policy impacts ◊ ◊◊ ◊◊◊ *

Climate-related risks

Physical impacts ◊ ◊◊ * See note 2 below

Key: ◊ – ◊◊◊ = low – high impact

* Scenario sensitivity

Note 1: Our pre-Covid (2014 – 2019) organic revenue CAGR was c.3%. Sustainability/ESG services were a driver of that revenue growth.

Weexpect the Group revenue growth from Sustainability/ESG services to accelerate.

Note 2: In order to assess our physical impact risk, we have continued to work with Willis Towers Watson ('WTW') to carry out a portfolio exposure

assessment based on scenario modelling supported by WTW’s Climate Diagnostic technology platform. For this purpose, our portfolio includes

933 sites (2023: 943 sites) and associated assets and revenues. The result is an assessment of the percentage of our portfolio that is exposed

to a material level of climate-related risk over four time periods (today; 2030; 2050; 2100) and under two scenarios (RCP4.5 and RCP8.5).

Percentage of portfolio exposed (%)

% of portfolio (assets & revenues) exposed to physical impact risks

Climate Scenario: RCP4.5 (2–3ºC)

Precipitation Heat River flood (defended) Drought

Fire

Sea level rise

Tropical cyclone

Extratropical cyclone

2024

2030

2050 2100

50% of portfolio exposed

to at least 80 heatwave

days per year by 2050,

compared to 37% today

13% in river flood zones

by 2050. 1% of flooding

improbability in a year

Slowly increasing portion

of locations exposed to

at least 4 months of

drought per year

10% of the portfolio

exposed to fire weather

conditions for at least 80

days in a year

4% of the portfolio

exposed to extreme risk

of flooding from storm

surge events and sea

level rise by 2050

Small and largely unchanged portion of the

total portfolio exposed to severe windstorms

generating damaging gusts (either from

tropical cyclones i.e. hurricanes or

extratropical cyclones i.e. winter storms)

49% exposed to at least

5 days of heavy rainfall

over 30mm by 2050

compared to 42% today

2 2

4 4

2 2

4 4

10 10

Percentage of portfolio exposed (%)

% of portfolio (assets & revenues) exposed to physical impact risks

Climate Scenario: RCP8.5 (4ºC)

Heat Precipitation Drought River flood (defended)

Fire

Sea level rise

Tropical cyclone

Extratropical cyclone

2024

2030

2050 2100

56% of the portfolio

exposed to at least 80

heatwave days per year

by 2050, compared to

37% today

52% of the portfolio

exposed to at least 5

days of heavy rainfall

over 30mm by 2050

compared to 42% today

Increasing portion of

locations exposed to at

least 4 months of

drought per year

13% in river flood zones

by 2050. 1% probability

of flooding in a year

Almost consistent

portion of the portfolio

exposed to fire weather

conditions for at least 80

days in a year

4% of the portfolio

exposed to extreme risk

of flooding from storm

surge events and sea

level rise by 2050

Small and largely unchanged portion of the

total portfolio exposed to severe windstorms

generating damaging gusts (either from

tropical cyclones i.e. hurricanes or

extratropical cyclones i.e. winter storms)

2 2

4 4

11 11

Intertek Group plc

Annual Report & Accounts 2024

1.70

TCFD statement Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Figure 1:

Physical risk exposure

under an RCP4.5 scenario:

Figure 2:

Physical risk exposure

under an RCP8.5 scenario:

Intertek Group plc

Annual Report & Accounts 2024

1.71

TCFD statement Continued

3: Financial Report2: Sustainability Report1: Strategic Report

The assessment shows that our broad geographic footprint and proven high-quality cash generative earnings

model (covered in more detail in 2 c) below) is an advantage for long-term climate resilience. Nevertheless, it

does indicate an increased physical impact exposure to our portfolio, varying by type of climate-related

extreme weather event, under both the RCP4.5 and RCP8.5 scenarios:

• a low to medium increase by 2050 in exposure to chronic (extended, non-localised) weather events

– heat, precipitation, drought, sea level rise; and

• a low increase by 2050 in exposure to acute (localised, one-off) weather events – river floods, fire, tropical

and non-tropical storms.

Assessing the impact of chronic weather events

It is difficult to assess the physical impact of chronic weather events as these are likely to be regional or global

in nature, but they can be largely or fully addressed with systemic risk mitigation actions at the Intertek site/

operational level:

Physical risk

(chronic weather

events) Impact on business Mitigations

Precipitation • Property damage and

businessdisruption

• Insurance cover

• Add identified climate-related risk into

our business continuity planning for

sites with predicted exposure

• Physical/structural protections

forsiteswith predicted exposure

Heat • Productivity changes as severe heat

affects people and/or equipment

• Cost increases linked to an increased

requirement for air conditioning/cooling

• Add identified climate-related risk into

our business continuity planning for

sites with predicted exposure

• Increase energy efficiency/use

ofsolar/renewable energy

Drought • Operational impact from water scarcity

• Changes to demand for our services

linked to changing consumption

patterns, population migration

orconflict

• Add identified climate-related risk

intoour business continuity planning

forsites with predicted exposure

• Focus on reducing water usage/

efficiency

Sea level rise • Property damage and business

disruption

• Insurance cover

• Add identified climate-related risk

intoour business continuity planning

forsites with predicted exposure

• Physical/structural protections for

siteswith predicted exposure

Assessing the impact of acute weather events

The likely impact of an acute weather event is a loss of revenue due to a shutdown of our facilities. It is difficult

to provide a precise estimate of the financial impact, which depends on factors including the severity of the

event, the geography affected, our ability to redistribute work, and the duration of the shutdown.

Our assessment reveals a minimal increase in expected portfolio exposure to acute weather events, and we

therefore expect the incidence and financial impact of such acute events to be similar to today. Based on

recent experience, in FY17 hurricanes Harvey and Irma impacted the operations of our clients in southern

regions of the USA during a three-month period, in turn impacting our business. These two operational

disruptions reduced our revenue performance by £5m at constant currency over the period August to

October2017, negatively impacting our divisions. Over the five-year period to date, our operations have

beenimpacted by about ten extreme weather events.

2 c) Our organisational resilience to the risks of climate change and decarbonisation scenarios

We believe our operations and strategy have a high degree of resilience to the risks of climate change under

both an RCP 4.5 and RCP 8.5 scenario:

• Our extensive network – over 1,000 labs in over 100 countries – means that we are well positioned to take

advantage of any climate-related changes in supply chains (either changes to suppliers, to the raw materials

being supplied or to the geographic location of supply chains).

• Our products inspection and assurance businesses are flexible as they use field-based inspectors and

auditors and we can deploy personnel/sub-contractors as required.

• Our client-base of over 400,000 clients is diverse, with no material dependencies, which also de-risks the

effect of potential geographic changes in our points of service delivery.

• Our capital-light earnings model de-risks us from climate-related changes to our clients’ supply chains, and

the physical impacts of climate change, as we have a low cost of market entry and exit.

• We are able to redirect work within our own network in order to mitigate the impact of climate-related

disruptions.

• We do not anticipate a material impact of climate-related policies directly on our business. As a professional

services provider, we do not operate in a sector which is likely to be a key focus for mandatory decarbonisation

behavioural changes. Our broad geographic footprint de-risks us from the impact of national regulations. Our

capital-light model mitigates our exposure to climate-related policies.

Intertek Group plc

Annual Report & Accounts 2024

1.72

TCFD statement Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Section 3: Risk management

TCFD recommended disclosures Further information

a) Describe the organisation’s processes for

identifying and assessing climate-related risks.

• Principal risks and uncertainties (page 1.57)

b) Describe the organisation’s processes for

managing climate-related risks.

• Principal risks and uncertainties (page 1.57)

c) Describe how processes for identifying, assessing,

and managing climate-related risks are integrated

into the organisation’s overall risk management.

• Principal risks and uncertainties (pages 1.57-1.64)

3 a) Our process for identifying and assessing climate-related risks

Our processes for identifying and assessing climate-related risks take place within our risk committees, and

separately using the supply-and-demand model we have built for our World of Energy businesses, and via our

workwith WTW to model the exposure of our portfolio to the physical impacts of climate change. The most

significant insight from our work with WTW was that the exposure of our portfolio to acute weather events

was expected to increase only very marginally in the period to 2050, with any financial impact falling well

below the threshold for materiality.

In 2024, we continued to review the exposure of our portfolio to physical climate change impacts usingthe live

model we have built with WTW and with ongoing review as part of our integrated risk management process.

3 b) How we manage climate-related risks

Climate-related risks, and our related mitigation action plans, are reviewed at least quarterly by the Board

andare also considered by our framework of regional, divisional and functional risk committees and our Group

Risk Committee. The risk of physical impacts of climate change on our sites are also considered by a cross-

functional group including members of our Finance, Insurance, Risk and Sustainability teams. The portfolio

exposure modelling we have done with WTW allows us to assess – on a site-by-site basis – the changing

likelihood and potential impact of specific climate events (such as drought, precipitation, flooding and fire)

under both the RCP 4.5 and RCP 8.5 scenarios in the short, medium and long term. We use the output of this

model in our opportunity and risk mitigation planning, and in local site business continuity planning.

3 c) Integration into our overall risk management

Our climate-related opportunities are reviewed as part of our overall budget, innovation, M&A, customer

insight and other processes. At the strategic level, the supply and demand model we have developed to look at

how the needs of our customers across our different businesses are likely to be affected by decarbonisation

allows us to assess how that is likely to affect their need for our end-to-end Total Quality Assurance services

across all points of their logistics, manufacturing/production and supply chain networks.

Section 4: Metrics and targets

TCFD recommended disclosures Further information

a) Disclose the metrics used by the organisation

toassess climate-related risks and opportunities

in line with its strategy and risk management

process.

• Environment section (page 2.38 in Report 2)

b) Disclose scope 1, scope 2, and, if appropriate,

scope 3 GHG emissions, and the related risks.

• Environment section (page 2.38 in Report 2)

c) Describe the targets used by the organisation to

manage climate-related risks and opportunities

and performance against targets.

• Environment section (page 2.38 in Report 2)

We publicly report on our scope 1, scope 2 and relevant scope 3 GHG emissions and the carbon intensity

ofoperational emissions by revenue. Environmental performance is disclosed in Report 2. Ourmeasurement

and reporting is aligned to the GHG Protocol Corporate Accounting and Reporting Standard (2015) and the

recommendations of the TCFD. As required, we report under the Companies Act 2006 (Strategic Report and

Directors’ Reports) Regulations and we apply the 2019 UK Government Environmental Reporting Guidelines,

including the Streamlined Energy and Carbon Reporting Guidance ('SECR'). Further details can be found in

Report 2, page 2.41.

We have made several climate-related public commitments, on our own and with other organisations. We have

joined the global movement of 'Business Ambition for 1.5˚C’ and the UN Race to Zero campaign. In 2023, the

SBTi, which defines and promotes global best practice in science-based target setting, validated our near-term

targets, as set out in the following statement:

"Intertek Group plc commits to reduce absolute scope 1 and 2 GHG emissions 50% by 2030 from a 2019 base

year. Intertek Group plc also commits to reduce absolute scope 3 GHG emissions from business travel and

employee commuting 50% within the same timeframe. Intertek Group plc further commits that 70% of its

suppliers by spend covering purchased goods and services, capital goods and upstream transportation and

distribution will have science-based targets by 2027."

We have rolled out country- and site-level specific targets which are reported monthly in our environmental

dashboards. Our rigorous GHG emissions performance management programme empowers our regional teams

to identify emissions sources, track progress against targets and KPIs, and implement concrete and measurable

climate-related action plans.

Our annual incentive plan continues to have an ESG element (with a 15% weighting) based on performance

against a GHG emissions reduction target.

Intertek Group plc

Annual Report & Accounts 2024

1.73

TCFD statement Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Section 5: Our climate change methodology

andapproach

The demand for our services depends on the supply of, and demand for, our clients’ products and services

andtheir need for our Total Quality Assurance services at specific risk points in their logistics, manufacturing

and supply chains.

To assess the impact of global decarbonisation on Intertek and our potential climate-related risks and

opportunities we have built a bottom-up supply and demand model for our World of Energy (Caleb Brett

andMoody) businesses which considers how the supply and demand of our clients’ products and services,

andtherefore their need for Intertek’s services, is likely to change in line with two decarbonisation scenarios

that are aligned to the Intergovernmental Panel on Climate Change ('IPCC') Representative Concentration

Pathways ('RCPs'):

• Intermediate (RCP 4.5): Characterised by slowly declining emissions, this pathway assumes climate

policies will be invoked to limit emissions, resulting in likely global temperature rise of 2–3°C by 2100.

• High (RCP 8.5): Characterised by rising emissions, this pathway adheres to the current trajectory and

assumes no additional efforts are made to constrain emissions, leading to likely global temperature rise

of>4°C by 2100.

We have also used these two scenarios to evaluate Intertek’s climate-related physical risks.

We have considered impacts over the short term (0-2 years), medium term (2 years – 2030); and long term

(2030 – 2050).

In assessing materiality, we have considered both financial impacts on us and other considerations such as the

importance of key climate-related topics to our clients and other stakeholders. For financial impacts, we have

applied a materiality threshold of £27.3m, aligned with the materiality threshold in our financial statements.

Wehave considered the materiality of risks on a 'net risk' basis, i.e. taking into account relevant risk mitigations

and opportunities that may be linked to those risks.

Based on our view of global decarbonisation and the nature of our businesses and services, we have divided

the impacts of climate-related risks and opportunities on Intertek’s operations, activities and earnings model

into three categories:

• Transition impacts: the impact of transitioning to low-carbon economies and societies. We further divide

these into: energy transition impacts (the impact of transitioning to renewable and green energy sources);

and carbon footprint transition impacts (the impact of reducing the carbon footprint of global activities

including logistics, manufacturing/production and supply chains);

• Policy impacts: the impact of climate-related laws or regulations, or policies intended to drive a

decarbonisation agenda; and

• Physical impacts: the impact of extreme weather events on our and/or our clients’ facilities and operations.

Intertek Group plc

Annual Report & Accounts 2024

1.74

3: Financial Report2: Sustainability Report1: Strategic Report

The Subject Matter is as follows:

GHG emissions

• Direct GHG emissions – Scope 1 (tonnes CO

• Indirect GHG emissions – Scope 2 (tonnes CO

• Other indirect (Scope 3) GHG emissions (tonnes CO

–fueland energy related activities; business travel; and

employee commuting

• GHG emissions intensity ratio (tonnes CO

e/£m of revenue)

Environmental

• Total energy use (MWh)

Social

• Employee turnover (%)

• Net Promoter Score (average NPS interviews per month)

• Total Recordable Incident Rate ('TRIR')

(per200,000hoursworked)

• Completion of compliance training by eligible employees (%)

Other than as described in the paragraph above, which sets out

thescope of our engagement, we did not perform assurance

procedures on the remaining information included in the Report,

and accordingly, we do not express a conclusion on this information.

Criteria applied by Intertek

In preparing the Subject Matter, Intertek applied its reporting

methodology as described in the externally facing Intertek

document, Basis of Reporting ESG Data document (Criteria),

which is available on theIntertek website. As a result, the Subject

Matter information may not be suitable for another purpose.

Conclusion

Based on our procedures and the evidence obtained, we are not

aware of any material modifications that should be made to the

Subject Matter for the year ended 31 December 2024 in order

for it to be in accordance with the Criteria.

Basis for our conclusion

We conducted our engagement in accordance with International

Standard for Assurance Engagements Other Than Audits or

Reviews of Historical Financial Information ('ISAE 3000

(Revised)'), International Standard for Assurance Engagements

on Greenhouse Gas Statements ('ISAE 3410'), and the terms of

our engagement letter dated 19 December 2024, as agreed with

the Company. Those standards require that we plan and perform

our engagement to express a conclusion on whether we are

aware of any material modifications that need to be made to

theSubject Matter in order for it to be in accordance with the

Criteria, and to issue a report. The nature, timing, and extent of

the procedures selected depend on our judgement, including an

assessment of the risk of material misstatement, whether due

tofraud or error.

We believe that the evidence obtained is sufficient and

appropriate to provide a basis for our limited assurance conclusion.

To the Directors of Intertek Group plc on selected

Environmental, Social, and Governance (‘ESG’) Data

Ernst & Young LLP (‘EY’) was engaged

byIntertek Group plc (‘the Company’,

‘Intertek’) to perform a limited assurance

engagement as defined by International

Standards on Assurance Engagements,

hereafter referred to as the 'engagement',

to report on Intertek’s ESG performance

data (the 'Subject Matter') contained within

Intertek’s Annual Report for the year ended

31 December 2024 (the 'Report').

Independent Assurance Report

Intertek Group plc

Annual Report & Accounts 2024

1.75

Independent Assurance Report to the Directors of Intertek Group plc

on selected Environmental, Social, and Governance (‘ESG’) Data Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Our independence and quality management

In performing this engagement, we have applied International

Standard on Quality Management (‘ISQM’) 1 Quality Management

for Firms that Perform Audits or Reviews of Financial Statements,

or Other Assurance or Related Services engagements, which

requires that we design, implement and operate a system of

quality management including policies or procedures regarding

compliance with ethical requirements, professional standards

andapplicable legal and regulatory requirements.

We have maintained our independence and other ethical

requirements of the Institute of Chartered Accountants of

England and Wales (‘ICAEW’) Code of Ethics (which includes

therequirements of the Code of Ethics for Professional

Accountants issued by the International Ethics Standards

Boardfor Accountants (‘IESBA’)).

Responsibilities of the Company

Intertek’s management is responsible for selecting the Criteria,

and for presenting the Subject Matter in accordance with those

Criteria, in all material respects. This responsibility includes

establishing and maintaining internal controls, maintaining

adequate records and making estimates that are relevant to

thepreparation of the Subject Matter, such that it is free from

material misstatement, whether due to fraud or error.

Responsibilities of EY for the limited assurance engagement

It is our responsibility to:

• Plan and perform the engagement to obtain limited assurance

inrespect of whether the Subject Matter has been prepared in

all material respects in accordance with the Criteria;

• Form an independent conclusion on the presentation of the

Subject Matter on the basis of the work performed and

evidence obtained; and

• Report our conclusion to the Directors of the Company.

Our approach

The objective of a limited assurance engagement is to perform

such procedures so as to obtain information and explanations

inorder to provide us with sufficient appropriate evidence to

express a negative conclusion on the Subject Matter. The

nature,timing and extent of procedures performed in a limited

assurance engagement is dependent on our judgement, including

our assessment of the risk of material misstatement, and is less

in extent than for a reasonable assurance engagement. Our

procedures were only designed to obtain a limited level of

assurance on which to base our conclusion and donot provide all

the evidence that would be required to provide a reasonable level

of assurance.

Although we considered the effectiveness of management’s

internal controls when determining the nature, timing and

extent of our procedures, our assurance engagement was

notdesigned to provide assurance on internal controls.

Ourprocedures did not include testing controls or performing

procedures relating to checking the aggregation or calculation

ofdata within IT systems.

A limited assurance engagement consists of making enquiries,

primarily of persons responsible for preparing the Subject

Matterand related information and applying analytical and

otherappropriate procedures.

Because a limited assurance engagement can cover a range

ofassurance, the detail of our procedures is included below

toprovide further context to the nature, timing and extent

ofour work:

a. Conducted interviews with key personnel to understand the

process for collecting, collating and reporting the Subject

Matter during the reporting period;

b. Analytical review procedures to understand the

appropriateness of the data;

c. Testing, on a limited sample basis, against underlying source

information to check the accuracy and completeness of the

data and the appropriate application of the Criteria; and

d. Assessing the Report for the appropriate presentation

ofthedata including limitations and assumptions.

We also performed such other procedures as we considered

necessary in the circumstances.

Inherent limitations

Non-financial information is subject to more inherent limitations

than financial information, given the characteristics of the

underlying Subject Matter. Because there is not yet a large body

of established practice upon which to base measurement and

evaluation techniques, the methods used for measuring or

evaluating non-financial information, including the precision

ofdifferent techniques, can differ, yet be equally acceptable.

The Green House Gas quantification process is also subject

toscientific uncertainty, which arises because of incomplete

scientific knowledge about the measurement of GHGs.

Additionally, GHG procedures are subject to estimation

(ormeasurement) uncertainty resulting from the measurement

and calculation processes used to quantify emissions within

thebounds of existing scientific knowledge. This may affect

thecomparability between entities, and over time.

Use of our report

This report is produced in accordance with the terms of our

engagement letter dated 19 December 2024 solely for the

purpose of reporting to the directors of the Company in

connection with the Subject Matter for the period ended

31 December 2024. Those terms permit disclosure on the

Company’s website, solely for the purpose of the Company

showing that it has obtained an independent assurance report

inconnection with the Subject Matter. To the fullest extent

permitted by law, we do not accept or assume responsibility to

anyone other than the Company and the Company's Directors as

abody, for the procedures performed, for this report, or for the

conclusions we have formed.

Ernst & Young LLP

3 March 2025

London

Intertek Group plc

Annual Report & Accounts 2024

1.76

3: Financial Report2: Sustainability Report1: Strategic Report

Reporting requirement Description, implementation, due diligence, outcomes and additional information

Environment

REPORT 2, PAGES 2.38-2.48

Employees

Nomination Committee report

REPORT 2, PAGES 2.82-2.85

Risk management

REPORT 2, PAGE 2.81

People and Culture

REPORT 2, PAGES 2.13-2.26

Social matters

Communities

REPORT 2, PAGES 2.49-2.55

Human rights

Responsible Business

REPORT 2, PAGES 2.56-2.59

Anti-corruption and anti-bribery

Principal risks and uncertainties

REPORT 1, PAGES 1.57-1.64

Responsible Business

REPORT 2, PAGES 2.56-2.59

Compliance, whistleblowing and fraud

REPORT 2, PAGES 2.58 AND 2.92

Description of principal risks and

impactofbusinessactivity

Principal risks and uncertainties

REPORT 1, PAGES 1.57-1.64

TCFD statement

REPORT 1, PAGES 1.65-1.73

Section 172 statement

REPORT 2, PAGE 2.72

Description of the business model

Our business model

REPORT 1, PAGES 1.18-1.29

Key performance indicators

Financial KPIs

REPORT 1, PAGES 1.30-1.31

Non-financial KPIs

REPORT 1, PAGES 1.32-1.33

Climate-related financial disclosures

TCFD statement

REPORT 1, PAGES 1.65-1.73

The Strategic Report was approved by the Board on 3 March 2025.

On behalf of the Board

André Lacroix

Chief Executive Officer

The table shown here is intended to

help our stakeholders understand our

position on key non-financial matters

and climate-related financial

disclosures, in line with the reporting

requirements contained in sections

414CA and 414CB of the Companies

Act2006. Our reporting on these topics

andkey performance indicators is

contained within this Strategic Report

and also in the Sustainability Report,

Report 2.

Group non-financial and sustainability information statement

Printed by a CarbonNeutral® Company certified to

ISO 14001 environmental management system.

Printed on material from well-managed, FSC®

certified forests and other controlled sources.

100% of the inks used are HP Indigo ElectroInk

which complies with RoHS legislation and meets

the chemical requirements of the Nordic Ecolabel

(Nordic Swan) for printing companies, 95% of press

chemicals are recycled for further use and, on

average 99% of any waste associated with this

production will be recycled and the remaining 1%

used to generate energy.

The paper is Carbon Balanced with World Land

Trust, an international conservation charity, who

offset carbon emissions through the purchase and

preservation of high conservation value land.

Through protecting standing forests, under threat

of clearance, carbon is locked-in, that would

otherwise be released.

CBP00019082504183028

Intertek Group plc

33 Cavendish Square,

London, W1G 0PS

United Kingdom

Tel +44 20 7396 3400

info@intertek.com

intertek.com

VISIT: INTERTEK.COM/INVESTORS

Annual Report &

Accounts 2024

Sustainability Report

the power of

amazing

We are pleased to share with

you our Annual Report & Accounts

in a unique, three-report format:

Report 1: Strategic Report

Where we discuss our growth

opportunities and strategic performance.

amazing

Contents

VISIT: INTERTEK.COM/INVESTORS

Report 2: Sustainability Report

Where we discuss our environmental,

social and governance progress.

Report 3: Financial Report

Where we record our financial

activities, performance and position.

These separate, but connected reports, with their

interconnected themes and narratives, allow us to

present what we achieved in 2024 in a systemic,

end-to-end architecture. They have been designed to

make it easier for our stakeholders to fully understand

our business, how we bring quality, safety and

sustainability to life, what we offer our clients and

society, and the opportunities we have ahead of us.

The power of amazing lies in the energy and passion

of our incredible colleagues and the work they do

every day. At Intertek, we constantly strive to be

ever better. For over 130 years, we have been

pioneers, lighting the way with ingenious solutions

that touch every part of modern life. Our culture

empowers our people and creates sustainable

growth and value for all our stakeholders.

Our caring and trusted people live by our Values,

working with passion and integrity to make a real

difference. Their energy and commitment ensure our

customers become ever more resilient, and that we all

thrive and work together to make the world better, safer

and more sustainable.

the power of

2.01 Chief Executive Officer's

sustainability letter

2.07 Our approach

2.10 Our Sustainability Excellence strategy

2.13 Sustainability performance

2.60 Directors' report

2.61 Governance at a glance

2.61 Compliance with the UK Corporate

Governance Code

2.62 Governance structure

2.64 Chair's introduction

2.66 Board of Directors

2.69 Group Executive Committee

2.70 Board leadership and

company purpose

2.78 Composition, succession

and evaluation

2.81 Audit, risk and internal control

2.82 Committee reports

2.82 Nomination Committee Report

2.86 Audit Committee Report

2.94 Remuneration Committee

Report

2.127 Other disclosures

2.131 Statement of Directors

Responsibilities

Chief Executive Officer's sustainability letter

Intertek Group plc

Annual Report & Accounts 2024

2.01

3: Financial Report1: Strategic Report 2: Sustainability Report

The amazing

power of

Sustainability

Excellence

As a leading Total Quality Assurance

('TQA') provider to industries worldwide,

Intertek plays a critical role in ensuring

the quality, safety and sustainability of

products and processes. Our global reach

and expertise across every industry

enable us to make a significant positive

impact on the world around us.

Sustainability is central to all we do at Intertek and is anchored

in our Purpose, Vision, Values, and strategy. I am delighted to

report that in 2024 we delivered another year of progress on

our Sustainability Excellence agenda. I would like to extend my

heartfelt thanks to my colleagues at Intertek for their tireless

efforts in helping to create an ever better world for current and

future generations.

By working hard to meet the expectations of, and create

sustainable value for, all stakeholders, we continue to be an

amazing force for good in the world, working collectively to

unleash the power of our high-performance 10X culture and

amazing people. Sustainability Excellence is vital to Intertek

and our people as it reflects our dedication to creating a positive

impact on the environment and society. This commitment drives

long-term value for all stakeholders, including customers,

employees, shareholders and the communities where we operate.

Our main areas of focus include reducing carbon emissions,

ensuring employee safety and wellbeing, fostering employee

engagement and development, promoting diversity and inclusion

and supporting local communities. Over the years, we have made

significant progress through various initiatives, demonstrating

our unwavering commitment to sustainability and our ability to

adapt and provide innovative sustainability solutions in response

to global challenges that support our customers in their own

sustainability journeys.

Together, we are making a difference and paving the way for a

sustainable future and a truly amazing world for all stakeholders.

I would like to highlight the

contribution of our truly amazing

people, who once again have delivered

an exceptional performance for our

company, our clients, our shareholders

and society as a whole."

André Lacroix

Chief Executive Officer

Intertek Group plc

Annual Report & Accounts 2024

2.02

Chief Executive Officer's sustainability letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Sustainability highlights

• Levels of Hazard Observations increased for the fifth

consecutive year, reflecting greater levels of activity

across our sites as well as greater awareness and

reporting of health and safety overall.

• Since 2015, we have used the Net Promoter Score

(‘NPS’) process to listen to our customers, enabling

us to improve our customer service over the years

consistently. In 2024, we conducted on average

6,036 NPS interviews per month.

• We are driving environmental performance across our

operations through science-based reduction targets

to 2030. By optimising energy use in our offices and

laboratories and transitioning to cleaner energy

sources, we reduced our operational market-based

emissions by 16.7% against 2023 and 47.2% against

our base year 2019.

• In 2024, we conducted a preliminary Double Materiality

Assessment ('DMA') to help us meet regulations.

• 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. In 2024, we achieved

a new high score of 91 (2023: 87).

• Our voluntary permanent employee turnover

improved to a five-year low rate of 11.2% in

2024 (2023: 12.3%).

Sustainability is central to Intertek

As a purpose-led company, we have embedded

sustainability deeply in:

Our Purpose

Bringing quality, safety and sustainability to life.

Our Vision

To be the world’s most trusted partner for

Quality Assurance.

Our Values

• We are a global family that values diversity.

• We always do the right thing. With precision,

pace and passion.

• We trust each other and have fun winning together.

• We own and shape our future.

• We create sustainable growth. For all.

Intertek Group plc

Annual Report & Accounts 2024

2.03

Chief Executive Officer's sustainability letter Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Leading the way in Sustainability Excellence

We apply the concept of Sustainability Excellence across

all our operations worldwide, holding ourselves to the same

high standards to which we hold our customers.

For Intertek’s Sustainability Excellence programme, we focus on

the ten highly-demanding standards which are part of our Total

Sustainability Assurance ('TSA') programme. These standards

are truly end-to-end and systemic and encompass all aspects

of what we know to be a truly sustainable organisation, covering

every aspect from quality and safety through to communications

and disclosures. The ten TSA standards were created to align

with the United Nations Sustainable Development Goals

(‘UN SDGs’).

READ MORE ABOUT TOTAL SUSTAINABILITY

ASSURANCE ON PAGE 2.09

Our new Sustainability Policy

During 2024 we introduced a new Sustainability Policy,

which defines our standards, principles and policies, as

well as our operating practices and relationships with our

main stakeholders. The policy is designed to provide every

Intertek company and business unit in every country where

we operate with a robust framework for embedding and

strengthening socially and environmentally responsible

behaviour and practices.

READ AND DOWNLOAD OUR SUSTAINABILITY POLICY AT

INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY

Our responsibility in action

As I reported last year, in 2023 we received target validation

from the Science-Based Targets initiative (‘SBTi’) for reducing

scope 1, 2 and 3 emissions (business travel and employee

commuting) by 50% before 2030, taking 2019 as the base year.

SBTi also validated our commitment to ensuring that 70%

of our suppliers by spend have science-based targets in place

by FY2027. Over the last year, we have made good progress

towards meeting these targets.

I am also pleased to report that during the year we completed

a preliminary DMA, to help us meet upcoming regulations.

Double materiality addresses both financial and impact

materiality. This approach expands on the single materiality

concept by requiring companies to assess not only how

sustainability issues impact their financial performance but

also how the company’s operations affect society and the

environment. You can read more about the DMA on page 2.07.

Our DMA will be assessed regularly to provide a fuller picture of

Intertek’s role and responsibilities in a broader societal context

and will ensure that we continue to identify evolving areas of

priority or concern for our stakeholders.

Intertek Group plc

Annual Report & Accounts 2024

2.04

Chief Executive Officer's sustainability letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

We also extended our third-party assurance beyond

greenhouse gas ('GHG') emissions data to include some of

our key non-financial KPIs: Total Recordable Incident Rate

(‘TRIR’), customer satisfaction via NPS surveys, employee

retention and compliance training across the organisation.

READ THE FULL ASSURANCE STATEMENT

IN THE STRATEGIC REPORT ON PAGES 1.74–1.75

We have now also been a constituent of the FTSE4Good

index for eight consecutive years, reconfirming our status

as a force for good in the world that is committed to bringing

quality, safety and sustainability to life with precision, pace

and passion. We retained our 'AAA' rating in the MSCI ESG

Ratings assessment, as well as our 'Prime' rating under ISS

ESG requirements. In addition, our ESG rating of 15.9 from

Sustainalytics and our 'B' score as part of CDP’s Climate Change

Programme highlight our commitment to sustainability.

Intertek received a rating of ‘AAA’ in

the MSCI ESG Ratings assessment.

We were included in the FTSE4Good

Index for the eighth year running.

Intertek is rated 'Prime', fulfilling

ISS ESG's demanding requirements

regarding sustainability performance

in our sector.

Intertek’s latest ESG rating from

Sustainalytics is 15.9, indicating a

low risk of experiencing material

financial impacts from ESG factors.

Intertek participates annually in

CDP’s Climate Change Programme.

For 2024, CDP recognised our

progress with a 'B' score.

1. msci.com/notice-and-disclaimer

2. issgovernance.com/esg/ratings

3. sustainalytics.com/legal-disclaimers

ESG credentials

We actively participate in a range

of global environmental, social

and governance ('ESG') ratings,

indices and frameworks to

benchmark our approach against

best practice and emerging

sustainability challenges.

Reducing the environmental impact of our operations

One of the most notable accomplishments in 2024 was our

significant reduction in carbon emissions. By optimising energy

use in our offices and laboratories and transitioning to cleaner

energy sources, we successfully reduced our operational

market-based emissions by 16.7% against 2023 and 47.2%

against our base year 2019.

Through the continuous monitoring of environmental

performance across our operations, we identified key areas

where we could implement more energy-efficient technologies

and improved operational processes. For example, following

the installation of a solar photovoltaic (‘PV’) project at our office

in Bangkok, Thailand is now the ninth country where we have

installed a renewable energy system at one or more sites.

Another example from the many initiatives we are undertaking

to reduce our carbon footprint is the introduction of an electric

shuttle bus service across south and east China. This service

now transports around 1,100 of our people – around 10% of

our workforce in the country – to and from work every day.

With 30 electric buses in our fleet, this is already saving close

to 1,000 tonnes of CO

equivalent emissions each year –

and we are working with suppliers to replace more of our

petrol-powered buses with electric versions.

A new area of focus for us in 2024 has been the tracking of

water consumption. This is in response to increasing global

concerns about water scarcity, and our recognition of the

impact that responsible water management can have on

both operational efficiency and local communities.

LEARN MORE IN OUR SUSTAINABILITY DISCLOSURE INDEX

AT INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY

Intertek Group plc

Annual Report & Accounts 2024

2.05

3: Financial Report1: Strategic Report 2: Sustainability Report

Our commitment to our communities

Our businesses and our people are part of many communities

across the world. Just as they support us, we support them

through our commitment to their economic and social

development. Our businesses regularly support and engage with

local organisations and initiatives that improve the environment

and the lives of local people. Many of our employees volunteer

their time to support essential local and charitable causes that

reflect the value and diversity of our communities.

As a result, during 2024 we were active in many ways and many

places to help make communities across the planet happier,

healthier, fairer and more successful.

For example, in Australia we worked with Reconciliation

Australia to advance reconciliation between Indigenous

and non-Indigenous Australians. In doing so, we aim to help

strengthen relationships between Aboriginal and Torres Strait

Islander peoples and non-Indigenous peoples for everybody’s

benefit. We launched our Reconciliation Working Group during

the year, which meets fortnightly to help us build meaningful

community relationships via events created to raise cultural

awareness and programmes for building work skills.

In India, meanwhile, we completed during the year the first phase

of a project designed to give more than 40,000 young people in

rural Gurugram and Mumbai access to the high-quality science,

technology, engineering and mathematics ('STEM') education

that employers are increasingly expecting from their recruits.

Phase one saw more than 20,000 students benefit from the

Intertek India programme, which also involved training teachers

and upgrading infrastructure.

We also took decisive action in Ghana, where communities in the

Volta Region were suffering from the aftermath of the country’s

biggest hydroelectric dam having overflowed in 2023. On the

advice of local government representatives regarding how to

make the biggest positive impact, a team from Intertek Ghana

visited three schools in Awusakpe, Adutor and Adidome – not only

providing essential items from desks and chairs to stationery and

textbooks, but also encouraging the students to dream big and

work hard towards their goals.

READ MORE ABOUT HOW WE CREATE

POSITIVE IMPACTS IN THE COMMUNITIES

WHERE WE OPERATE ON PAGE 2.49

Chief Executive Officer's sustainability letter Continued

Empowering our amazing people to be ever better

During the year, we continued the Champions engagement

process we launched in 2023, carrying out another two

employee surveys to allow our teams to better track their

progress and take positive steps through team action planning.

The level of participation in these surveys has continued to grow

over time, thanks to our global HR teams providing our managers

with the knowledge and resources to explain the process and its

importance more effectively to their teams.

We also continued to build on the MOSAIC programme we

launched in 2023, to help everyone understand the incredible

power of diversity across our global workforce. Our team of

ingenious, caring and trusted colleagues is a rare and unique

Intertek property that we must do everything in our power to

leverage: MOSAIC has become an essential ongoing resource

for the business.

We also expanded the 10X Leadership programme that we

launched in 2019, widening the number of participants involved

in the programme’s workshops and seminars to more than 600

colleagues. At these events, I share my leadership experience

and people-centred approach to help participants develop their

own leadership styles.

Employee safety and wellbeing is a fundamental priority

at Intertek, and I was delighted to see that levels of Hazard

Observations across our sites increased for the fifth consecutive

year. This reflects not only greater levels of activity across our

sites, but also greater overall awareness and reporting of health

and safety-related issues.

I was also very pleased to see that our level of employee

engagement, measured against our Intertek ATIC Engagement

Index, reached a new height of 91 (up from 87 in 2023).

This is particularly important to me, as strong engagement

is an essential factor in driving sustainable growth and value

for all stakeholders. I am also pleased to report that our

voluntary permanent employee turnover hit a five-year

low of 11.2% (2023: 12.3%).

READ MORE ABOUT OUR PEOPLE AND

CULTURE ON PAGE 2.13

240+

Community projects our employees participated in –

focusing on education, giving back to local communities

and preserving our environment

17, 29 9

Hours volunteered to support community projects

Build Back Ever Better

Launched in 2021, BBEB.com is a digital platform where

anyone can share content and stories to inspire others.

#BBEB aims to create a truly Glo-cal community-based

movement to help and influence everyone around the

world to create their own local community space in their

local language to inspire friends, family and public

institutions to Build Back an Ever Better world.

Three years on, our multilingual site carries thousands

of powerful stories from across the world, highlighting

inspirational initiatives from individuals, groups,

communities, organisations and companies, all with the

ambition of creating positive change by demonstrating

what can be achieved with the right determination,

focus and energy.

JOIN BBEB.COM TODAY

Sustainability Disclosure Index

The 2024 Intertek Sustainability Disclosure Index is

complementary to our published reports and sets out

how our latest disclosures map to our own Total

Sustainability Assurance standards, the Global

Reporting Initiative (‘GRI’) and applicable Sustainability

Accounting Standards Board (‘SASB’) requirements.

INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY

Intertek Group plc

Annual Report & Accounts 2024

2.06

Chief Executive Officer's sustainability letter Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Looking ahead: the power of

amazing in 2025 and beyond

As we look to the future, I know Intertek’s unwavering

commitment to Sustainability Excellence will continue

to guide us as we navigate the evolving landscape of

2025 and beyond. Our dedication to quality, safety and

sustainability remains at the heart of everything we do,

empowering us to make a positive impact on the world.

Together with our amazing people around the world and

our valued stakeholders, we will harness the power of

our innovative solutions and global expertise to create

a brighter, more sustainable future. By fostering a

culture of excellence and collaboration, we will not only

meet but exceed the expectations of our clients and

communities, ensuring that we remain a trusted

partner in their sustainability journeys.

As part of our ongoing commitment, we will build on

our success in implementing our DMA to align with

upcoming regulations. This alignment will further

enhance our approach and progress, reinforcing our

position as a leader in sustainability.

All of us at Intertek look forward to seizing the

opportunities ahead with determination and

enthusiasm, knowing that our efforts today will shape

an ever better tomorrow. With our shared vision and

unwavering commitment, we will continue to unleash

the power of amazing and build a truly sustainable

world for generations to come.

André Lacroix

Chief Executive Officer

Our Sustainability solutions are making

the world better, safer and more sustainable

The global scale, breadth and reach of our operations and

services mean that we are making the world a better, safer

and more sustainable place for all. And this position is getting

stronger as organisations face increasing challenges across

their value chains. At the same time, consumer expectations of

corporate responsibility continue to grow. And while all our work

is enabling us to help clients improve their businesses in many

ways, demand for risk-based solutions focused on operational

and corporate sustainability continues to increase.

Sustainability services have been the core of our global business

for over 100 years. Our clients trust us to ensure the quality,

safety and sustainability of their businesses across their entire

value chain to protect their brands and to help them gain

competitive advantage. Today, we’re better placed than ever

to help organisations demonstrate their commitment to

sustainability, manage risk and resilience, and act responsibly.

Our unique industry-leading range of Total Sustainability

Assurance services is at the heart of these, comprising three core

elements: Intertek Operational Sustainability Solutions, Intertek

ESG Solutions, and Intertek Corporate Sustainability Certification.

The deep science-based expertise of our amazing sustainability

teams is at the heart of our TSA approach across all of our

solutions. These can cover precisely what is needed, from

consulting and gap assessments to regulatory reporting

and corporate certification, all focused on driving real-world

improvements across clients’ operations and value chains.

The year saw many incredible instances of our customers

directly leveraging our services to become more sustainable

businesses in their own right. One example was our work

with long-term customer Marks & Spencer (‘M&S’), for whose

products we have developed a series of rigorous tests. In just

one example, we worked together in 2024 to make school

uniforms better and more durable for children, parents and the

planet. Uniforms are typically worn 50 times more than other

garments, and their durability is a key factor not just in their

quality but in their environmental impact too.

On a very different front, we took a significant step forward in

our commitment to advancing sustainable practices in aviation

when Intertek Caleb Brett helped to achieve the first delivery of

Neste MY Sustainable Aviation Fuel (‘SAF’) to Singapore’s Changi

Airport. Made from renewables including used cooking oil and

animal fat wastes, SAF is a key solution in the aviation industry’s

accelerating push for sustainability.

In Argentina, we carried out the country’s first independent

climate risk and vulnerability assessment. This was for leading

natural-gas transportation company, Transportadora de Gas

Sur S.A. ('TGS'), which is responsible for transporting more

than 60% of the gas produced in the country.

As a company listed on the New York Stock Exchange, TGS

needed to update its continuity plan to show investors how it

plans to evaluate and mitigate the impacts of extreme climate

events over the next 15 years. Our Buenos Aires-based

Sustainability team called on our services and global expertise to

create a study evaluating the vulnerabilities associated with 45 of

the company’s assets, including nearly 10,000km of pipelines and

40 compression stations. As a result, TGS is now better placed to

understand and mitigate the impacts of severe climate events.

In 2024, we also won a research project to provide hydrodynamic

modelling expertise as part of the Welsh Government’s Tidal

Lagoon Challenge, which aims to quantify the potential benefits

to be gained from harnessing the country’s tidal energy

potential. The data we produce will be fed into Cardiff University,

where the economic value of tidal lagoons will be calculated as

a key step towards implementing the world’s first projects

unleashing latent gigawatts of installed capacity.

READ MORE ABOUT OUR WORK WITH

OUR CUSTOMERS ON PAGE 2.27

Intertek Group plc

Annual Report & Accounts 2024

2.07

3: Financial Report1: Strategic Report 2: Sustainability Report

Double materiality

At Intertek, we recognise

the importance of identifying,

prioritising and validating

the key environmental, social,

and governance ('ESG') topics

relevant to our business and

our stakeholders.

In 2019, we conducted our first independent materiality

assessment, with subsequent annual reviews conducted

to confirm its validity.

In 2024, we completed a preliminary Double Materiality

Assessment ('DMA'), in preparation for upcoming regulations.

Double materiality integrates both financial and impact

materiality. This approach expands on the single materiality

concept by requiring companies to assess not only how

sustainability issues impact their financial performance

but also how the company’s operations affect society and

the environment.

For our own assessment, we used a third-party tool

which helped us identify the ESG topics which we

believe have the greatest impact materiality and/or

financial materiality on our business and the greatest

level of concern to stakeholders along our value chain.

Our approach

Double

materiality

approach

Impact

materiality

(inside-out)

Planet

and society

Financial

materiality

(outside-in)

The data sources used for the financial and impact

materiality include publicly available corporate reports,

sustainability reports, mandatory regulations and

voluntary initiatives, as well as coverage in the news.

Assessing these key areas enables us to

prioritise and focus upon the most material

topics and effectively address these in our

policies, programmes, targets and actions.

Intertek Group plc

Annual Report & Accounts 2024

2.08

Our approach Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Our DMA will be assessed regularly to

provide a fuller picture of Intertek’s role

and responsibilities in a broader societal

context and will ensure that we continue

to identify evolving areas of priority or

concern for our stakeholders.

With a view to complying with future

sustainability reporting directives,

Intertek will take stakeholders’ opinions

and expectations into account to feed

our analysis of impacts, risks and

opportunities ('IROs') through the lens

of impact materiality and financial

materiality, to determine the material

issues on which the company will have

to report.

READ MORE ABOUT HOW WE ASSESS AND

MANAGE OUR RISKS ON PAGES 1.57–1.64

IN REPORT 1

High + High +High HighMedium MediumLow

FinancialMaterial issue Impact

LowLow - Low -

Environmental topics

GHG emissions and reductions

Transition to renewable energy

Climate change risks and management

Energy use, conservation and reductions

Social topics

Fair and inclusive workplace

Human rights

Occupational health and safety

Social inclusion

Employee acquisition, talent

Employee engagement and satisfaction

Governance topics

Business ethics

Cybersecurity and information security

Data privacy management

Supply chain management

Customer satisfaction

Corporate reputation

Product and service safety and quality

Investor relations

Source: Datamaran

Enterprise

Security

Quality &

Safety

People &

Culture

CommunitiesEnvironment GovernanceCompliance FinancialRisk

Management

Communications

& Disclosures

Intertek Group plc

Annual Report & Accounts 2024

2.09

Our approach Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

The TSA programme is based

on ten corporate sustainability

standards that we believe

define a truly sustainable

organisation today.

Total Sustainability

Assurance ('TSA')

standards

End-to-end systemic sustainability approach

TO SEE MORE ON THE TSA STANDARDS VISIT INTERTEK.COM/SUSTAINABILITY

We believe that these TSA standards are the most

comprehensive sustainability standards currently available,

forming the foundation of our approach, and challenging us to

view our processes and procedures through this end-to-end lens.

Our ten TSA Corporate Sustainability standards demonstrate

actionable, comparable, consistent and reliable disclosures

and provide assurance beyond ESG disclosures. They recognise

that truly sustainable solutions must address the important

operational aspects of every company, to cover environment,

products, processes, facilities, assets, systems, corporate

policies and stakeholder engagement.

To embed the requirements of all ten standards and review our

progress, we carried out a self-assessment for each standard

followed by a gap assessment audit of our corporate head office

and a selection of operational sites that are representative of

the mix of business lines and activities within our operations.

P2.13-2.59

P2.56

P2.60

P2.57

P2.38

IN REPORT 3

P2.59

P2.49

P2.13

P2.13-2.59

The audit team comprised subject matter experts from our

Business Assurance business line, which benchmarked our

sustainability programmes against the requirements of

each standard.

Performance is benchmarked against requirements and based

on maturity. On completion of the benchmarking step the

audit team reported their findings and the extent to which

corporate sustainability processes are in place, effective and

meeting the intent of the standard.

The outcomes have further fed into our ever better approach

and provided valuable insights which will enable us to align

our sustainability initiatives and priorities further.

People and Culture

Working with Customers

Environment

Communities

Responsible Business

p2.13

p2.27

p2.38

p2.49

p2.56

Intertek Group plc

Annual Report & Accounts 2024

2.10

3: Financial Report2: Sustainability Report1: Strategic Report

Our Sustainability Excellence strategy

Sustainability Excellence

in every area of our

operations

Our Purpose is bringing

quality, safety and

sustainability to life

and our Sustainability

Excellence strategy

is fundamental to

our business.

We ensure we create positive impacts through

the work we do for our clients and we make

progress on our own sustainability agenda by

engaging our colleagues in our ever better

journey. We do this through implementing

detailed site-by-site action plans, accurate

sustainability performance measurement

and strong governance. We hold ourselves to

account in line with our own TSA standards,

international best practice, the expectations

of our stakeholders and future regulations.

Our goal is to have fully

engaged employees

working in a safe

environment.

People and Culture

Material issues

• Fair and inclusive workplace

• Occupational health and safety

• Social inclusion

• Employee acquisition, talent

• Employee engagement

and satisfaction

Progress in 2024

• During 2024, we continued to focus on introducing and

expanding initiatives which build on our culture of trust

and inclusivity.

• We launched our IGNITE initiative to empower and inspire

our regional and business line sales leaders to better

support our strategic growth objectives and drive

excellence across the Total Quality Assurance industry.

• We also launched Lucie Partners, a new training platform

for non-employees representing Intertek.

• We continued to develop and embed key initiatives launched

in 2023, including: the Champions engagement programme;

MOSAIC, our diversity, equity and inclusion programme; and

iHazard, our safety awareness campaign.

• We ran the sixth and seventh editions of our hugely

successful 10X Coaching programme, certifying internal

leaders as 10X Coaches. Over 150 senior executives have

now benefitted from this coaching.

• We deepened the impact of our global 10X Talent Planning

processes at every country, business line and site level.

Priorities in 2025

Our people bring exceptional technical skills, expertise and

their passion and energy to our business and we will continue

to focus on keeping them safe and engaged, offering them

exciting personal growth opportunities.

2024 ATIC Engagement

Index score

Number of leaders who attended

10X Leadership events in 2024

Link to principal risks in Report 1:

175

(2023: 87)

(2023: 180)

READ MORE ON PAGES 2.13–2.26

Intertek Group plc

Annual Report & Accounts 2024

2.11

Our Sustainability Excellence strategy Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Link to principal risks in Report 1:

Ensure our customers

can operate safely and

sustainably.

Material issues

• GHG emissions and reductions

• Transition to renewable energy

• Climate change risks

and management

• Customer satisfaction

• Product and service safety

and quality

Material issues

• GHG emissions and reductions

• Transition to renewable energy

• Climate change risks

and management

• Energy use, conservation

and reductions

Progress in 2024

• We continued to work closely with our customers to

develop leading-edge end-to-end Total Sustainability

Assurance solutions.

• During 2024, we conducted an average of 6,036 customer

interviews each month, providing deep insights into what

our customers need and want.

Progress in 2024

• We continued to embed our Sustainability Excellence

approach across the business to empower our colleagues

to take ownership of reducing their own carbon footprint.

• By optimising energy use in our offices and laboratories

and transitioning to cleaner energy sources, we reduced

our operational market-based emissions by 16.7% against

2023 and 47.2% against our base year 2019.

• We reviewed and revised our Environmental and

Climate Change policy.

Priorities in 2025

We will continue to focus on minimising environmental

impacts from our operations, in compliance with

regulations, and to live up to the requirements and

expectations of our key stakeholders.

Decarbonise our

business by 2050.

Priorities in 2025

We will continue to provide science-led services and

leading-edge innovations to give our customers the

solutions they need to overcome their own risks and

challenges in quality, safety and sustainability, enabling

them to power ahead with confidence.

100 years

16.7%

Operational emission reductions

2023–2024

47. 2 %

Operational emission reductions

2019–2024

Innovative sustainability services

have been core to our global

business for more than

Working with Customers Environment

READ MORE ON PAGES 2.49–2.55

Link to principal risks in Report 1:

Create positive impacts

in the communities

where we operate.

Material issues

• Climate change risks

and management

• Social inclusion (community

engagement, learning

and development)

Progress in 2024

• Our employees participated in over 240 community projects

around the world this year, with 17,299 hours volunteered.

Priorities in 2025

We are passionate about making a difference and

will continue to take active responsibility to support

the communities and environments where we operate

to create sustainable growth for all.

240+

100.0%

Community projects in 2024 Eligible employees (rounded to the

nearest 0.1%) who completed our

Code of Ethics training in 2024

Uncompromising on

quality and compliance.

Material issues

• Business ethics

• Cyber security and

information security

• Data privacy management

• Supply chain management

• Corporate reputation

• Investor relations

Priorities in 2025

We will continue to further develop our best practice

compliance programme to ensure Intertek operates with

the highest standards of compliance and ethical business

practices, including through our supply chain partners.

Progress in 2024

• We continued to develop our best practice compliance

programme to ensure that Intertek operates with the

highest standards of compliance and ethical business

practices.

• We reviewed and revised our Labour & Human

Rights policy.

• We made progress on our SBTi-validated near-term

target of ensuring that 70% of our key supply chain

partners have set their own science-based climate

targets by 2027.

Responsible BusinessCommunities

(2023: 150+)

(2023: 97.6%)

Intertek Group plc

Annual Report & Accounts 2024

2.13

3: Financial Report1: Strategic Report 2: Sustainability Report

People and Culture

We truly value our people, and by embracing

diversity we strive to build an inclusive and

equitable organisation. Our success is based

on a culture of trust among all our colleagues

around the world. Trust is essential to

everything we do and is the cornerstone

of our approach to ‘Doing Business the

Right Way’.

Intertek people have exceptional technical skills and expertise

together with passion and energy. As a business we endeavour

to ensure that everyone feels safe, valued and able to access

exciting personal growth opportunities. We respect and protect

the rights of our people across our operations and throughout

our business relationships. We foster an environment where our

people can thrive.

Our People Strategy is all about energising our colleagues

to take our company to greater heights.

10X

10X is an aspirational icon designed to capture our

intent to be the best at everything we do every day.

Our goal is to have

fully engaged

employees

working in a safe

environment

Sustainability performance

We continue to build an open and trust-based environment

that reports and learns from safety risks and incidents. During

2024, levels of Hazard Observations increased for the fifth

consecutive year, reflecting greater levels of activity across

our sites as well as greater awareness and reporting overall.

The need for our employees to be alert in observing hazards

and near misses and reporting them immediately was

reinforced during the year through iHazard, our safety

awareness campaign.

The health and safety of our employees and contractors is the

utmost priority at Intertek. All of our businesses have robust

ES&W training programmes during our induction/onboarding

process, emergency responses procedures, intervention and

reporting of Hazard Observations, Near Misses and safety

incidents. We continue to provide appropriate personal

protective equipment and continually expand on existing

programmes and controls to improve the health, safety and

wellbeing of our colleagues.

Our target remains for our Total Recordable Incident Rate

('TRIR') to equal or be less than 0.5. This target is part of the

next phase of our ES&W cultural journey and supports our

continued aim to achieve zero lost time incidents.

2024 2023 Change

Hazard Observations 30,307 25,847 17%

Near Misses 2,572 2,912 (12%)

First Aid 630 795 (21%)

Lost Time Incidents 111 122 (9%)

Medical Treatment Incidents 78 101 (23%)

Fatalities 0 0 –

TRIR 0.42 0.51 (9bps)

Employee engagement, human rights and worker health, safety

and wellness are core to the long-term success of our business.

We strive for a sustainable workforce that is stable, engaged

and committed to the organisation, our goals and objectives.

We made strong progress in 2024, building upon and

launching people-focused programmes designed to make

the workplace ever better for everyone at Intertek. We never

stop challenging ourselves to create ever better ideas for our

people, customers, suppliers, communities and shareholders.

Ensuring the health, safety and wellbeing

of our employees

Through having fully engaged employees working in a safe

environment we will be able to deliver our Total Quality

Assurance ('TQA') Customer Promise.

Our aim is to encourage a culture of proactive employee

safety and wellbeing ('ES&W') awareness, industry best

practice and continuous improvement to increase ES&W

performance globally. Our Group-wide ‘General Safe Working

Guidelines’ provide the basis for a common and aligned ES&W

standard for all Intertek sites.

This includes a dedicated fire warden, first aider and ES&W

representative at each location. These representatives are

empowered not only to investigate incidents and implement

preventative and corrective actions, but also to disseminate

safety information through training and targeting

continuous improvement.

We firmly believe that to drive progress, the performance

indicators we track must focus on the diligent implementation

of robust processes and actions that lead to building a culture

of proactive ES&W awareness.

With dedicated reporting each month for country and

business lines, supplemented by inclusion in our 5x5 analysis

for every site, our global network of ES&W representatives

support continuous improvement. By improving our ES&W

communication network, we not only have a known contact

person in each country and location but also a means of

channelling and sharing information and programmes globally.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.14

Sustainability performance Continued

People and Culture Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Leading with

Kindness

In a changing world where hybrid working,

dispersed teams and remote roles are

becoming increasingly normal, it is essential

to ensure that all colleagues are included

when it comes to wellbeing.

Kindness, our global wellbeing programme, encourages our

colleagues to do the simple things that help them build their

personal strength and resilience. Available to all Intertek

employees, it is designed to help us re-energise, boost our

wellbeing and unleash our potential. The programme offers

six modules under the theme 'Be Kind to Your Mind': making

connections, energising ourselves, mindpower, staying

positive, building resilience and feeling supported.

Our global HR team builds on this by organising and leading

in-person activities for those who can access an office or

communal workspace. These range from health check-ups

and activities which energise the body and mind, to team

social days and charitable initiatives.

At Intertek, the safety and wellbeing of our people is our

number one priority. And only by having fully engaged

employees working in a safe environment can we deliver

on our Purpose and Customer Promise.

We aim to make Kindness accessible to

100%

of employees around the world.

Intertek Caleb Brett holds Safety

Week, featuring iHazard

As part of our commitment to ES&W,

Intertek Caleb Brett held a Safety Week for

colleagues in the USA. The event engaged

colleagues across all Caleb Brett sites in the

country to raise awareness and share ideas

on key safety and wellbeing concepts,

supporting the business line’s goal:

‘Everyone Goes Home Safely, Every Day’.

In action

Each day, our teams joined a live webinar on a specific safety

topic, followed by group discussion and an interactive activity.

On completion of each activity, our colleagues provided

feedback on their key takeaways and offered suggestions

to help improve safety at their respective sites and across

Caleb Brett more generally.

One of the key topics covered during Safety Week was

iHazard, our global safety awareness campaign launched

in 2023 to ensure that all colleagues are alert in observing

and reporting hazards, near misses and other incidents

immediately. We are constantly improving the way we

monitor our global safety performance, and by continuously

reporting Hazard Observations and Near Misses, we are

better able to take proactive steps to prevent incidents.

Workplace mental health

At Intertek, we consider the health, safety and wellbeing, including

the mental health, of our employees, clients and third parties

connected with our business, to be of paramount importance.

We promote a culture of openness around mental health

and wellbeing. This culture is driven by our Group Executive

Committee through our Group Executive Vice President ('EVP'),

Human Resources ('HR') and rolled out across the business by

our regional HR Directors and their teams of experienced

HR professionals.

To support this approach, we have an employee assistance

programme in every country we operate in. These programmes

can offer a broad range of support services such as counselling

and mental health and wellbeing support. We also have a range

of additional resources on our employee intranet, as well as our

global wellbeing programme Kindness. Our local HR networks

tailor our support programmes to cater to the unique needs in

their regions.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.15

Sustainability performance Continued

People and Culture Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

We fully recognise the importance of employee engagement in

driving sustainable performance for all stakeholders. In order

to measure our employee engagement, we follow the Intertek

ATIC Engagement Index, which is based on the key drivers

of sustainable value creation within our differentiated ATIC

business model, and which measures engagement on a monthly

basis in every operation with the following metrics: Net Promoter

Score, customer retention, quality, voluntary permanent

employee turnover and Total Recordable Incident Rate.

In 2024, our ATIC Engagement Index score increased to

a new high of 91 (2023: 87), reflecting high engagement

levels across the Group. We will continue to target an ATIC

Engagement Index score of 90 or more moving forward.

During the year, our voluntary permanent employee

turnover averaged a five-year low rate of 11.2%

(2023: 12.3%). As we progress our People Strategy,

we will continue to aim for a rate below 15%.

Engaging our employees

We reach out to prospective employees in a variety of ways,

depending on location and role, in compliance with local

regulations for fair recruitment practices and equal opportunities.

We post vacancies on our website at intertek.com/careers and

employ various ways of sourcing talented people. These include

recruitment agencies, social media, printed advertisements,

employee referrals, professional bodies and associations, schools,

colleges and universities. We are committed to recruiting talent

local to our operations where possible. To offer career growth and

progression within the Group, we seek wherever possible to fill

vacancies from within the business first.

INTERTEK.COM/CAREERS

We post vacancies on our

website at intertek.com/careers

and employ various ways of

sourcing talented people

Intertek Brazil

certified as

‘Great Place To Work’

Intertek Brazil has been

awarded the Great Place to Work

Certification™ in recognition of creating

an outstanding employee experience.

Great Place to Work® is the global authority on workplace

culture. Organisations worldwide, including all companies

on the ‘Fortune 100 Best Companies to Work For’ list,

collaborate with Great Place to Work® to gauge how

effectively their leaders foster a positive employee

experience. Companies are scored on both employee

feedback and independent analysis.

For Intertek Brazil, the certification highlights our

commitment to fostering an outstanding workplace

environment that promotes a healthy competitiveness,

customer orientation, inclusivity and sustainability. Our

impactful wellness initiatives support both mental and

physical health. In addition, our laser focus on putting

our people at the centre of our strategy strengthens our

position as an employer of choice, enabling us to attract

and retain the best talent.

Intertek Brazil is our second Latin American country to

achieve Great Place to Work Certification™, following

Intertek Colombia in 2023.

Intertek Group plc

Annual Report & Accounts 2024

2.16

Sustainability performance Continued

People and Culture Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Champions programme goes

from strength to strength

Over a year on from its launch, our

Champions engagement programme

continues to play an increasingly important

role in enabling open and constructive

dialogue within our teams around the world.

Champions, led by our managers and organised in

partnership with Gallup, the leading expert in the science of

employee engagement, gives all colleagues the opportunity

to anonymously rate statements precisely crafted to

measure employee engagement. Our managers then share

the results with their teams and work together to agree

actions for improved engagement, including follow-up

meetings to track progress.

In action

During 2024, we organised two rounds of Champions in

March and October, with participation increasing on each

occasion. We saw a significant increase in completion of

the survey’s October round after providing managers with

additional knowledge and resources to more effectively

discuss the process and its importance with their teams.

Other tools to support our teams include an explainer video

and a dedicated training programme, both made available

before Champions first launched in September 2023.

The Champions engagement programme will continue to run

on a regular basis to support our goal of taking engagement

within our teams to the highest levels and supporting

increased satisfaction and wellbeing across the company.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.17

Sustainability performance Continued

People and Culture Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Talent management

To seize the exciting growth opportunities arising from our

TQA value proposition, we continually invest in the growth

of our people. We aim to hire, inspire, engage and retain

the best people to power our AAA differentiated growth

strategy, providing the skills to grow our business.

With an ever better mindset, we encourage our people to

continuously learn new skills that help advance their careers

and deliver our TQA Customer Promise. Our 10X Talent Planning

process is critical to our future success in delivering our strategy

and fostering our culture and Values throughout Intertek.

Every new joiner at Intertek goes through our 10X Onboarding

experience on Lucie, our global learning management system.

The experience provides them with all the information they need

to greatly enhance their understanding of Intertek, navigate our

company and learn how they can contribute to 'Doing Business

the Right Way'.

The Board as a whole is responsible for ensuring that

appropriate human resources are in place to achieve our

long-term strategy and deliver sustainable performance.

Global talent and succession planning for the Group

Executive Committee are discussed regularly.

In employment-related decisions, we comply with all applicable

anti-discrimination requirements in the relevant jurisdictions.

We have zero tolerance for discrimination and harassment.

We are an equal opportunities employer and offer career

progression to all. Requests for reasonable adjustments

to support employee wellbeing and personal situations

are managed on a case-by-case basis during recruitment,

onboarding, career development, performance reviews

and return-to-work processes.

Reward and recognition

Reward plays a key role in attracting, motivating and

retaining talent. Intertek is compliant with minimum wage

and mandatory social contributions requirements in all

jurisdictions where we operate.

Our Purpose

Bringing quality, safety and sustainability to life.

Our Vision

To be the world’s most trusted partner for Quality

Assurance.

Our Values

• We are a global family that values diversity.

• We always do the right thing. With precision,

pace and passion.

• We trust each other and have fun winning together.

• We own and shape our future.

• We create sustainable growth. For all.

At Intertek, remuneration for all employees follows the

same policy and principles as for the senior executives.

The Remuneration Committee has oversight of this.

Read more on pages 2.94-2.125.

We depend on local management to define and maintain

competitive compensation practices that appeal to both

existing and future talent.

All employees are remunerated in accordance with local policies

and guidelines. The remuneration comprises elements which are

fixed, and in some cases, variable. The fixed elements are base

salary and benefits including pensions, where applicable. The

variable elements include incentives, both short- and long-term.

Across the world, employees who are eligible for a bonus follow

the same metrics, thus creating alignment on our strategic goals

throughout the organisation.

Recognition plays an important part at Intertek, and we take

every opportunity to recognise great performance across the

business through our internal channels.

Taking our colleagues

on a 10X journey

‘My 10X Journey’ is our approach to annual

appraisals, built on quality, performance

and growth conversations held throughout

the year between our employees and

their managers. These conversations

clarify expectations, foster continual

improvement and inspire our colleagues

around the world to perform at their best.

From initial development conversations focused on results,

learnings and past performance, goals and growth plans

are created, monitored and discussed throughout the year.

This ensures that all employees are clear on their goals and

performance, as well as providing them with an effective

tool for managing their career development.

In 2024, building on our commitment to creating an

environment where all our people can thrive, we made

some enhancements to the My 10X Journey platform.

We streamlined the process for employees and provided

additional functionality for managers, helping them to better

monitor their teams. These efficiencies help to facilitate

richer discussions between each employee and their manager.

My 10X Journey enables each of our

employees to create and track their

own unique career pathway. This

simple process is a constant dialogue

that enables personal growth and

supports high performance throughout

our business.”

Tony George

EVP, Human Resources

In action

Intertek Group plc

Annual Report & Accounts 2024

2.18

Sustainability performance Continued

People and Culture Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Lucie Partners supports training

for non-employees

In May, we launched Lucie Partners, a new

learning management system developed

solely for training non-employees, including

contractors and temporary workers.

At Intertek, we are on a continuous journey to improve

the tools and applications available to our people to grow

and succeed in their careers. Lucie Partners builds on that

commitment by ensuring that all non-employees have

the critical knowledge and skills needed to contribute

effectively to our projects and deliver the high-quality

service we are known for.

Lucie – our global learning management system

The new platform complements Lucie, our global learning

management system, which is available to all Intertek

employees worldwide and gives them access to learning

resources that support the achievement of our business

goals. Lucie covers topics such as compliance, safety,

technical training, operational training and much more.

It also features our 10X Onboarding experience, which was

launched in 2023 to provide new colleagues with all the

information they need for a successful career at Intertek.

In 2024, our colleagues around the world completed

103,303

hours of training on Lucie.

Monthly

recognition

for AAA teams

During 2024, we continued to recognise our

business line, country and regional teams

for their outstanding achievements through

our monthly ‘AAA Stars’ programme.

Launched in 2023 after we refreshed our AAA

differentiated growth strategy, AAA Stars celebrates our

top-performing teams across the following categories:

financial performance, Net Promoter Score, employee

turnover, net zero performance, and ES&W.

Throughout the year, we recognised 1,493 teams which

achieved strong results across all, or the vast majority

of, categories.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.19

Sustainability performance Continued

People and Culture Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Our ‘You’ll Be Amazed’ highlights

Our ‘You’ll Be Amazed’ campaign continued

to thrive in 2024, building on its success

in showcasing the incredible breadth of

expertise and contributions made by our

people globally. Through this campaign, we

reinforced awareness of the critical role

Intertek plays in ensuring quality, safety,

sustainability and innovation across

industries worldwide.

Throughout 2024, we highlighted impactful stories of

our teams’ work, including advancements in sustainable

manufacturing, groundbreaking testing for next-generation

alternative fuels, and enhancing safety protocols for electric

vehicles and autonomous technologies. The campaign

showcased our commitment to supporting global progress,

from safeguarding renewable energy infrastructure to

ensuring that the food and water supply chain remains

secure and reliable.

We continued our monthly story competition, which

recognises the best and most engaging stories for promoting

engagement and fostering pride among our colleagues, and

we introduced weekly recognition for the top-performing

content. This initiative brought even more diverse stories

from our global teams, enhancing our social media presence

and inspiring stakeholders with powerful examples of how

Intertek makes a difference daily.

Skills development

As a provider of quality, safety and sustainability assurance

services, Intertek relies on a skilled workforce. We are

committed to offering attractive career development

opportunities and believe in personal growth for every

employee. We know that when each of us is growing and

developing, we move faster along our good to great journey.

Over the years we have made great progress with

our leadership development agenda as well as in

enhancing the tools and applications available to enable

people to grow and succeed in their careers.

We ensure that all employees receive adequate coaching,

development and training to be fully competent to carry

out their roles. This is supported by our many Group-wide

programmes including talent planning processes, my 10X Journey

that provides structure for individual growth planning, our 10X

Energies that help define winning behaviours, and our Lucie

training to help address key development and training needs.

The individual learning journey of each employee is

supported with diverse learning opportunities that are

continually refined based on business needs, employee

feedback, best practices, trends and new technologies.

There are many programmes across the business, providing

in-house and external learning opportunities. We recognise

that the wide range of sectors we support require different

types of technical training, education and support.

We offer:

• apprenticeships;

• internship programmes;

• college degrees;

• professional qualifications;

• formal and informal workshops and seminars;

• exciting cross-functional roles;

• leadership training programmes; and

• 10X Coaching opportunities with internally certified coaches.

Here are just a few of our inspiring ‘You’ll Be Amazed’ stories from 2024:

In action In action

Intertek Group plc

Annual Report & Accounts 2024

2.20

Sustainability performance Continued

People and Culture Continued

3: Financial Report2: Sustainability Report1: Strategic Report

10X Leadership programme

During 2024, 175 senior leaders from 29

different countries took part in our 10X

Leadership programme led by our Chief

Executive Officer André Lacroix.

Through this bespoke series of workshops and seminars,

attendees explore how a humanistic approach to leadership

can help to empower employees with a sense of purpose

and unlock their unique individual talents. André highlights

this by sharing insights from his career across leading global

brands to help advance the leadership styles and personal

growth of our leaders at Intertek.

Since the 10X Leadership programme launched in 2019,

we have held seven in-person 10X Leadership events

across Greece, Italy, the UAE, the UK and the USA,

with more than 600 colleagues taking part.

By placing people at the heart of our

growth strategy we can help to build

businesses that create sustainable

value for all our stakeholders.”

André Lacroix

Chief Executive Officer

10X Coaching programme

Our in-house 10X Coaching programme

continues to grow, supporting colleagues

and helping us create a culture and

environment where people can unleash

their full potential.

Our 10X Coaching programme pairs leaders from across

our business with trained in-house coaches to facilitate

transformative discussions that support them in their

leadership development. These coaching sessions offer

a confidential and safe environment for participants to

examine their challenges and determine effective solutions.

We offer 10X Coaching to all 10X Leadership participants.

In 2024, we certified a new group of 10X Coaches, each

having received comprehensive training and internal

certification in the techniques of high performance 10X

Coaching. To ensure high levels of inclusion, our 10X

Coaches are spread across more than 20 countries

and speak multiple languages.

Testimonials from coachees:

I was able to come up with fresh

solutions and find the best path

forward myself, simply by thinking

about the questions asked by my

10X Coach. This experience was

truly incredible.”

10X Coaching provided me with a

confidential and safe space to explore

challenges and understand how I can

reframe my approach for success.”

In action

Intertek Group plc

Annual Report & Accounts 2024

2.21

Sustainability performance Continued

People and Culture Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Developing talent at every level

At Intertek, our global teams are the driving

force behind our efforts to bring quality,

safety and sustainability to life every day.

We are therefore committed to developing talent at every

level, whenever we can. From annual conversations on

growth and development for all colleagues, to opportunities

to take on new roles and responsibilities, we aim to create

an environment where our people can progress and broaden

their horizons.

One of the ways we do this is by providing opportunities for

colleagues to transfer their skillsets to different parts of the

business. This not only opens the door to new challenges and

further development for those colleagues but also helps us

to promote diversity of thinking, ensuring that we continue

to operate and innovate at the highest level.

After more than six years at the company, Anand moved

from his role in HR to lead our Intertek Inform and Assurance

services in Australia. “Since joining Intertek, I’ve moved from

line management to commercial HR, and then back to line

management. These opportunities have allowed me to gain

multi-faceted career experience and rich exposure to our

operational business, as well as building transferable skills,"

said Anand.

Rachel had been at the company for a similar amount of

time when she moved from her role in our Finance team to

her internal communications and events role. “In my previous

role, I worked closely with several functions and business

lines; now I’m able to draw on that experience to enhance

our communications and HR efforts on a global scale. It’s

great to feel like you’re adding value while also learning and

gaining new skills,” commented Rachel.

Igniting the spark of ambition

In 2024, we launched IGNITE, a series

of multi-day workshops focused on

firing-up and empowering our sales

leaders across the globe in line with our

AAA differentiated growth strategy.

Led by our global leadership team, IGNITE aims to inspire

our regional and business line sales leaders through a range

of dynamic discussions, breakout sessions and executive

presentations. The carefully designed programme

empowers these colleagues to tackle challenges and

develop actionable strategies to achieve the company’s

strategic growth objectives and drive excellence across

the Quality Assurance industry.

Over the year, we held three IGNITE workshops for leaders

across our global Softlines, Hardlines, Electrical, and Caleb

Brett business lines. Following the success of the 2024

programmes, preparations are underway for further

business line and regional IGNITE events in 2025.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.22

Sustainability performance Continued

People and Culture Continued

3: Financial Report2: Sustainability Report1: Strategic Report

flexible working and performance management. Our Inclusion

and Diversity policy facilitates a culture of inclusiveness

where people are able to perform at their best, and where

their views, opinions and talents are respected, harnessed

and not discriminated against.

We are committed to maintaining the highest standards

of fairness, respect and safety.

MOSAIC: embracing

the power of diversity

It has been over a year since we launched

MOSAIC, our global diversity, equity and

inclusion programme. Through practical

workshops, team activities and a range

of valuable resources, MOSAIC encourages

our people to embrace the power of their

differences as we work together to bring

quality, safety and sustainability to life.

During 2024, our colleagues around the world organised

and engaged with a wide range of MOSAIC initiatives,

strengthening team bonds, and opening hearts and minds.

In focus: Middle East and Africa

In addition to our MOSAIC workshops, across the Middle East

and Africa our teams engaged on a range of important topics,

including culture, employee wellbeing and community initiatives.

Our colleagues united for a wide variety of cultural

celebrations, including Diwali, Ramadan, Onam and Gargee’an,

while also recognising significant annual occasions such as

UAE National Day, International Women’s Day and Emirati

Women’s Day.

Beyond these cultural and recognition events, our teams

participated in onsite medical camps and spearheaded

awareness campaigns on critical health issues like breast

cancer and heart health. Numerous employees also gave

blood during donation campaigns across the region.

In addition, our teams volunteered their time to support

charity events, environmental cleanliness drives and tree

planting initiatives. These collective actions not only

contributed to the improvement of local communities,

but also strengthened team bonds and reinforced our

sense of purpose and unity as colleagues came together

through shared experiences.

At Intertek, we have colleagues from over 100 countries

– all with different backgrounds, cultures and beliefs, and

all committed to respecting and understanding the needs

of each other, as well as those of our customers, suppliers,

shareholders and communities. Together, our people are

a rich mosaic of diverse and talented experts, passionate

about building an ever better world.

Diversity, equity and inclusion

At Intertek, achieving ever better performance depends on being

constantly open to pioneering new ideas that enable us to

improve what we do and how we do it. For us, this means having

an organisation that is truly diverse, equitable and inclusive.

To support our commitment to diversity, equity and inclusion

throughout the company, 100.0% of eligible employees

(rounded to the nearest 0.1%) completed our annual Code of

Ethics training in 2024 (2023: 97.6%), covering key policies and

practices related to ensuring a fair, respectful and inclusive

environment. During the year, we also delivered training and

workshops across the globe through MOSAIC, our diversity,

equity and inclusion programme, and engaged employees to

complete our unconscious bias training on Lucie, our global

learning management system.

READ MORE ABOUT BOARD LEADERSHIP

AND DIVERSITY ON PAGES 2.61 AND 2.85

Intertek has a history that goes back over 130 years, evolving from

the combined growth of a number of innovative companies from

around the globe. Diversity has always been at the heart of who

we are and will continue to provide the power behind our success

in the future. With team members from over 100 countries –

all with different backgrounds, cultures and beliefs – our diverse

workforce makes us the leading company we are today.

To achieve the optimum mix of skills, backgrounds and experience,

workforce diversity needs to go beyond discussing the percentage

of women to also include other diversity indicators. As a business

we want to ensure that we have the right capabilities to deliver

our strategy. We recognise the value that individuals of different

backgrounds and capabilities bring to the business.

Our diverse workforce helps us to understand, communicate

and trade with our vast client base through their understanding

of local issues and cultures. They add value in assuring our

services are tailored to our customer needs, which underpins

sales growth, customer retention and satisfaction.

We demonstrate that we are an inclusive and diverse global

family by applying all employment policies and practices in a

way that is informed, fair and objective. This covers all policies

relating to recruitment, promotion, reward, working conditions,

In action

Intertek Group plc

Annual Report & Accounts 2024

2.23

Sustainability performance Continued

People and Culture Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Gender diversity

We are determined to develop and retain more women in

senior roles.

Our goals

Improving gender balance is critical for us. We continue to

focus on gender diversity by attracting, developing and

retaining more talented women, particularly at senior levels.

We continue to pursue our goal to increase the number

of women in senior management roles to 30% by 2025.

Metrics and performance

35%

of our global TQA Experts are women.

We ensure that men and women are paid equally for doing

equivalent roles and we are committed to a number of

measures to ensure we provide an energising workplace,

free of any gender bias, where employees can flourish

based on their talent and effort.

To strengthen this, we ensure that our shortlists of

external hire candidates have a balance of gender diversity.

We remain committed to equality and provide flexible

working where possible.

Our overall workforce is 35% female and 65% male

representation. We have continued to work towards achieving

greater gender balance at senior leader level, and during 2024

we increased female representation among this group of

employees to 26.3% (2023: 23.6%). More detail on the gender

diversity of our Board, as well as ethnic diversity disclosures

for the Board and Group Executive Committee, can be found

in the Nomination Committee report on page 2.85.

Intertek TQA Experts by level

Male Female

Group Executive Committee 13 5

Senior leader

169 60

Whole organisation 29,029 15,971

1. Direct reports to the Group Executive Committee.

Intertek TQA Experts by region

Male Female

Americas 8,311 3,374

Asia 12,780 8,853

EMEA (incl Central) 7,938 3,744

Enhanced maternity

policy in the UK

An update to our maternity policy in the

UK means that more expectant mothers

will qualify for enhanced maternity pay.

Under the updated policy, expectant mothers are eligible for

enhanced maternity pay at an earlier qualifying date than

in the previous policy. This aligns to the qualifying period in

our UK paternity leave policy, which was updated in 2023,

and highlights our commitment to regularly reviewing and

improving employee benefits. The policy now also includes

greater clarity on how maternity pay is calculated and

more detailed information to address the frequently

asked questions we receive around maternity leave.

In addition to our enhanced maternity policy, we

introduced new UK policies in 2024 for bereavement

and compassionate leave, and carer’s leave, as well as

an updated flexible working policy.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.24

Sustainability performance Continued

People and Culture Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Intertek Women’s Group hits

five-year milestone

Having celebrated its fifth anniversary in

2024, one of our Intertek women’s groups

has continued to increase its impact by

expanding into new areas of the business.

The Women’s Group is an inclusive group of colleagues

which meets monthly to create connections, share

engaging experiences, provide a safe space for discussion,

and inspire personal and professional growth. The group is

open to all Intertek employees, and since 2020 meetings

have been held virtually to enable more people across the

business to join.

This commitment to inclusion is reflected in the diverse

range of subjects and guest speakers embraced by the

Women’s Group. In 2024, key topics included care for the

elderly, networking skills development and the celebration

of Black History Month. These discussions built on themes

from previous years such as social connection, professional

development, sleep health, diversity, and financial wellbeing.

Women’s development

programme launched in

South Asia

On International Women’s Day, our team

in South Asia launched an impactful

programme to drive personal and

professional development for women

across the region at Intertek.

Intertek on Winning and Nurturing (‘iOWN’) is a

comprehensive series of five reflective sessions designed

to focus on wellbeing from a holistic perspective. Under

the themes ‘Winning’ and ‘Nurturing’, participants are

taken through modules on important topics like self-care,

networking and building resilience. These topics were

identified through a needs assessment which highlighted

significant areas in the personal and professional growth

journeys of women in South Asia.

The programme’s emphasis is on peer learning and sharing

to create a robust community that supports and uplifts

women at Intertek. All programme leaders are therefore

Intertek employees, trained during a dedicated workshop

in Delhi, India, to enable them to conduct iOWN sessions at

different locations across South Asia. Throughout 2024,

our trainers delivered more than 35 sessions across India

and Bangladesh, welcoming around 150 participants.

Intertek Group plc

Annual Report & Accounts 2024

2.25

Intertek Group plc

Annual Report & Accounts 2024

2.25

Sustainability performance Continued

People and Culture Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Talent across all generations

We value all of our colleagues, regardless of age, and have

practices in place to develop and retain workers of all ages.

Our goals

We will continue to develop proactive approaches to

recruitment to ensure we have an age-diverse and

balanced employee age profile.

Metrics and performance

58%

of our global TQA Experts are under the age of 40.

The technical expertise needed in many parts of

our complex business is acquired over several years.

This is reflected in the overall average age of 39.

We will continue to promote and endorse fair, consistent

and thoughtful working practices that are in accordance

with our Values.

At Intertek, we are proud to be an equal opportunities

employer.

We consider all qualified applicants for employment

regardless of gender, ethnicity, religion, orientation,

age, disability and other protected characteristics.

Under 29 years old:

23.5%

Between 30 and 39 years old: 34%

Between 40 and 49 years old: 24%

Between 50 and 59 years old:

12.5%

60 years old and over:

Percentage of employees by age range

In action

Intertek Group plc

Annual Report & Accounts 2024

2.26

Sustainability performance Continued

People and Culture Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Cultural diversity

(arising from country of origin)

Cultural diversity supports our global business

and is key to our success.

Our goals

We are committed to cultural diversity and will ensure that

Intertek’s colleagues are representative of the countries

where we do business.

Metrics and performance

different nationalities across our senior leadership.

We recognise that comprehensive diversity monitoring

is foundational to our diversity and inclusion strategy,

which lies at the heart of our culture. We continue to

monitor protected characteristics and to promote further

transparency, particularly at senior level, and we have

plans to update our diversity monitoring.

In addition to cultural diversity arising from country of

origin, we have enhanced our reporting on ethnicity.

READ MORE ABOUT THE DIVERSITY OF

OUR BOARD ON PAGES 2.61 AND 2.85

Disability inclusion

Adopting a universal design mindset.

Our goals

To adopt a disability-inclusive mindset as well as deliver

on our commitment to the Valuable 500.

This is centred on incorporating disability inclusion criteria

into the full spectrum of products and services we offer

our clients.

Metrics and performance

We believe that in order to create rapid, system-level

change specific to disability inclusion and equity, we must

actively seek out opportunities to collaborate with other

businesses who hold the same values and are equally

committed to effecting change.

We also recognise the gaps in the global business

community's knowledge of employees with disabilities

and are supportive of the call for greater visibility of

the current state of affairs.

Having assessed the guidance on self-identification

published by the Valuable 500, we have implemented

the learnings into our approach.

Supporting education and

opportunity for disabled students

Intertek Caleb Brett South Africa is

sponsoring a group of young disabled

learners to gain qualifications in business

administration and information technology.

Part of our commitment to skills development and diversity

and inclusion, the initiative aims to prepare the students

for potential opportunities at Intertek or help them get

into the job market through a recognised qualification.

Our local team stays in close contact with the education

provider throughout the courses to get progress updates

on the students and understand if there are any additional

support needs.

The initiative follows previous programmes in the country

where we have sponsored unemployed young people

to get qualifications more aligned to our operational

environments, such as laboratory or field-based roles.

Intertek Group plc

Annual Report & Accounts 2024

2.27

Sustainability performance Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Working with Customers

We ensure our

customers can

operate safely

and sustainably

in a complex world

Innovative sustainability services have been

core to our global business for more than

100 years.

Through our leading-edge innovations and integrated ATIC

solutions, we are uniquely placed to help our customers

understand, achieve and validate their existing and emerging

sustainability goals.

Capturing the right data to optimise operations

Identifying and managing risks that can impact our service

quality is key to ensuring customer satisfaction. Our 5x5

metrics tool and processes enable the collection and

review of performance metrics across the areas of sales,

customers, people, finance and operational excellence that

are fundamental to disciplined performance management.

The 5x5 metrics provide every Intertek site and team leader

with 360º insight into their business to guide their decision

making and ultimately lead to superior business performance.

Customer focus

To become the most trusted partner for Quality

Assurance, we have made a promise to our customers:

Intertek Total Quality Assurance expertise, delivered

consistently with precision, pace and passion,

enabling our customers to power ahead safely.

Intertek has a strong focus on customers, at all levels of the

organisation, and our customer relationship management

is integrated into our approach through a key account

management structure and dedicated sales teams.

Our Marketing & Sales Operations team works closely

with business lines and country leadership to drive

continued improvements across marketing, sales and

digital tools to ensure that every aspect of customer

engagement aligns with our TQA Customer Promise.

Customer Promise

Intertek’s Total Quality Assurance expertise,

delivered consistently with precision, pace and

passion, enabling our customers to power

ahead safely.

Listening to our customers

Since 2015, we have used the NPS process to listen

to our customers. These insights give us a deep

understanding of what our customers need and want,

fuelling our innovations. Our customer interviews keep

us laser-focused on delivering an ever better service.

Average NPS interviews per month during 2024

6,036

Accelerating positive sustainability impact

We recognise the importance of sharing our own sustainability

journey with our customers, partners and local communities.

We actively engage with requests to support individual

sustainability and carbon performance assessments, including

EcoVadis and the CDP Climate Change questionnaire.

This gives us the opportunity not just to meet the demands

of our investors and customers, but also uncover risks and

opportunities, and track and benchmark our progress.

We aim to collaborate as a trusted supply chain partner to

deliver improvements in the areas most material over the

long term, and accelerate sustainability impacts. We are here

to help our stakeholders understand sustainability, why it

matters, and how to effectively integrate it within business.

Channels of customer interactions

Customer meetings

Emails and phone calls

Web enquiry responses

Workshops and seminars

Social media communications

Intertek Group plc

Annual Report & Accounts 2024

2.28

Sustainability performance Continued

Working with Customers Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Supporting our customers

with their sustainability agendas

As a TQA provider, we are in a strong

position, given our global scale and expertise,

to support the sustainability goals of our

customers with our industry-leading Total

Sustainability Assurance solutions.

In action

Ensuring the durability

of M&S clothing

Intertek conducts tests for leading British

retailer Marks & Spencer (‘M&S’) worldwide

to ensure that its clothing meets the

highest standards of quality and durability.

Through our decades-long partnership with M&S, we

have developed a series of rigorous tests for its products.

And while we support M&S with various garment testing

services, we have recently worked with the company on its

goal of making school uniforms better for children, parents

and our planet. School uniforms are worn over 50 times

more than the average item of clothing, and the durability of

clothing is a significant factor in its environmental impact.

Our work with M&S highlights our joint commitment to

ensuring the production of durable, high-quality clothing

to reduce waste and educate consumers on sustainability.

The partnership also supports M&S’ ‘Plan A’ roadmap to

drive the circular economy.

LEARN MORE ABOUT OUR

DURABILITY TESTING SERVICE

Validating Decathlon’s

environmental claims

Having developed a methodology for

creating new datasets to carry out product

life cycle assessments in alignment with

the Product Environmental Footprint

method, Decathlon enlisted Intertek

to validate its efforts.

Our Softlines experts reviewed Decathlon's processes

and evaluated its criteria for communicating about its

ecodesign approach to products, in line with the EU Green

Claims Directive and French climate law. This included

thoroughly reviewing the company’s methodology

documentation, interviewing key team members and

highlighting opportunities for improvement.

Decathlon can now make environmental claims with increased

confidence, reassuring its customers of the sustainability

credentials of the products they are purchasing.

LEARN MORE ABOUT OUR ENVIRONMENT

CLAIM VERIFICATION SOLUTION

Intertek Group plc

Annual Report & Accounts 2024

2.29

Sustainability performance Continued

Working with Customers Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

In action

Verifying recycled

content in pet products

Petmate is an American manufacturer of

pet products which supplies major retailers.

The company is committed to creating

safe and durable items, while also investing

significantly in sourcing and manufacturing

products with a low environmental impact.

To make customers and the wider industry aware of

its commitment to the environment, Petmate worked

with the Intertek Assuris team to verify the percentage

of recycled plastic used in its US-made dog kennels.

After comprehensive analysis involving raw material

purchases and factory audits, we were able to verify

the company’s claim that the kennels are “made from

95% recycled polypropylene”.

Having substantiated this claim, Petmate can confidently

market the environmentally friendly credentials of these

kennels, helping consumers to make more informed

product choices.

LEARN MORE ABOUT OUR VERIFIED

RECYCLED CONTENT PROGRAMME

In action

Advancing responsible

sourcing at Hershey’s

The Hershey Company, a global

confectionery leader, partnered with

Intertek’s Program Advisory & Collaborative

Engagement ('PACE') services to support

the launch of its Responsible Sourcing

Supplier Due Diligence programme.

Intertek played a crucial role in ensuring that Hershey's tier

1 supply chain partners adhered to the company’s supplier

code of conduct. By offering strategic and operational

guidance, we helped Hershey implement sustainability

dashboards, enhance human rights practices and improve

supplier compliance. This collaboration significantly

strengthened Hershey’s supplier engagement, leading to

improved worker conditions and advancing the company’s

sustainability objectives.

LEARN MORE ABOUT OUR

PACE SERVICES

Intertek Group plc

Annual Report & Accounts 2024

2.30

Sustainability performance Continued

Working with Customers Continued

3: Financial Report2: Sustainability Report1: Strategic Report

In action

Certifying low-carbon leaders

in China’s dairy industry

The production of livestock plays an

important role in our world, providing food

and employment to billions of people every

day, but it is also a significant contributor

to global greenhouse gas emissions.

Sustainable practices in animal husbandry –

the breeding and raising of domestic animals

– are therefore vital to the agriculture

industry’s low-carbon transition.

As a leading provider of global agriculture solutions,

Intertek issued China’s first Low-Carbon Farm Dairy Farming

Certification to Pingdingshan Youran Animal Husbandry

Co Ltd. ('Youran'). This certificate is based on Intertek’s

2023 ‘Requirements for Low-Carbon Farming – Dairy Cattle’

standard, which aims to standardise livestock farming

activities, reduce negative impacts of husbandry on the

environment through the introduction of green ecological

standards, and promote the sustainable development of

the livestock industry.

Our comprehensive and in-depth review and verification of

Youran dairy farm covered herd management, low-carbon

feed application, farming technology specifications, manure

management, energy management and carbon reduction

measures. The certification highlights Youran’s high level

of carbon management throughout the entire livestock

breeding process.

By driving a green and low-carbon future for the livestock

industry, companies like Intertek and Youran help to

reduce environmental pollution, protect ecosystems and

promote a harmonious coexistence between agriculture

and the environment.

LEARN MORE ABOUT OUR LOW-CARBON

FARMING SERVICES

In action

Fuelling the sustainable

aviation industry

Intertek Caleb Brett played a role in

achieving the first delivery of Neste

MY Sustainable Aviation Fuel (‘SAF’)

to Singapore’s Changi Airport, supporting

the blending process to meet ASTM

D7566 standards.

SAF, made from renewable resources like used cooking

oil and animal fat wastes, significantly reduces carbon

emissions, offering a solution to the aviation industry's

push for sustainability. This milestone marks a critical

step in reducing the sector's reliance on fossil fuels

and underscores Intertek’s commitment to advancing

sustainable practices in aviation.

LEARN MORE ABOUT OUR SUSTAINABLE

AVIATION FUEL SERVICES

Intertek Group plc

Annual Report & Accounts 2024

2.31

Sustainability performance Continued

Working with Customers Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

In action

Creating essential employee

training resources

El Pueblo Mexican Restaurant in San Diego,

California, enlisted the expertise of

Wisetail, an Intertek Company, to launch

its long-awaited learning management

system, including an interactive employee

onboarding programme.

The restaurant’s goal was to support operational

sustainability and enhance efficiency, resilience and

compliance, while minimising risk and the need for

additional internal resource.

In just 83 days from project discovery to completion,

the Wisetail instructional design team created 52

employee training courses in both English and Spanish.

The courses have enhanced the quality and efficiency

of the restaurant’s basic training offering, transforming

the existing e-learning experience to make it interactive

and relevant to the needs of both employees and the

business. In addition to content creation, we also integrated

several relevant courses from Wisetail’s existing content

marketplace into the training programme.

El Pueblo Mexican Restaurant now has an extensive

interactive learning library streamlined for each role, helping

to maximise employee retention and reduce the time spent

onboarding. By investing in training that reinforces safe,

efficient and high-performing teams, the restaurant is

creating a sustainable work environment where employees

thrive and operations run smoothly.

LEARN MORE ABOUT WISETAIL’S ALL-IN-ONE

LEARNING AND OPERATIONS PLATFORM

Driving inclusion

at Frontera Energy

Intertek has partnered with Frontera

Energy, a leading oil and gas operator in

South America, to enhance community

relations and increase the number of

women within its operations in Puerto

Gaitán, Colombia.

Working to support the goals of Frontera’s existing social

and gender programmes, we focused on hiring people

from local communities and ensuring that the company’s

recruitment practices allowed for greater inclusion. As a

result, the percentage of both women and local people

involved in Frontera’s operations increased significantly,

strengthening community ties, improving economic

stability for local families, and enabling Frontera to

better align with its policies on women's participation.

This ongoing collaboration highlights Intertek and

Frontera’s joint commitment to driving positive change

through impactful diversity and inclusion programmes.

Intertek Group plc

Annual Report & Accounts 2024

2.32

Sustainability performance Continued

Working with Customers Continued

3: Financial Report2: Sustainability Report1: Strategic Report

In action

Strengthening Transportadora’s

business continuity plans

Intertek conducted Argentina's first

independent climate risk and vulnerability

assessment to strengthen the climate

resilience and business continuity of

the country’s leading natural gas

transportation company.

Transportadora de Gas del Sur S.A. (‘TGS’) is responsible

for transporting over 60% of the gas produced in Argentina.

As a publicly traded company on the New York Stock

Exchange, TGS is required to present its plans for evaluating

and mitigating the impacts of extreme climate events caused

by climate change to its investors, shareholders and board

members. Its challenge was to update its business continuity

plan to minimise the impact of disruptive events and better

protect its people and local communities.

Delivering supply chain

traceability assessments

to new standard

Intertek’s clean energy advisory division

Clean Energy Associates (‘CEA’) has

become one of the first assessment

bodies to assess the solar industry’s

progress on environmental, social and

governance standards under the Solar

Stewardship Initiative (‘SSI’).

SSI works collaboratively with manufacturers, developers,

installers and purchasers across the global solar value

chain to foster responsible production, sourcing and

stewardship of materials. Its newly developed Supply Chain

Traceability Standard, published in December 2024, is

tailored to the photovoltaic industry to assess production

sites’ traceability management systems to evaluate where

the materials used at each link come from and how they

are traced. SSI members are required to have two sites

assessed for compliance by an approved assessment body

like CEA within 12 months of either joining the initiative

or the publication of the standard.

With extensive experience and expertise in traceability

and solar inspections, CEA can perform these assessments

to help SSI member companies to gain greater confidence

and visibility into their supply chains. The Supply Chain

Traceability Standard serves as the basis for all CEA

traceability audits for European clients starting in 2025.

LEARN MORE ABOUT OUR SERVICES FOR

SOLAR, ENERGY STORAGE AND MORE

Aiming to reinforce TGS’ business continuity plan for the

next 15 years, our Sustainability team in Buenos Aires

carried out comprehensive analysis to understand the specific

needs of the company’s decision makers for sustainability.

During this process, we leveraged Intertek’s leading

sustainability services and global network of experts, and

applied the ISO 31000, ISO 14091 and ISO 22301 standards.

The resulting study evaluated the climate vulnerabilities and

risks associated with 45 TGS assets, including nearly 10,000

km of pipelines and 40 compression stations.

Ultimately, the project left TGS better positioned to

anticipate, prepare for and mitigate the negative impacts

of severe climate events.

LEARN MORE ABOUT OUR CSR

AND SUSTAINABILITY SOLUTIONS

Intertek Group plc

Annual Report & Accounts 2024

2.33

Sustainability performance Continued

Working with Customers Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

In action In action

Quantifying the benefits

of tidal lagoons

Techniques for harnessing tidal energy are

long-established, but there are currently

no tidal lagoon projects in existence

globally. Previous studies indicate that

10 gigawatts of installed capacity, equal

to around 5% of UK energy use, could

be achieved through proposed projects.

Tidal energy technologies could therefore

play an important role in helping the UK

to meet its net zero targets by 2050.

In 2024, Intertek Metoc won a research project to provide

hydrodynamic modelling expertise as part of the Welsh

Government’s Tidal Lagoon Challenge, an innovative

competition to help quantify the potential benefits of tidal

lagoons and reduce or remove the barriers to development

in Wales. The project’s main objectives include modelling

the flexible operation of tidal lagoons, quantifying

their true long-term economic value and presenting a

recommendation for policy support. We are working

alongside the Offshore Renewable Energy Catapult,

Cardiff University and Western Gateway on this project.

The Intertek team is modelling a wide range of tidal lagoon

configurations to assess the power potential over their

design life, resulting in an annual yield estimate for each

scheme. These data will feed into Cardiff University’s work

package and ultimately help to quantify the economic

value of tidal lagoons, providing an economic and financial

rationale behind tidal lagoon projects, as well as other

recognised evaluation methods.

LEARN MORE ABOUT OUR

TIDAL ENERGY SERVICES

Shared supplier audits for

reduced environmental impact

As a highly regulated sector, companies

in the pharmaceuticals industry must

ensure that their suppliers meet the

required standards for quality and

compliance. Supplier audits are therefore

essential in helping to mitigate supply

chain risks, protect patient safety and

maintain regulatory compliance.

At Intertek, we offer shared audits – scheduled audits

performed on one supplier on behalf of several of

sponsor companies. This option enables our customers

in the healthcare industry to join pre-scheduled audits,

streamlining the process and maximising time, resources,

and cost efficiency for both manufacturers and suppliers.

Each shared audit customer receives a customised,

confidential audit report that enhances transparency

and quality across their supply chain.

To make the process even simpler, in 2024 we launched

our Audit Live List tool, which gives real-time information

on which suppliers are being audited and when, allowing

companies to choose which audits to join.

In addition to the customer benefits, we have also seen

a significant positive environmental impact. Shared audits

can significantly decrease the carbon footprint of the

auditing process, as they reduce the need for travel,

which is one of the main sources of emissions in the

pharmaceuticals industry. Since we launched our shared

audit service 15 years ago, we have helped to avoid an

estimated 7,500+ trips associated with supplier auditing

covering diverse healthcare supply chains across the world.

LEARN MORE ABOUT OUR

SHARED AUDIT SERVICES

2.34

Intertek Group plc

Annual Report & Accounts 2024

Sustainability performance Continued

Working with Customers Continued

3: Financial Report2: Sustainability Report1: Strategic Report

In action

Helping DRC to meet

its environmental goals

Intertek has partnered with the

Government of the Democratic

Republic of the Congo (‘DRC’) as the

sole conformity assessment body

(‘CAB’) for its Eco-Levy programme.

The DRC Eco-Levy programme is an end-to-end risk-

based assessment programme, designed to support and

finance the end-of-life electronic waste management

of certain regulated products, including tyres, electrical

and electronic equipment. Through the programme,

all exporters to the DRC whose products are regulated

under the Eco-Levy programme are required to provide

an Eco-Certificate in line with government regulations.

As the programme’s CAB, we apply a risk-based approach

to performing inspections of shipments. Used regulated

product consignments are subject to mandatory

inspections to ensure that the products are not wasted

or scrapped. If a shipment of regulated products is found

to be compliant, we collect the Eco-Levy and issue an

Eco-Certificate to the exporter.

Through this appointment, which reinforces our position

as a leading provider of conformity assessment services

in Africa and worldwide, we are supporting the DRC in

achieving its environmental objectives.

LEARN MORE ABOUT OUR

GOVERNMENT & TRADE SERVICES

Intertek Group plc

Annual Report & Accounts 2024

2.35

Sustainability performance Continued

Working with Customers Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

In action

Spinning the wheel in Ecuador’s

tyre retreading project

For the last 10 years, Intertek Government

& Trade Services (‘GTS’) has been

supporting the Ecuadorian Government

with its tyre retreading project, helping

to boost the economy, decrease waste

and reduce reliance on imports.

Under the project, retreading companies in Ecuador

process used tyres and restore them to like-new condition

for second use. These companies must comply with the

RTE INEN 067 quality standard, a certification which our

Intertek GTS Ecuador team has been exclusively providing

since the project started.

As certification provider, we conduct initial evaluations,

recertification and monitoring audits for retreading

plants to ensure compliance with the RTE INEN 067

'Tyre Retreading Process' standard, issuing a Certificate

of Conformity to those that meet the requirements.

Having gained extensive experience in the retreaded tyre

sector, our specialised team drives continuous improvement

by identifying non-conformities in audits and proposing

improvements to the tyre retreading process.

Ultimately, we are helping to strengthen consumer

trust and increase the adoption of retreaded tyres. The

success of this project has led to the significant growth of

Ecuador’s tyre retreading industry, creating much-needed

jobs and saving thousands of tyres from landfill each year.

LEARN MORE ABOUT OUR

GOVERNMENT & TRADE SERVICES

Advancing BESS safety

and performance

Battery energy storage systems (‘BESS’)

are a critical component in the global

energy transition, enabling the integration

of wind, solar and other renewable sources

into electricity grids. Designed to store and

release energy when needed, they also

play an important role in enhancing energy

efficiency and resilience.

As demand for clean energy grows, so does the need for

reliable, safe and high-performing BESS. However, the

use of advanced technologies introduces unique safety

and performance challenges, including fire and system

failure risks.

Through comprehensive end-to-end testing, risk

assessment and certification services, Intertek is

helping BESS manufacturers ensure the safety,

reliability and performance of their products. Our

expertise supports innovation in energy storage while

ensuring compliance with critical safety standards. And

with our help, manufacturers are developing safer, more

reliable BESS that accelerate the clean energy transition.

LEARN MORE ABOUT OUR

BESS SOLUTIONS

Intertek Group plc

Annual Report & Accounts 2024

2.36

Sustainability performance Continued

Working with Customers Continued

3: Financial Report2: Sustainability Report1: Strategic Report

In action

Transitioning to a sustainable

HVAC/R industry

As the world increasingly focuses on the

reduction of greenhouse gas emissions,

the heating, ventilation, air conditioning

and refrigeration (‘HVAC/R’) industry is

undergoing a transformative shift.

Manufacturers are replacing traditional refrigerants – fluids

used in cooling, heating or reverse cooling and heating of air

conditioning systems and heat pumps – with eco-friendly

alternatives to minimise environmental impact. However, many

of these new refrigerants, while more sustainable, are classified

as flammable, creating new safety and performance challenges.

Intertek is playing a vital role in helping HVAC/R manufacturers

navigate this complex transition by providing rigorous

testing and certification services. Our expertise ensures that

these new flammable refrigerants meet safety standards

and performance expectations, while also supporting the

industry in its journey towards greater sustainability. Our

range of comprehensive testing and certification services

include flammability and leakage testing, system performance

validation and compliance with global standards.

With our support, HVAC/R manufacturers can confidently

develop more sustainable products that contribute to the

fight against climate change without compromising on safety

or performance.

LEARN MORE ABOUT HVAC/R

CERTIFICATION AND TESTING

In action

Transforming future mobility

The future of mobility is a dynamic and

evolving landscape. Innovations and

advances are being seen across both

electric vehicles and cleaner combustion

engines, which are leveraging advances in

sustainable fuels and hybrid technologies.

Intertek’s Transportation Technologies (‘TT’) team is

working closely with manufacturers across the automotive

ecosystem to develop and validate a wide range of next-

generation innovations.

With specialist facilities in Europe, North America and

Asia, our TT experts partner with original equipment

manufacturers (‘OEMs’) and their supply chains to navigate

the evolving automotive landscape and deliver high-quality

products for the vehicles of today and tomorrow.

At our two dedicated laboratories in Milton Keynes, UK,

our teams are working with leading OEMs to test both

engines and electric drive systems. We are also working

with global players in fuels and lubricants to develop future

technologies to support the evolution of these automotive

technologies. From next-generation battery cooling fluids

that can work faster and more effectively, to the optimal

composition of electric vehicle fluids to maximise product

efficiency, our experts are helping market innovators to

create new products that will enable lighter and more

efficient battery technologies to be implemented into

future vehicles.

Meanwhile, our specialist electric powertrain team is

enabling manufacturers to successfully transition from

traditional internal combustion powertrains to electric,

with confidence that quality and performance are not

compromised as they bring brand-new models, and

electrified versions of existing cars, to markets worldwide.

LEARN MORE ABOUT OUR

AUTOMOTIVE SOLUTIONS

Intertek Group plc

Annual Report & Accounts 2024

2.37

Sustainability performance Continued

Working with Customers Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

In action

Providing assurance for

sustainability reports

Intertek Assuris has provided limited

assurance on the sustainability report of

Mumbai International Airport Limited (‘MIAL’).

We carried out the assurance process in two phases. First,

we conducted reasonable assurance on core disclosures in

the Business Responsibility & Sustainability Report in line

with guidelines from the Securities and Exchange Board of

India. This included assurance of various environmental and

social indicators, from emissions and water consumption

to safety and inclusion. In the second phase, we performed

limited assurance on selected disclosures for MIAL in

accordance with Global Reporting Initiative guidelines.

By ensuring the accuracy, reliability and consistency of

its reporting, we enabled MIAL to clearly demonstrate

its commitment to bettering society and environmental

sustainability to all stakeholders.

LEARN MORE ABOUT OUR

SUSTAINABILITY ASSURANCE SERVICES

Providing tailored solutions

for CSRD compliance

The European Union’s Corporate

Sustainability Reporting Directive (‘CSRD’)

has modernised and strengthened the rules

concerning the social, environmental and

governance information that companies need

to report. Having entered into force in January

2023, it will impact an increasing number of

large companies and listed small and medium-

sized enterprises in the coming years.

Intertek’s sustainability expertise, combined with our in-depth

understanding of our customers’ operations across a broad

range of sectors, helps companies prepare for this significant

change. Our flexible CSRD solutions provide our customers

with tailored support to meet their needs and ensure that

they are in the best position to comply with the directive.

We take our customers on the journey to compliance,

starting with educating management teams on their

company’s requirements, scoping the reporting activity

and conducting a double materiality assessment.

We train teams to understand the implications that CSRD

has for their business, as well as enabling them to assess

stakeholders, consider mandatory disclosure requirements

and prepare their submissions with confidence.

In addition, our subject matter experts help companies assess

their corporate sustainability practices and identify any gaps

or areas for improvement, providing strategic action plans

to ensure alignment with CSRD requirements. This helps

to reduce complexity, costs and resources required to meet

compliance. We can also support the reporting process, and

in some countries, we are among the auditing companies

approved to complete third-party validation of CSRD reports.

LEARN MORE ABOUT OUR

CSRD SOLUTIONS

Intertek Group plc

Annual Report & Accounts 2024

2.38

Sustainability performance Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Environment

Our goal is to

decarbonise our

business by 2050

At Intertek, we understand our organisation’s

impacts on the environment and continuously

look for opportunities to mitigate them in

regard to climate change, use of resources,

ecosystems and waste management.

We recognise the critical role that the private sector plays in

tackling the climate crisis, providing innovative solutions, reducing

greenhouse gas ('GHG') emissions and setting ambitious targets,

thereby helping to drive the transition to a low-carbon economy.

Governance

Intertek’s environmental governance flows from the Board

to every site.

To advocate for accelerated climate action, our Net Zero

Steering Committee (with members including our Group CEO,

Group CFO, EVP – Sustainability, Group Company Secretary,

Head of ESG and Non-financial Reporting, and Group Head of

Risk) works with our countries on our detailed climate-related

investments and action plans, monitors site-level activities

across a range of metrics and tracks progress against our

GHG emissions reduction targets.

Our Environmental and Climate Change policy, which we

reviewed and revised in 2024, outlines the commitments

we adhere to.

Read our Environmental and Climate Change policy at

intertek.com/about/our-responsibility

Our operations apply a precautionary approach and comply

with all applicable environmental regulations and permits.

Environmental management systems support our

operations to meet environmental protection standards,

comply with legislation and improve reporting and

transparency. We have implemented ISO 14001 and/or

ISO 45001 across 129 of our sites.

READ MORE ABOUT CLIMATE-RELATED

GOVERNANCE ON PAGE 1.67 IN REPORT 1

What is our impact?

Our global reach spans thousands of employees, clients and

suppliers. This scale represents both commercial opportunity

as well as a responsibility to our people, the communities in

which we operate and the wider environment.

As a multinational company, we recognise that, although

our own operations may not be as energy-intensive or

resource-depleting as other industries, good management

of the relevant and material topics is critical to protect

the environment.

Our activities around the world are diversified across both

laboratories and offices. Carbon emissions are our biggest

environmental impact, and through continual monitoring

and assessment of our operations, we are now able to

apply more targeted actions to reduce our carbon

footprint, with particular focus on energy efficiencies

and operational excellence.

The energy we use in our laboratories and offices

continues to be the largest contributor to our carbon

footprint, making it a priority in our environmental agenda.

To make real change happen, we believe that all our people

need to have ownership of their carbon footprint and be

empowered and inspired to take ambitious actions to

reduce it – putting our Sustainability Excellence approach

into action.

Intertek Group plc

Annual Report & Accounts 2024

2.39

Sustainability performance Continued

Environment Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Net zero ambition and

commitment. Prioritise

direct emissions reductions

and neutralise any

remaining emissions.

Joined Business

Ambition for

1.5°C campaign.

Target: 70% of suppliers

by spend to set

science-based targets.

2021

2027

2050

Baseline for

GHG emissions

reduction targets.

Target: Reduce absolute

scope 1, 2 and 3 (business

travel and employee

commuting) emissions

50% vs 2019 baseline.

ESG element included

in annual incentive

framework.

2019

2030

2022

Key milestones: Achieved On track

SBTi-validated

near-term targets.

2023

"Intertek Group plc commits to reduce

absolute scope 1 and 2 GHG emissions

50% by 2030 from a 2019 base year.

Intertek Group plc also commits to

reduce absolute scope 3 GHG emissions

from business travel and employee

commuting 50% within the same

timeframe. Intertek Group plc further

commits that 70% of its suppliers by

spend covering purchased goods and

services, capital goods and upstream

transportation and distribution, will

have science-based targets by 2027."

Our Climate Transition Plan

Our GHG emissions reduction journey

At Intertek, we recognise the urgent need to address climate

change and are committed to aligning our operations with a

low-carbon economy. Our Climate Transition Plan is a critical

component of our long-term strategy to reduce GHG emissions,

enhance resilience to climate-related risks, and ensure that we

contribute positively to global sustainability goals.

Our plan has been designed to guide our transformation

over the years, focusing on both reducing our environmental

impact and adapting to the evolving regulatory, market and

physical risks posed by climate change. In 2024, we have

made substantial progress in key areas, laying the

foundation for further advancements in the years ahead.

Key pillars of our Climate Transition Plan

Carbon emissions reduction targets

We are committed to reaching net zero emissions by 2050,

with an interim target to reduce absolute scope 1, scope 2

and scope 3 (business travel and employee commuting) GHG

emissions by 50% before 2030.

This will be achieved through a combination of energy

efficiency initiatives, increased use of renewable energy

generation and procurement, and the transition to

lower-carbon transportation.

Climate-related risks and opportunities

As part of our climate transition, we are actively assessing

the physical risks posed by climate change, including

extreme weather events and supply chain disruptions.

In alignment with the Task Force on Climate-related Financial

Disclosures ('TCFD') recommendations, our TCFD compliance

statement aims to provide stakeholders with the necessary

information to undertake robust and consistent analyses of

the potential financial impacts of climate change.

MORE INFORMATION ON OUR TCFD STATEMENT

CAN BE FOUND ON PAGE 1.65 IN REPORT 1

Sustainable supply chain

Our goal is to ensure that by 2027 70% of our key supply chain

partners will have set their own science-based climate targets.

We are working with our suppliers to encourage sustainable

practices throughout our value chain. This includes collaborating

with partners to ensure environmental responsibility and

sustainable practices.

READ OUR SUSTAINABLE PROCUREMENT POLICY

AT INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY

Transparency and reporting

We understand that accountability is essential to ensuring

meaningful progress. We are committed to reporting on the

progress of our environmental impacts, with annual updates

in this report.

Our progress will continue to be measured and reported using

recognised frameworks such as the GHG Protocol, and in line

with evolving global standards such as the European Union ('EU')

Corporate Sustainability Reporting Directive ('CSRD') and the

Interntaional Sustainability Standards Board ('ISSB').

Employee engagement

Achieving our climate goals requires the engagement of every

part of the organisation. We will launch internal training

programmes to raise awareness of climate issues among

employees and to integrate sustainability into decision making

at all levels.

As we continue to refine and implement our Climate Transition

Plan, we are confident that the actions we are taking today

will not only help mitigate climate change but will also drive

long-term value for our business and stakeholders. Our

commitment to climate action is integral to our Sustainability

Excellence strategy, and we will continue to prioritise

sustainability in every aspect of our operations moving forward.

Scope

Intertek Group plc

Annual Report & Accounts 2024

2.40

Sustainability performance Continued

Environment Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Key environmental achievements

The success of our environmental performance in 2024 can be

attributed not only to our strategic objectives but also to the

involvement of all employees in our sustainability initiatives.

Through training, workshops and clear communication, we

continue to foster a culture where environmental responsibility

is a shared priority at all levels of the organisation.

One of the most notable accomplishments in 2024 was our

significant reduction in carbon emissions. Through the

continuous monitoring of energy consumption and emissions

across all operations, we identified key areas where we could

implement more energy-efficient technologies and improved

operational processes. By optimising energy use in our offices

and laboratories and transitioning to cleaner energy sources, we

successfully reduced our operational market-based emissions by

16.7% against 2023 and 47.2% against our base year (2019:

291,519 tCO

e).

Total operational market-based emissions

were 153,807 tCO

(2023: 184,612 tCO

e).

45.3

tCO

emitted per £m of revenue

2,3

16.7%

Operational emission reductions

2023–2024

1. Operational market-based emissions as defined on page 1.32 in Report 1.

2. Revenue for FY 2024 as shown on page 1.31 in Report 1.

3. 2023: 55.5 tCO

e emitted per £m of revenue.

47. 2 %

Operational emission reductions

2019–2024

Climate-related focus areas

Low-carbon fleet: We are moving to upgrade

our fleet to low-emission vehicles. Several

countries have completed pilot schemes which

allowed us to better understand our operational

and business needs, as well as the challenges

in the existing infrastructure. We will continue

to transition our other eligible fleet.

Low-carbon energy generation: We are

producing and consuming our own electricity

after investing in renewable energy systems

for at least one site in nine countries.

Direct emissions from sources which Intertek owns

or controls:

• Switch to lower-carbon vehicle fleet

• Identify and implement fleet efficiencies

• Optimisation of buildings

(heating/cooling)

Energy purchased from renewable sources:

At least one site in 22 (2023: 13) countries is

now powered by 100% renewable electricity

backed by Energy Attribute Certificates.

Indirect emissions from purchased

electricity, heat and steam:

• Procurement from renewable sources

• Low-carbon energy generation

• Energy-efficient buildings

• Energy-efficient equipment

Employee-efficient transportation initiatives:

We have invested in electric vehicle chargers in

several countries with the intention to support

a low-energy transition. We are also providing

shuttle bus services for more sustainable

employee commuting in several countries.

Value chain emissions:

• Optimise business travel

• Employee engagement on efficient ways of

commuting

• Supplier sustainability engagement

Intertek Group plc

Annual Report & Accounts 2024

2.41

Sustainability performance Continued

Environment Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

GHG emissions in tonnes of carbon dioxide equivalent (tCO

Emissions by source

2024 2023

Base year

2019

Scope 1 Emissions from sources which Intertek

owns or controls directly

Global 57,98 6 61,168 64,709

of which UK 2,318 1,782

Scope 2 Emissions from purchased electricity, heat

and steam for our use (location-based)

Global 115,571 113,270 128,693

of which UK 2,254 2,295

Emissions from purchased electricity, heat

and steam for our use (market-based)

Global 48,634 78,228 133,860

of which UK 314 285

Scope 3 Business travel Global 19,946 18,108 25,849

of which UK 1,046 1,260

Employee commuting Global 27,241 27, 10 8 67,101

of which UK 1,079 1,036

Fuel- and energy-related activities

not included in scope 1 or scope 2

Global 5,408 6,543 7, 669

of which UK 199 201

Absolute tCO

e (market-based) Global 159,215 191,155 299,188

1. Our annual environmental reporting cycle ran from 1 October 2023 to 30 September 2024.

Global energy use in megawatt-hours (MWh)

Energy use by source 2024 2023

Standard electricity, heat and steam 113,469 171,241

Renewable electricity 151,700 88,716

Mobile combustion 137,679 139,715

Stationary combustion 113,714 122,020

Total energy use

516,562 521,692

Percentage of total energy use from renewable sources 29.4% 17. 0 %

1. UK portion of total energy use was 4% (2023: 4%).

FOR MORE INFORMATION, READ OUR BASIS OF REPORTING ESG DATA

DOCUMENT AT INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY

Environmental performance

During 2024, Intertek achieved significant strides in

environmental performance, demonstrating our commitment

to net zero emissions by 2050 and sustainable growth. This

progress was largely driven by our rigorous performance

management programme, which continues to guide

our efforts in reducing our environmental impact while

supporting the broader goals of our sustainability strategy.

Our GHG emissions performance management programme,

which was an integral part of our operations for several years,

serves as a cornerstone for ensuring that every aspect of our

environmental impact is meticulously monitored, assessed and

improved. The programme provides a structured framework

for setting clear environmental objectives, tracking progress

and implementing corrective actions where necessary. This

disciplined approach has proven to be effective in helping

us not only meet but exceed our environmental targets.

Intertek’s reporting complies with the methodologies outlined by

the GHG Protocol ‘Corporate Accounting and Reporting

Standard’, ISO 140064-1 and the UK Government’s

‘Environmental Reporting Guidelines’.

A focus on continuous improvement

A new area of focus for us in 2024 has been the tracking of

water consumption. As part of our ongoing commitment to

providing transparent data, we have implemented systems to

monitor water usage across our operations more closely. This is

in response to increasing global concerns about water scarcity,

and our recognition of the impact that responsible water

management can have on both operational efficiency and

local communities.

Regular audits, data analysis and stakeholder engagement

ensure that we stay on track and remain agile in addressing

any emerging environmental challenges.

Looking ahead, we will continue to build on this success by

implementing new energy-saving initiatives, adopting cleaner

technologies and optimising resources to make measurable

progress towards our long-term sustainability goals.

In action In action

Intertek Group plc

Annual Report & Accounts 2024

2.42

Sustainability performance Continued

Environment Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Expanding our clean energy

generation capabilities

As we work to decrease our global

greenhouse gas emissions in line with

our 2030 reduction targets and 2050

net zero ambition, our use of energy

from renewable sources is increasing.

Not only are we purchasing more energy from renewable

sources, but we are also producing and consuming our own

clean electricity at our sites in several countries.

Following the installation of a solar photovoltaic (‘PV’)

project at our national head office in Bangkok, Thailand has

become the ninth country in which we have a renewable

energy system at one or more sites. It follows Australia,

Bangladesh, Denmark, India, Mexico, Poland, South

Korea, and the UK, where we also have site-specific solar

installations.

The new project highlights the importance of engaging

colleagues around the world to achieve companywide

sustainability goals. Through the commitment of our local

teams and Group sustainability experts, we are continuing

to assess opportunities to install solar PV systems at more

sites in future.

Landmark solar project under

construction in Texas

A new solar project at our San Antonio

Callaghan laboratory site in Texas will

make the USA the tenth country in which

we are producing and consuming our

own electricity.

At this laboratory, we conduct extensive testing of

engines, automotive fluids and components, so we chose

this site for its significant potential impact on energy

efficiency. In addition, a portion of the land adjacent to the

site is a floodplain, making it unsuitable for development.

Comprising a total of 1,638 solar panels, the project

will have a peak generation capacity of 200 MWh and

produce enough energy to power 239 average American

households for an entire year. Due for completion in the

second half of 2025, it represents an opportunity to

significantly reduce our carbon emissions and energy

consumption.

The construction of the solar project follows the

conversion of 14 acres – the entirety of the San Antonio

Callaghan laboratory site – to LED lighting.

In action

2.43

Intertek Group plc

Annual Report & Accounts 2024

Sustainability performance Continued

Environment Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Engaging employees in sustainable

transportation initiatives

With more than 45,000 Total Quality

Assurance experts around the world,

employee commuting inevitably

contributes to our global value chain

emissions.

We are committed to reaching net zero emissions by

2050, so reducing greenhouse gas (‘GHG’) emissions and

air pollution from traditional transportation methods is

an essential part of our Climate Transition Plan. Through

the implementation of clean transportation initiatives,

we engage our colleagues and reduce their commuting

emissions.

In mainland China, our team is achieving this on a large

scale through an electric shuttle bus service operating

across the south and east of the country, where many of

our employees are based. These electric vehicles (‘EVs’)

transport around 1,100 employees, over 10% of our

workforce in the country, to and from the office each day.

Starting with the introduction of a small EV fleet in

Shenzhen in 2017, the initiative has grown in response

to the launch of our companywide emissions reduction

targets and Climate Transition Plan.

In south China, more than 80% of employee commuter

buses are now EVs, most of these in the major cities of

Shenzhen and Guangzhou. To increase this positive impact,

we are working with suppliers to replace the remaining

petrol-powered buses in the region with EVs.

In east China, nearly a third of employee commuter buses – all

in Shanghai – are EVs. For services operating just outside the

city, where location and the availability of charging facilities

create additional challenges, we continue to explore options

for transitioning.

With 30 electric buses in operation across the country, this

initiative is currently saving nearly 1,000 tonnes of carbon

dioxide equivalent emissions per year.

According to the International Council for Clean

Transportation, battery electric vehicles have by far the

lowest lifecycle GHG emissions among passenger cars today.

Through our efforts in China and other countries where we

are investing in EV technologies, we are helping to make our

planet a cleaner and healthier place for everyone.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.44

Sustainability performance Continued

Environment Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Powering our operations with

low-emissions vehicles

As part of our commitment to reducing

emissions and maintaining cutting-edge

resources for our operations, we replaced

18% of the vehicles across our

Sustainability business line in Mexico with

more sustainable technologies during

2024.

The new fleet comprises a combination of hybrid and

fully electric plug-in vehicles. By integrating advanced

technology that combines internal combustion engines

with electric motors, we are estimating savings of nearly

120 tonnes of CO

equivalent emissions each year.

This initiative is part of our global Climate Transition Plan,

where the move to upgrade our fleet to low-emissions

vehicles is a key focus. The introduction of these

low-emissions vehicles in Mexico follows a successful

implementation programme in Germany, the Netherlands,

the UK and the USA in 2023.

New cool roof for reduced

energy consumption

We have replaced the roof of our Port San

Antonio laboratory in Texas with an

energy-efficient cool roof to maintain the

building’s required temperature.

This site serves as the primary chemistry laboratory where

we perform extensive physical and chemical testing,

predominantly on automotive fluids. It also houses our

Carnot Emissions Services group, which conducts emissions

certification testing on off-highway engines to meet

various governmental standards in North America, Europe

and China.

The cool roof is expected to reduce the building’s energy

consumption by 200 MWh each year. Another benefit of

the cool roof is that its white coating provides a highly

reflective surface, perfect for bifacial solar panels, which

we plan to integrate in the future as they generate

electricity from both sides.

In action In action

Intertek Group plc

Annual Report & Accounts 2024

2.45

Sustainability performance Continued

Environment Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Creating a healthier, more

sustainable work environment

We are replacing most of the heating,

ventilation, and air conditioning (‘HVAC’)

equipment at our laboratory in Geleen,

Netherlands, with a modern, energy-

efficient and reliable alternative.

The new HVAC system is designed to enhance employee

wellbeing, as well as adhere to relevant legislation on

construction, environmental protection, energy efficiency

and safety. The installation of this advanced technology

will enable us to comply with Intertek's own standards and

Dutch legislation on working conditions.

Due for completion in January 2026, the system will ensure

a healthy and comfortable working environment for our

employees, as well as saving a projected 500 tonnes of CO

equivalent emissions per year. With the Geleen laboratory

already saving around 1,700 tonnes of CO

equivalent

emissions annually since it switched to renewable power in

January 2022, this initiative marks another big step in our

companywide journey to net zero by 2050.

Reducing the water used for

testing at our Bangladesh

laboratory

In recent years, Intertek Bangladesh has

introduced several significant measures to

reduce the water footprint of its laboratory

in the country’s capital Dhaka. The latest of

these, aimed at recycling water from the

site’s dry-cleaning machine, will save 6.7

million litres from sewage each year.

The appearance of textiles and clothes after dry-cleaning

is one of the common tests we perform for our Softlines

customers. To conduct these tests, we use a dry-cleaning

machine that requires water for cooling. This process

involves absorbing heat through a heat exchanger and then

draining the hot water. In its continued search for more

sustainable practices, our Dhaka team found that the hot

water from the heat exchanger could be reused.

The team utilised the site’s 100,000-litre fire reserve tank,

having conducted a feasibility study and confirming that

there would be no effect on the fire system. It then created

a closed-loop system, connecting the heat exchanger

to the reserve tank and adding an overhead tank which

now supplies the 26 litres of water per minute previously

drained to sewage back to the dry-cleaning machine.

The initiative, which the local team has named AquaCycle,

joins other successful water reduction projects at our

Dhaka laboratory, including a rainwater harvesting system

and the reuse of treated water for gardening.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.46

Sustainability performance Continued

Environment Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Providing a space for local

biodiversity to thrive

The Arizona Mobility Test Center (‘AMTC’)

on- and off-road proving grounds for testing

new vehicles, automotive components and

transportation technology.

However, its grounds are also home to an unexpected gem

– five acres of preserved land dedicated to the protection of

local biodiversity.

The Environmental Monitoring Area (‘EMA’), originally

established by Toyota in 2016, has been managed and

upgraded by Intertek since we became AMTC’s operating

partner in 2021. This desert ecosystem is home to a variety of

plants and animals and provides an important nesting ground

for species including bobcats, foxes, coyotes, badgers and

owls.

During 2024, we made significant enhancements to the EMA,

including replanting vegetation from areas of the AMTC site

that were under construction, building a dedicated carpark

and refreshing the trail system. We also installed a new water-

harvesting roof on a pavilion to collect rainwater for use in

irrigation and other activities.

To ensure the wellbeing of all plants, animals and people

using the area, we work closely with Patrick Wildlife Services,

a leading expert in wildlife conflict resolution, and our own

onsite groundskeepers. This has enabled us to safely maintain

a natural habitat, designed to meet the challenges of desert

life, in which to track and monitor the local wildlife.

In addition to wildlife conservation, the EMA provides the local

school district with a safe, well-maintained area to learn about

sustainability and the desert ecosystem. The updates we

have made – and those planned for the future – will improve

the onsite experience for students and enable more schools

to use the space moving forward.

Intertek Vietnam hosts

environmental event for children

In collaboration with the Intertek Vietnam

Trade Union, we hosted the vibrant ‘We are

EARTH RANGERS 2024’ event, attracting

around 130 enthusiastic young participants.

Held simultaneously across three major cities – Ho Chi

Minh City, Hanoi and Can Tho – in August, the event was

designed to ignite curiosity and raise awareness about

environmental issues.

The day's activities kicked off with a lesson on the impact

of plastic on life and the environment led by one of our

environmental experts. The children engaged in interactive

discussions, learning about the harmful effects of plastic

waste on ecosystems and our planet.

The event also featured art workshops on origami and

handcrafting flowers, offering the children an opportunity to

explore their creativity while learning about environmental

conservation. Jungle-themed discovery games brought the

children closer to nature, and a recycling fashion show contest

inspired them to think more deeply about sustainable practices.

Additionally, Intertek Vietnam used the opportunity to honour

outstanding students from the previous academic year,

celebrating their achievements with well-deserved awards.

Part of our Asia Pacific 'WE CARE: EARTH CARE' initiative,

2024 marked the third consecutive year of the event,

with participation growing and activities becoming more

engaging each time.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.47

Sustainability performance Continued

Environment Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Keeping local ecosystems clean

Braving icy temperatures with wind chills

dipping below freezing, 25 volunteers from

the Transportation Technologies team at

our Intertek San Antonio facility

participated in the 30

anniversary of a

renowned community cleanup initiative.

Basura Bash is San Antonio's premier one-day, all-volunteer

event dedicated to cleaning the banks of the Texan city’s

waterways. Our team, able to choose between 25 different

tributaries for cleanup, selected Zarzamora Creek, which

runs adjacent to our office. To ensure the success of their

efforts, our dedicated volunteers began assessing the

creek about a month prior to Basura Bash.

On the day, our volunteers joined 1,500 others in collecting

a range of items, from common plastic shopping bags to

the unexpected bed of a Ford pick-up truck. Paper, plastic,

bottles, tyres and electronic waste were recycled where

possible.

The enthusiasm of our team was a true reflection of our

global commitment to caring for the environment and

preserving our local communities for future generations.

Intertek Metoc supports

community beach clean efforts

In September, Intertek Metoc, our pioneering

energy and water solutions business,

teamed up with Brighton & Hove City Council

and the Marine Conservation Society UK

(‘MCSUK’) to help clean Brighton beach in

the UK.

Brighton is home to a variety of biodiversity, including rare

leeks that grow on the shingle beaches and short-snouted

seahorses in the reefs off the marina. It is also a popular

destination for both locals and visitors. To protect this

biodiversity and maintain a clean city, Brighton & Hove City

Council provides beach cleaning tools as part of its well-

established TidyUp scheme.

Our Intertek Metoc colleagues worked with the council

and MCSUK to organise a beach clean event and, along a

100-metre stretch of the beach, participated in a marine litter

survey to categorise the types of rubbish they found. Their

findings were uploaded to MCSUK's database to feed into

further research and environmental campaigns supporting

long-term sustainability aims.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.48

Sustainability performance Continued

Environment Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Planting to protect the

environment and empower

local communities

Trees and other plants are essential to the

environment, helping to reduce soil erosion,

improve air quality and provide habitats for

many of our planet’s incredible species. But

with the natural world facing increasing

threats from issues such as climate change

and a growing global population, there

is a greater need for positive human

intervention.

As a purpose-led company, Intertek and its teams around

the world are actively involved in planting campaigns that

revitalise the environment as well as fostering community

spirit and highlighting the importance of collective action in

building a greener future.

Distributing saplings and school supplies

In celebration of World Environment Day on 5 June, Intertek

Bangladesh helped organise a tree planting campaign on

the grounds of a high school in Tejgaon, Dhaka. At the event,

Intertek team members planted and distributed 75 saplings

– or young trees – as well as providing stationery supplies to

250 students, many from underprivileged backgrounds.

Protecting biodiversity

Intertek Sri Lanka also celebrated World Environment Day

by organising a planting event. The team planted a variety

of species, selected for their abilities to visually enhance

the area, provide sustenance for local wildlife and improve

the health of the surrounding ecosystem. As a token of

appreciation, each participating colleague received a sapling

of their own.

Planting to inspire sustainability

Intertek Assuris’ Sustainability team in India marked World

Environment Day with Zydus Wellness, a consumer wellness

company and one of our ESG assurance customers, at its site

in Moriaya, Ahmedabad, Gujarat. Alongside the team from

Zydus Wellness, our colleagues planted trees across the

company’s premises in recognition of our shared commitment to

sustainability and ecological stewardship.

Enhancing the local environment

In Abu Dhabi, members of our UAE Industry Services team

participated in a tree planting drive in collaboration with

the Emirates Environmental Group and Abu Dhabi City

Municipality. This effort was part of the ‘For our Emirates

we Plant’ programme, which aims to enhance the local

environment through active community engagement and

corporate responsibility.

Intertek Group plc

Annual Report & Accounts 2024

2.49

Sustainability performance Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Communities

As a global business with more than 1,000

laboratories and offices in over 100 countries,

Intertek is proud to be part of many thriving

communities around the world.

We understand that this comes with a huge opportunity and

responsibility to make a positive and lasting impact on these

communities. This responsibility is grounded in our Values: 'We

create sustainable growth. For all.'

Every year we organise and participate in a range of

impactful initiatives, from providing employment

opportunities and funding training and education

programmes, to volunteering our time, making donations

and supporting the work of charities.

Having worked and built relationships to understand the

diverse needs of each of our local communities, our

countries and business lines define their own agendas to

create a positive and lasting impact. These agendas are

tied to the Group’s priorities and aligned to the UN

Sustainable Development Goals. Our Beyond Net Zero

Steering Committee oversees community investments at

a global level.

In this section we share a small selection of standout

initiatives from the many community activities that our

colleagues took part in around the world during 2024.

We create positive

impacts in the

communities

where we operate

240+

Community projects our employees participated

in focusing on education, giving back to local

communities and preserving our environment

17, 29 9

Hours volunteered to support

community projects

In action

Intertek Group plc

Annual Report & Accounts 2024

2.50

Sustainability performance Continued

Communities Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Advancing reconciliation efforts

across our communities in Australia

In early 2024, Intertek formalised its

commitment to advancing reconciliation

between Indigenous and non-Indigenous

Australians by receiving endorsement for

its Reflect Reconciliation Action Plan

(‘RAP’) from Reconciliation Australia.

Reconciliation is about strengthening relationships between

Aboriginal and Torres Strait Islander peoples and non-

Indigenous peoples for the benefit of all Australians. It aims

to foster mutual understanding, heal historical injustices

and build stronger, more inclusive relationships within and

between communities.

Reconciliation Working Group

Under the guidance of Reconciliation Australia, we are

laying the foundations for our reconciliation pathway with

our RAP. We have established a Reconciliation Working

Group of representatives across our Australian business

lines and locations. The working group meets fortnightly

and works collaboratively to implement our RAP objectives.

With more than 1,400 employees across our network in

Australia, this allows us to build meaningful relationships

with our local communities.

Raising cultural awareness

NAIDOC Week celebrates the rich and diverse cultures

of Aboriginal and Torres Strait Islander peoples, and is

organised by the National Aborigines and Islanders Day

Observance Committee ('NAIDOC'). To mark the occasion, we

hosted customers and members of our extended community

at the Intertek Minerals Global Centre of Excellence in Perth,

where a guest speaker described the intricacies of Noongar

culture from clans across the South West region of Australia.

Building work skills

We are also engaging with WorkSkil Australia, a provider

of the Australian Government workforce services, through

participation in the Yirra Yaakiny Indigenous employment

programme. Each programme invites up to 12 Indigenous

jobseekers to attend a two-week skills programme.

Employers are then invited to meet with the jobseekers and

discuss employment opportunities in their organisation.

During 2024, we engaged in three of these programmes,

with job offers made to 14 participants.

There is a lot to learn from this ancient culture and, through

our Reflect RAP, we are starting our journey to meaningful

conversations to allow for knowledge exchange. Our team

in Australia is committed to building on the uniquely strong

partnerships we have in place and contributing to the five

key dimensions of reconciliation: race relations, equality

and equity, institutional integrity, unity, and historical

acceptance.

We welcome all our customers, partners, suppliers,

employees and broader communities to join us on this

journey towards reconciliation.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.51

Sustainability performance Continued

Communities Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Donating tested toys to

underprivileged children

Following generous donations from our

local and global customers, Intertek Hong

Kong has worked with two charities to

provide gifts to underprivileged children

across the region.

The team donated a range of board games to Box of Hope,

a non-profit which aims to spread joy to vulnerable children

and educate young people about poverty and how they

can make a positive impact through charitable giving. What

began as a small family project has grown into a significant

initiative and, since its establishment in 2008, the charity

has distributed over 350,000 gift boxes to children in need.

Having also collected safe, tested toys from our customers

around the world, we made a further donation to the

Celebrity Charity Fund Association, which promotes

community welfare development and supports

underfunded government charitable organisations.

Driving inclusion for China’s

left-behind children

Across China, millions of children are left

behind in rural villages while their parents

migrate to find work, study or seek a

better quality of life.

These 'left-behind children', often because of poverty, face

a unique set of challenges, including consistent access to

education and other resources throughout their formative

and teenage years.

In September, Intertek Greater China joined forces with

Shenzhen Futian District Social Welfare and Social Donation

Center to provide stationery, books and sporting goods to

more than 300 left-behind children in Guangdong province.

Many colleagues participated in this initiative by donating,

packaging and sending the items to children in Gongbai

Town.

By contributing to initiatives which aim to ensure that

these children are included in wider society, we not only

support their pressing needs, but also help to build more

harmonious and stable communities for everyone.

Supporting flood victims

in Thailand

Communities in northern Thailand were

severely affected by devastating floods

following Typhoon Yagi, a tropical cyclone

which impacted southeast Asia and south

China in September 2024.

Across northern Thailand, particularly in the Chiang Rai and

Chiang Mai provinces, thousands of people were stranded

as heavy rains flooded homes, agricultural land and

infrastructure.

In response, Intertek Thailand delivered essential goods,

food and clothing to those impacted. The donations were

made possible through voluntary contributions from our

employees, with many also helping to categorise and pack

the items for distribution. In addition to local efforts, our

APAC regional management team also supported the

initiative. All donated supplies were transported to the

impacted areas with the support of non-governmental

organisation The Mirror Foundation, ensuring that aid

reached those most in need.

This initiative highlights our commitment to helping

communities dealing with the fallout of natural disasters,

providing both short-term relief and long-term hope for

recovery.

In actionIn action

Intertek Group plc

Annual Report & Accounts 2024

2.52

Sustainability performance Continued

Communities Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Donating essential medical

supplies to a community hospital

As part of its commitment to building

healthier and stronger communities, Intertek

Bangladesh has donated essential medical

equipment to Ahsania Mission Cancer and

General Hospital in Mirpur, Dhaka.

The team first connected with Ahsania Mission Cancer and

General Hospital during a programme of engagement with

several community-based clinics and hospitals across Dhaka,

with the aim of identifying opportunities to provide support.

New team makes big

community impact in Togo

Having only been established during 2023,

our laboratory team in Lomé – the capital

of Togo, West Africa – has already started

making a positive impact on its surrounding

communities through effective

collaboration with local authorities.

Joining forces with colleagues from our long standing

local operations team, they visited one of Lomé’s most

underprivileged communities, donating food parcels and

other essential items to help improve the quality of life of

elderly people. To ensure that help was received by those

who needed it most, the teams worked with the local town

hall to select the recipients of the donations.

During the same week, our laboratory and operations team

members worked with Togo’s Ministry of the Environment

to plant 300 tree seedlings and boost biodiversity at a

primary school in Agnave. Water and forestry officers

suggested the location to address the lack of trees caused

by widespread deforestation in the surrounding area.

These colleagues also helped to educate local students on

how they, as the next generation of community leaders,

can contribute to preserving the natural world, empowering

them to embrace environmental stewardship as part of a

sustainable future.

The hospital expressed an urgent need for oxygen cylinders

and concentrators, having struggled with an insufficient

supply. To help address this shortage, we donated eight

oxygen cylinders with oxygen flowmeters and one oxygen

concentrator. This equipment, which was originally stocked

during the Covid-19 pandemic, is now being used in the

hospital’s oncology department, which provides specialised

care to patients undergoing treatment for cancer.

Ahsania Mission Cancer and General Hospital treated nearly

35,000 people last year, playing an especially important role in

the fight against cancer in Bangladesh. With these additional

resources, the hospital can serve its patients more effectively,

ensuring that they receive crucial care without delays caused

by equipment shortages.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.53

Sustainability performance Continued

Communities Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Providing quality STEM education

to thousands of young people

With an increasing global demand for

science, technology, engineering and

mathematics (‘STEM’) professionals, it has

become essential to give young people

access to these subjects at an early age.

In India, several government initiatives are focused

on promoting STEM in schools, including the National

Education Policy 2020.

Taking advantage of our science-based expertise,

Intertek India has partnered with several government

schools in rural Gurugram and Mumbai on its ‘Design for

Good – STEM Education’ project. This initiative is giving

more than 40,000 young people, mostly first-generation

learners from low-income families, access to quality STEM

education, including a practical understanding of scientific

concepts and critical thinking skills, at no cost.

In addition to the focus on students, the initiative has

involved upgrading infrastructure and the building of

STEM labs, as well as the training and capacity building

of teachers to promote innovative and engaging methods

of instruction.

During the first phase of the project, which completed

in 2024, more than 20,000 students benefitted.

Improving livelihoods through

agricultural sustainability training

Intertek India has been working closely with

250 marginalised farmers – mostly women –

in the village of Narspur, Hyderabad, on a

transformative initiative designed to build

sustainable farming capabilities and support

the development of the local economy.

‘Planted with Purpose’, launched in 2023, helps to improve

the quality of life for those in rural communities and their

surrounding areas by focusing on skill enhancement and

promoting entrepreneurship. This includes training on

medicinal mushroom cultivation, organic farming, soil testing,

livestock management and micro-enterprise creation, as well

as helping the farmers to establish links to market.

This is an especially important initiative in Narspur, where

women have often struggled to maintain stable livelihoods

due to limited access to education and employment

opportunities. Most families have no land, and many men

are seasonal migrant workers. ‘Planted with Purpose’

has therefore empowered its beneficiaries to start small

businesses and generate much-needed income.

In the first year of the project, the farmers cultivated 156kg

of medicinal mushrooms. Encouraged by this success, they are

looking at broadening their mushroom cultivation to include

various seasonal varieties.

To enhance the impact of these efforts, Intertek helped

establish a farmer producer organisation called Organicoasis.

This project is also helping with the creation of sustainable

rural livelihoods and the socio-economic empowerment

of local people, again mostly women from marginalised

communities.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.54

Sustainability performance Continued

Communities Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Equipping students

with the tools for success

When Ghana’s biggest hydroelectric dam

overflowed in 2023, Volta Region was

flooded, and thousands of people lost

their homes and livelihoods.

With the region already facing significant economic

challenges, including poverty and lack of access to

education, the Intertek Ghana team took action to help

alleviate additional pressure caused by the flooding.

After reaching out to local government representatives

to learn where we could make the biggest impact, our

team travelled from Accra to visit three schools in the

towns of Awusakpe, Adutor and Adidome. Our colleagues

supplied essential items including desks, tables, chairs

and textbooks, as well as donating stationery and

exercise books to more than 600 children. The team also

repaired leaking roofs, helping to create a safer and more

comfortable environment for effective learning.

It was a day filled with uplifting moments as our team

encouraged the students to dream big and work hard

towards their goals. In regions like Volta, where many

communities have high student dropout rates, these

initiatives can be truly lifechanging.

Offering educational experiences

to young people

Every year in Germany, Zukunftstag –

or Future Day – takes place across the

country to offer young people a unique

insight into the working world.

As part of our commitment to supporting future

generations, we marked the day by inviting a group

of 14- and 15-year-olds to our Food Services laboratory

in Bremen.

The Intertek Food Services GmbH laboratory in Bremen

makes an essential contribution to the global food and

agriculture industries, as well as end consumers, by

ensuring the safety, quality and sustainability of both

production and produce. On Future Day, our expert team

gave our young guests an interactive tour, teaching them

about our important work and how it impacts the world.

The visit ended with the young people conducting their

own experiment.

The day was rewarding for everyone involved and provided

a great opportunity to showcase potential careers in the

testing, inspection and certification industry to the next

generation of local talent. We look forward to welcoming

another group of young minds in 2025.

Tackling food waste

in Switzerland

As a force for good in the world, we

encourage our employees to take part

in volunteering that matters to them

and supports the pressing needs of

their local communities.

While our colleagues can arrange their own volunteering

days, we also invite them to join corporate initiatives that

align to our Purpose and Values.

In Switzerland, our Basel team volunteered with

Thanksgiver Schweiz, a charity which provides food

collected by supermarkets to people at risk of poverty.

Our colleagues spent a day setting up a food bank in

Muttenz and helped to distribute more than 2,500kg of

food items. Around 1,200 people use Thanksgiver’s food

banks every week, and the charity saves at least 400

tonnes of food from being wasted each year.

Around the world, over 13% of all food produced is

lost between harvest and retail, with further waste in

households and the service industry. This waste leaves

hundreds of millions without adequate nutrition, as well

as significantly contributing to global greenhouse gas

emissions. By supporting organisations like Thanksgiver,

we help those in need while also protecting our planet.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.55

Sustainability performance Continued

Communities Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Repurposing crisp packets

into sleeping bags for

homeless people

As one of its sustainability and

community support projects for 2024,

our Chemicals & Pharmaceuticals (C&P)

team in Wilton, Teesside, UK, is supporting

an innovative initiative which sees empty

crisp packets turned into sleeping bags

for homeless people.

Crisp packets are waterproof and have insulating

properties, and by fusing 150 together you can create a

thermal sleeping bag capable of keeping a homeless person

dry and warm at night. Working with other businesses in

the area, our colleagues in Wilton have been collecting crisp

packets for Nite Light CIC, a charity which provides aid and

support to the most vulnerable people in Teesside. Several

members of the team have also been using their annual

volunteering days to help make the sleeping bags, which

are distributed at local free markets.

North-east England is one of the regions worst affected

by poverty in the UK, and the Redcar and Cleveland

borough, where our Wilton laboratory is located, is home

to a number of disadvantaged communities. By supporting

this important initiative, our team is enabling Nite Light CIC

to make an increasingly positive difference to the lives of

those in most need.

Joining national flood

relief efforts in Brazil

When heavy rains during April and May

2024 caused widespread flooding across

the Brazilian state of Rio Grande do Sul, the

impacts were devastating. Lives were lost,

hundreds of towns were submerged and

over 500,000 people were forced out of

their homes, which also threatened the

stability of the local economy.

As the country rallied in solidarity with those affected, our

branches in Osasco (Controle Analítico) and Barueri joined

forces with the national post office to offer essential

support. Our colleagues at both locations banded together

to collect non-perishable food, water, and clothing, which

the national post office delivered to those in need via boat.

In addition, our teams in Brazil set up a separate internal

taskforce to raise money for colleagues who had been

directly impacted by the floods.

At a time when many people had lost everything, initiatives

like these provided those affected with not just hope, but a

means of survival.

Collecting bottle caps

to fund cancer care

In Mexico, our colleagues have combined

social impact and environmental

responsibility by joining an innovative

initiative through which bottle caps

are collected to support young people

with cancer.

Banco de Tapitas is a non-profit organisation which

collects and recycles bottle caps to raise money for medical

treatment, medication and transport for cancer patients

under the age of 21. Given the initiative’s strong alignment

with our goals for making a positive impact on our local

communities and the environment, our Human Resources

team reached out to establish a partnership.

Despite only joining the initiative in August, the teams

across all 18 of our facilities in Mexico made a significant

effort to collect 206kg of bottle caps by the end of

November. Following the first delivery of bottle caps,

the collection was re-opened and continues as one

of our ongoing initiatives.

Intertek Group plc

Annual Report & Accounts 2024

2.56

Sustainability performance Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Responsible Business

To deliver long-term sustainable success,

we strive for the highest standards of

corporate governance, conduct and integrity.

Through our entrepreneurial culture and Values, we strive

to make the world better, safer and more sustainable.

Our responsible business practices – protecting human

rights, 'Doing Business the Right Way', ensuring data

privacy and good information governance, and operating

sustainable procurement practices – underpin our

focus areas and the commitments we have made.

Human rights

Respecting human rights is core to everything

we do and is supported through our Labour and

Human Rights policy, Code of Ethics and Sustainable

Procurement policy. Intertek’s policies and codes fully

respect the International Bill of Human Rights, the

International Labour Organization’s Declaration on

Fundamental Principles and Rights at Work, and the

UNICEF Children’s Rights and Business Principles.

We are committed to ensuring that our employees are

subject to fair working practices and are treated with

respect. We continually review our approach in this area

to reflect any legal developments, emerging issues and

changing societal expectations. Following our 2024

review, we revised our companywide Labour and Human

Rights policy and integrated it with our Modern Slavery

policy to simplify and clarify our approach in this area.

READ OUR LABOUR AND HUMAN RIGHTS POLICY AT

INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY

Some of the ways in which we work to promote

human rights within our business include:

• Working conditions: We comply with all applicable

labour and human rights laws and industry standards

on working hours, paid annual vacation, rest periods

and statutory minimum wages.

• Indigenous rights: We respect the rights of Indigenous

peoples. Our goal is to support our leaders, our people

and our communities to develop respectful relationships

and create meaningful opportunities for dialogue with

Indigenous people, where appropriate.

• Forced labour: We do not tolerate any form of forced

labour, child labour, slavery, human trafficking, physical

punishment or other abuse within our business or our

supply chain.

• Our Modern Slavery Act Statement outlines the steps

we are taking internally, in our supply chain and through

partnerships and advocacy to avert modern slavery

and human trafficking. The statement is available

on our website.

• Child labour: We do not employ people below the age of

15 or below the local minimum employment/mandatory

school age – whichever is higher and relevant to the

particular country. Where we provide apprenticeships for

young people, we put special protections in place and

ensure they are not exposed to hazardous work.

• Collective bargaining: We respect the rights of our

employees to form and join trade unions and take part

in collective bargaining where this is as per local law.

We also take care that employee representatives do not

suffer discrimination and that they have open access

to members in the workplace. We strictly adhere to tariff

structures and arrangements negotiated with trade

unions, and we also inform and consult employees on

relevant business activities. For example, we respect

statutory minimum notice periods and give reasonable

notice of any significant operational changes in line

with local practices and labour markets. Our affiliates’

communication and consultation processes are tailored

to local needs.

We are

uncompromising

on quality and

compliance

In action

Intertek Group plc

Annual Report & Accounts 2024

2.57

Sustainability performance Continued

Responsible Business Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

'Doing Business the Right Way'

We continue to develop a best practice compliance

programme to ensure Intertek operates with the highest

standards of compliance and ethical business practices,

including through our supply chain partners.

We are committed to maintaining the total confidence of our

stakeholders. One of the Group’s primary business objectives is

to help our customers meet quality standards for virtually any

market in the world and protect them against risk by ensuring

compliance with local, national and international laws.

The accuracy and validity of the reports and certificates that we

provide are, therefore, important factors which contribute to our

success and integral to this work is ‘Doing Business the Right

Way’, our internal risk, control, compliance and quality programme.

Our compliance programme is designed to:

• give our people the processes, tools and training they

need to ensure a safe and inclusive environment;

• support the delivery of our services and the performance of

our contracts with integrity and in line with our commitment

to Total Quality;

• obtain the commitment of every colleague to the highest

standards of professional conduct; and

• deliver sustainable growth by managing our risks and

doing the right thing for the longer term.

Public policy

We interact with trade associations and governmental

authorities to provide input into industry and regulatory

improvements in product safety, quality and risk assurance.

In our interactions with governments, governmental authorities

and regulators we ensure that we comply fully with all laws

and regulations.

Ethics, integrity and professional conduct

Our commitment to the highest standards of integrity and

professional ethics is embedded in the Group’s culture through

the principles set out in our Code of Ethics ('Code'). The Code

sets a clear expectation that people working for our business

must act at all times with integrity and in an open, honest,

ethical and socially responsible manner.

The Code also covers anti-bribery, anti-competitive practices,

and labour and human rights.

The Board, as a whole, oversees the implementation of human

rights commitments and supports human rights as defined in

the Code.

We have a culture in which all issues relevant to our professional

conduct and the Code can be raised and discussed openly

without recrimination. We operate a strict zero-tolerance policy

regarding any breach of our Code and any behaviour that fails

to meet our expected standards.

To support the implementation of our Code in our day-to-day

business activities, all people working for, or on behalf of, Intertek

are required to sign a declaration of compliance with the Code.

This confirms their acceptance of the high standards expected

of them in all business dealings.

Intertek employees and people acting on Intertek’s behalf

are responsible for applying the Code in their own job role,

their part of the business and their location.

Every year, to support continued understanding in this area,

all eligible employees are required to complete our Code of Ethics

training course. This training covers such subjects as integrity

issues, including human rights, bribery, corruption, non-

discrimination and employee relations, and other important

subjects relating to ‘Doing Business the Right Way’, such as data

security and operational controls. The Code also contains clear

guidance on the grievance mechanisms and whistleblowing

procedures that we have in place to report known or suspected

wrongdoing or non-compliance. Once completed, all employees

are required to sign a document confirming their understanding

that any breaches of the Code will result in disciplinary action

that may include summary dismissal of the employee concerned.

100.0%

Eligible employees (rounded to the nearest 0.1%)

who completed our Code of Ethics training in 2024

New legal, risk and compliance

tool for employees

To provide colleagues with additional

support in 'Doing Business the Right Way'

and to ensure consistently high standards

across the company, our Legal, Risk &

Compliance team launched an online

‘Ask A Question’ tool in 2024.

This powerful new tool enables employees to categorise

their questions by region and nature and to send these

queries directly to the relevant team member in just a few

clicks. Through increased efficiency and accessibility, the

tool has transformed the way our employees gain essential

knowledge and receive guidance, helping us to continue

to effectively safeguard Intertek and all our stakeholders.

In action

Intertek Group plc

Annual Report & Accounts 2024

2.58

Sustainability performance Continued

Responsible Business Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Whistleblowing hotline

To empower our people and stakeholders to voice any concerns

about breaches of the Code or any of our other policies (including

our Labour and Human Rights policy), we have a well-publicised

hotline which can be used by all employees, contractors and

others representing Intertek, or by third parties such as our

customers or people who are affected by our operations.

This whistleblowing hotline is run by an independent, external

provider. It is multi-language and is accessible by phone and

by email 24 hours a day.

Those who are aware of any non-compliances with our

policies and procedures are encouraged to report that conduct,

non-compliance, or integrity or ethical concern using the

hotline. Information posters are present in all of our sites.

Once a report is made to the hotline, it is triaged through

the system and will be followed up by the relevant function,

depending upon the nature of the allegation of non-compliance

made. Our Group Compliance function, which is independent of our

operational businesses and reports directly to our Group General

Counsel, investigates, as appropriate, all reports received relating

to integrity issues and other compliance matters. Provided there

is no conflict of interest, all reports of integrity and compliance

matters are also notified to our Group Ethics & Risk Committees,

which consist of our CEO, CFO, EVP – Human Resources and Group

General Counsel. This reporting line promotes effective oversight

of the resolution of individual issues, and also of any systemic or

process improvements that can be made to address them.

During 2024, there were 127 reports of non-compliance

with the Code made to our hotline. Of those reports, 29 were

substantiated or partially substantiated and required remedial

action. Of those substantiated claims:

• there were no substantiated grievances relating to human

rights, labour practices or societal impact breaches;

• there were no environmental incidents;

• there were no anti-trust incidents;

• there were no violations of the rights of Indigenous people; and

• there were no cases of discrimination.

Four confirmed incidents were identified through our hotline

where employees were disciplined or dismissed due to

non-compliance with our anti-corruption policy.

Sustainable procurement

We are deeply committed to operating with integrity by ‘Doing

Business the Right Way’ and to pursuing our corporate social

responsibility activities through living our strong Values.

Our suppliers have an important part to play in contributing

to our sustainability. To ensure that both our employees and our

suppliers are fully aligned to our ethical and sustainable supply

chain approach, we keep our Sustainable Procurement policy and

Supplier Code of Conduct under ongoing review and update them

as appropriate.

READ OUR SUSTAINABLE PROCUREMENT POLICY

AT INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY

Our sourcing approach

We work with thousands of suppliers around the world. We

expect all suppliers to meet the same internationally recognised

human rights, environmental and quality standards that we

expect of our own businesses. These include meeting local

legislative requirements but also all applicable international

requirements for workers’ welfare and conditions of

employment, such as those set by the International Labour

Organization (‘ILO’) and the Ethical Trading Initiative.

Large global suppliers offer stability in terms of financial

resilience, delivery capacity and pricing structures, potentially

coupled with better pricing and improved margins. However,

our supply chain is quite diverse and geographically dispersed,

and our procurement teams need to find regional and local

suppliers. Through structured sourcing processes, we select the

best option for us while continuing to support local suppliers who

meet our business and sustainability requirements. Selecting

regional and local suppliers, where appropriate, demonstrates our

commitment to supporting the communities in which we operate.

Evaluation of suppliers

Our corporate procedures govern our purchasing and evaluation

of vendors and sub-contractors supplying Intertek with goods

and services.

Approval and evaluation may be based on quality, health

and safety, environmental performance and delivery factors.

Performance is also measured, recorded and benchmarked

against established objectives as part of our disciplined

performance management principles.

In our procurement choices we are working to achieve our

SBTi-validated near-term target of ensuring that 70% of our

key supply chain partners have set their own science-based

climate targets by 2027.

New risk committee structure

In a dynamic and constantly changing

world, our products and services are

always evolving to meet the needs of

our stakeholders. This means that we

are continuously reviewing and refreshing

our approach to 'Doing Business the Right

Way' – our internal risk, control, compliance

and quality programme.

Through our integrated approach to risk management,

we have regional, divisional and functional committees

reporting to a Group Risk Committee, which manages,

assesses and promotes the continuous improvement of

our risk management, controls and assurance systems.

Having adjusted our business model to report revenue,

operating profit and margin across five divisions in 2023,

we aligned our risk committee governance structure to

support risk management in these divisions during 2024.

As we have welcomed many new colleagues since the

launch of 'Doing Business the Right Way' in 2017, we also

took the opportunity to refresh and set expectations for

all risk committee members around the world. This included

training on our processes and further reviews of global

risk committee membership to ensure the right balance

of functional, divisional, location and skill representation.

In action

2.59

Intertek Group plc

Annual Report & Accounts 2024

Sustainability performance Continued

Responsible Business Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Enterprise security

At Intertek we have adopted a risk-based cyber security

framework, based on international best practice, the US National

Institute of Standards and Technology ('NIST') Cybersecurity

Framework. Our framework guides clear policies, guidelines and

supporting controls. We continue to innovate, enhancing service

delivery and strengthening internal and external customer

relationships to protect customer, employee and Intertek data.

There is regular reporting on progress of the security programmes

to governance and oversight committees by our dedicated

President, Information Security, who leads a global team.

We use a risk-based security framework model:

Our

risk-based

security

framework

Identify Protect

Data

protection

Detect

Recover Respond

Global data privacy training

As part of our commitment to security and

compliance, relevant employees across the

company were selected to complete a new

digital mandatory data protection training.

The training, assigned through our global learning

management system Lucie, was allocated to management-

level employees who potentially process personal data

in their roles. It was designed to enhance understanding

of the relevant data protection principles and to support

individual compliance with the regulations, which are critical

for protecting the personal and sensitive information of our

customers, colleagues and the business.

By ensuring that our employees receive this essential

training, we protect our data in line with our own high

standards for security and privacy, as well as meeting

the legal requirements on data protection.

Sustainability Disclosure Index

The 2024 Intertek Sustainability Disclosure Index

is complementary to our published reports and sets

out how our latest disclosures map to our own Total

Sustainability Assurance standards, the Global

Reporting Initiative (‘GRI’) and applicable Sustainability

Accounting Standards Board (‘SASB’) requirements.

INTERTEK.COM/ABOUT/OUR-RESPONSIBILITY

MORE INFORMATION ON HOW SUSTAINABILITY

IS GOVERNED AT INTERTEK CAN BE FOUND WITHIN

OUR DIRECTORS’ REPORT ON PAGE 2.60

Detect

We define the appropriate activities for the timely discovery

of the occurrence of security events. We monitor continuously

and verify the effectiveness of protective measures.

Respond

We ensure response planning processes are executed before,

during and after an incident, so that we take appropriate

action regarding situations and contain their impact. We also

implement improvements, by incorporating lessons learned

from current and previous detection/response activities.

Recover

We undertake appropriate activities to maintain plans for resilience

and to restore any capabilities or services that were impaired due

to an incident. Our recovery function ensures timely recovery

to normal operations to reduce the impact from an incident.

Data protection

We believe that all our people and our customers have the

right to privacy. To uphold this, we have implemented practices

that align with the standards required to meet applicable data

protection regulations across our markets and operations

where personal data is processed. We have established policies

mapped to the General Data Protection Regulation ('GDPR') to

ensure that personal data is handled in accordance with data

protection principles. Local adaptations of these practices

are made where legally required or deemed appropriate.

Identify

We develop a clear organisational understanding

of risks to our systems, people and data, enabling

us to prioritise efforts that are consistent with our

risk management strategy and business needs.

Protect

We put in place appropriate safeguards to ensure

delivery of critical services, including access control,

staff awareness and training, and data security.

These safeguards support our ability to limit

or contain the impact of potential events.

Our

risk-based

security

framework

Identify Protect

Data

protection

Detect

Recover Respond

Govern

Intertek Group plc

Annual Report & Accounts 2024

2.60

3: Financial Report2: Sustainability Report1: Strategic Report

Governance at a glance

Governance structure

Chair's introduction

Board of Directors

Group Executive Committee

Board leadership and company purpose

Composition, succession and evaluation

Audit, risk and internal control

Committee reports

Other Disclosures

Statement of Directors Responsibilities

Nomination Committee Report

Audit Committee Report

Remuneration Committee Report

Compliance with the UK Corporate

Governance Code

The Directors present their report and the audited consolidated

financial statements for the year ended 31 December 2024 in

Report 2 and Report 3.

Directors' report

Board promise

We recognise our responsibility to all

stakeholders and will strive to ask the

questions that matter and make the

right decisions.

We will be forward looking and use our

diverse perspectives and insights to promote

Intertek’s Purpose of bringing quality, safety

and sustainability to life.

We will inspire our people to take client

relationships and our performance to

greater heights and to create sustainable

growth for all.

Andrew Martin

Chair of the Board and

Nomination Committee Chair

Graham Allan

Senior Independent Director and

Remuneration Committee Chair

Jean-Michel Valette

Non-Executive Director and

Audit Committee Chair

Governance highlights

Returns to shareholders

Dividend

156.5p Ordinary dividend per share for the financial

year ended 31 December 2024 including interim and

final dividend.

Share buyback

Initial £350 million share buyback to be completed

during 2025.

Progressed Board succession

Approved the appointment of a new Non-Executive

Director.

Acquisition

Focused on investing in growth through targeted

acquisition activity that will benefit customers

and shareholders.

2.62

2.64

2.66

2.69

2.70

2.78

2.81

2.127

2.131

2.82

2.86

2.94

2.61

Intertek Group plc

Annual Report & Accounts 2024

2.61

3: Financial Report1: Strategic Report 2: Sustainability Report

Our Non-Executive Directors have a

diverse skillset and background as shown

in the table above. This expertise

enables the Board to constructively

challenge management and encourages

diversity of thought in the decision

making process. For their full biographies

please see our website.

Compliance with the 2018

UK Corporate Governance

Code ('Code')

Governance at a glance

The Board believes in good corporate

governance through effective oversight,

including how the Company assures

stakeholders on performance delivery

and reports on its progress.

THE CODE IS AVAILABLE AT WWW.FRC.ORG.UK

The Board confirms that during 2024, the Company has

consistently applied all the principles and has complied

with all the provisions of the Code apart from Provision 38.

Provision 38 stipulates that the pension contribution rates

for Executive Directors should be aligned with that of the

workforce. The pension contribution for all new Executive

Directors appointed to the Board since 2018 has been aligned

with that of the workforce. For the CEO, from 1 June 2025,

the pension contribution will be aligned with the UK workforce.

More information on the engagement with shareholders on this

issue is outlined in the letter from the Chair of the Remuneration

Committee in the 2021 Annual Report & Accounts.

A more detailed explanation of our compliance with the Code can

also be found on our website at intertek.com. The information

required to be disclosed in accordance with DTR 7.2.6 can be

found in the Other Disclosures section on pages 2.127-2.130.

The Board remains dedicated to clear and honest reporting.

It has reviewed and is preparing for the changes to be introduced

by the 2024 UK Corporate Governance Code, which will begin

applying to Intertek from 1 January 2025. Where the Board

has taken steps to implement any provisions, this is indicated

throughout the report.

Board skills and experience

Board composition and diversity as of 31 December 2024

Male 64%

Female 36%

Board balance

by gender

Executive Directors 18%

Independent Non-Executive Directors 82%

Board balance by

independence

White 73%

Asian 27%

Ethnicity

0–3 years 37%

3–6 years 18%

6–9 years 36%

9+ years 9%

Board tenure

Geographical

heritage

Europe

46%

North America

18%

Australasia

South-East Asia

27%

Consulting

Finance

Customer service/Care

Sustainability

Previous/Current CEO

Risk management

International

UK Listed Company Director

People

Digital/Technology

UK Non-Executive Director experience

INTERTEK.COM/ABOUT/

EXECUTIVE-COMMITTEE

Intertek Group plc

Annual Report & Accounts 2024

2.62

3: Financial Report2: Sustainability Report1: Strategic Report

Governance structure

Our Board of Directors

See pages 2.66-2.68 for their biographies

Audit Committee

See page 2.86 for the Committee Report

Remuneration Committee

See page 2.94 for the Committee Report

Nomination Committee

See page 2.82 for the Committee Report

Sustainability GovernanceRisk Governance

Supporting Committees

The Group Executive Committee

operates a number of supporting

committees which provide oversight

on key business activities and risks.

Net Zero Steering

Committee

Regional management,

Net Zero Champions

and finance

Beyond Net Zero

Steering Committee

Regional Sustainability

Committees and Champions,

Regional HR and Marketing

Ethics and Compliance

Committee

Disclosure Committee

Group Investment

Committee

Group Risk

Committee

Regional, divisional and

functional risk committees

Business Lines

The Chief Executive Officer and the Group Executive Committee

See page 2.69 for the Group Executive Committee

The Board delegates specific

responsibilities, subject to certain

financial limits governed by the Core

Mandatory Controls, to management.

Intertek Group plc

Annual Report & Accounts 2024

2.63

Governance structure Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

The Board has the ultimate and collective responsibility to promote

the long-term sustainable success of the Company, ensuring that

value is created for shareholders and contributes to wider society

through its effective, entrepreneurial and innovative leadership. It

ensures that the necessary resources are in place for the Company

to meet its objectives and measure performance against them.

Our Board consistently acts with integrity, leads by example and

promotes the culture to ensure its dissemination throughout the

Company. It sets the strategic aims of the Company, its Purpose,

Customer Promise, Vision and Values in alignment with our culture

as outlined on pages 1.11 and 1.18-1.29 in Report 1.

The Board Committees are delegated a specific area of focus

by the Board.

Matters reserved for the Board and its Committees’

Terms of Reference can be found on our website at:

intertek.com/about/compliance-governance.

The Group Executive Committee establishes and

oversees the committees needed at Group and

business line level to effectively implement the

strategy and achieve its delivery. The responsibilities

of each committee are delineated through clear and

approved terms of reference.

Monitoring of delegated matters is governed by our

Core Mandatory Controls, an annually reviewed and

refreshed framework that allows the delivery of

strategic aims and financial performance whilst

enabling risk to be assessed and managed.

On executive matters, the CEO and CFO are

responsible for providing updates at each

Board meeting.

Ensures the Board and its Committees have the correct balance

of skills, experience and knowledge and that adequate and

orderly succession plans are in place.

Oversees the Group’s financial reporting, ensures the

effectiveness and independence of the external and internal

audit functions and reviews the Group’s financial internal

controls and risk management systems.

Establishes the Group’s Remuneration Policy and ensures that

it supports the strategy promoting the long-term sustainable

success of the Group and that there is a clear link between

performance, remuneration and alignment with our Purpose,

Vision, Values and strategy.

The CEO is responsible for:

• Proposing and agreeing the Group strategy with the Board.

• Leading the day-to-day operations of the Group in line with

the agreed strategy and commercial objectives.

• Promoting and conducting the affairs of the Company with

the highest standards of ethics, integrity, sustainability and

corporate governance.

The Group Executive Committee is responsible for:

• Supporting the CEO in the delivery of our AAA differentiated

growth strategy.

• Providing input into strategic and operational decisions aligned

to business priorities, and supporting the delivery of actions.

• Supporting the CEO in implementing decisions made by the Board.

Nomination

Committee

Audit

Committee

Remuneration

Committee

Chief

Executive

Officer

Group

Executive

Committee

Supporting

Committees

Our

Board of

Directors

Intertek Group plc

Annual Report & Accounts 2024

2.64

3: Financial Report2: Sustainability Report1: Strategic Report

Building a consistent

track record of

achievement for

all stakeholders.

Chair's introduction

We have increased our targeted dividend pay-out ratio to circa

65% of earnings, reflecting our financial position and the Board’s

confidence in our long-term growth prospects. In line with this

new dividend policy, the Board is proposing a final dividend of

102.6p, bringing the total pay-out to 156.5p for the full year.

With year-end net financial debt of £500m and leverage below

our target level and a highly cash generative business model,

in accordance with our capital allocation policy, we are pleased

to announce an initial £350m share buyback programme to be

completed during 2025. We will retain capacity for organic capex

and value accretive M&A and while leverage remains below the

bottom of our target range, we expect to announce annual

share buybacks.

Strategy and People

Our AAA differentiated growth strategy introduced in 2023

is progressing well, and the team's execution has been strong.

We believe this long-term strategy, extending out to 2030,

will unlock significant growth opportunities for our ATIC

solutions business.

Our people are our most important asset. It is their hard work,

expertise, and collaboration that are the key to our success.

We are keen to attract, retain, and develop the best talent

for the future. The Board fully supports investment in their

development and wellbeing to foster a high-performing,

purpose-driven, and inclusive culture.

We are committed to further diversity in our workforce, firmly

believing that different ways of thinking, knowledge and

backgrounds are key drivers of innovation and performance.

Investment and Innovation

The ongoing commitment to innovation ensures that we

remain at the forefront of our industry. Following CarbonClear

and CarbonZero in 2023, we launched Methane Clear in 2024

to monitor methane emissions; we agreed strategic partnerships

with Trace for Good to develop a traceability and sustainability

SaaS platform for complex supply chains, and with CrystecPharma

to develop a ‘fast to clinic’ platform to support pharmaceutical

client development of dry powder inhaler products. These are

just a few examples of the many excellent innovations across

the business.

On behalf of the Board,

I would like to thank our

colleagues across the

world for their continued

commitment to Total

Quality Assurance and to

‘Bringing quality, safety

and sustainability to life’."

Andrew Martin

Chair

Dear shareholder

I am pleased to report another year of progress and growth

that reflects our commitment to Total Quality Assurance. In

an uncertain and unpredictable world, we continue to build a

consistent track record of achievement for our stakeholders –

providing a rewarding environment for our people, delivering

outstanding client service, and creating value for shareholders.

Financial performance

This year we have concentrated on further strengthening our

operational and financial performance and are delighted with

the results. We achieved strong organic growth for the second

consecutive year, showcasing the resilience and adaptability

of our business model. We have benefitted from innovation

across the entire business, as well as the cumulative impact of

numerous projects driving operational leverage in the business.

Supported by continued high retention, a targeted restructuring

programme, and broad-based performance across all our

business lines, I am delighted that margins progressed to

effectively match the historic peak of 17.5% achieved in 2019.

Our focus on cash delivered an excellent outcome, and our

financial position remains robust. We are committed to our

clearly defined and disciplined approach to capital allocation.

The Board supports investment in the business, and we will

continue to fund innovation initiatives and value accretive M&A,

while recognising the importance of Return on Invested Capital,

which improved to 22.4% for the year.

Intertek Group plc

Annual Report & Accounts 2024

2.65

Chair's introduction Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

We have also been investing in new facilities to expand Caleb

Brett’s services, as well as for our Electrical and Chemicals &

Pharma businesses. Staying at the forefront of the industry,

Business Assurance now offers auditing and certification

services for the world’s first AI standard to enhance ethical

and responsible practices.

Last March, we acquired Base Met Labs, a provider of

metallurgical testing services for the Minerals sector,

strengthening our commitment to the mining industry.

Governance and the Board

The Board strives to operate with the highest governance

and ethical standards. These remain a cornerstone of Intertek.

We believe that maintaining this framework is critical for the

long-term sustainable success of the Company, generating value

for shareholders and contributing to society as a whole. We see

our role as supporting and constructively challenging executive

management as they execute our AAA strategy. We are keenly

aware that we remain accountable for governance, risk controls,

and oversight of operations, financial performance, and culture.

This year Gould Consulting carried out an external Board

performance review. Their evaluation concluded that the

Board and its Committees have clear and appropriate terms

of reference, policies, and processes and have the necessary

information, access to resources and sufficient time allocated

for discussions. The Board also has an appropriate balance of

skills, experience, and knowledge to encourage, challenge, and

debate. All this ensures that the Board operates effectively.

There has been one change to the Board during the year, with

Gill Rider retiring as a Non-Executive Director at the 2024 AGM

after serving for nine years. I would like to thank Gill for her

excellent contribution and dedication to the Company during her

tenure. On 24 December 2024, we were delighted to announce

that Steve Mogford would join the Board as a Non-Executive

Director on 1 January 2025. Steve brings a wide range of

valuable experience in both executive and non-executive

roles across a wide range of sectors.

I joined the Board of Intertek in May 2016 and have served

as Chair since January 2021. The Nomination Committee is

responsible for the appointment of my successor and while this

process is ongoing, I intend to stand for re-election at the AGM

in May 2025 to enable an appropriate transition to the next

Chair. I expect to have stepped down as Chair, and from the

Board, at or before the 2026 AGM.

Engagement

During 2024, the Board travelled to Perth, Western Australia

for a Board meeting and took the opportunity to visit the

Minerals Global Centre of Excellence and various client sites in

Port Hedland. Additionally, I visited Bogotá, Colombia and met

with several individual clients. These visits have been invaluable

in understanding the local dynamics, engaging with colleagues,

and learning about the business firsthand.

I also held meetings with a number of major shareholders

controlling approximately 20% of the Company where we

discussed governance and topical board matters ahead of the

AGM, and I received valuable feedback. This engagement is

important for ensuring transparency and aligning our strategic

direction with shareholder expectations.

MORE DETAILS ON OUR ENGAGEMENT WITH

SHAREHOLDERS CAN BE FOUND ON PAGE 2.77

Preparing for upcoming changes –

2024 Corporate Governance Code

With the new UK Corporate Governance Code taking effect from

2025 the Board is diligently preparing for its implementation,

and is committed to meeting the requirements within

the necessary timeframes. We will report on our implementation

progress in due course.

Summary

The year 2024 was another period of strong performance

for Intertek. Organic revenue growth was the highest for many

years, margins are at peak levels, free cash flow was excellent,

and we stepped up the dividend pay-out ratio and announced

our first share buyback programme.

On behalf of the Board, I would like to thank our colleagues

across the world for their continued commitment to Total Quality

Assurance and to ‘Bringing quality, safety and sustainability

to life’. Intertek is a great business with a clear strategy, global

presence, market-leading positions and capabilities, and strong

growth prospects. We look forward to sharing further successes

with you in the future.

Yours sincerely,

Andrew Martin

Chair

Intertek Group plc

Annual Report & Accounts 2024

2.66

3: Financial Report2: Sustainability Report1: Strategic Report

Committees:

Audit

Nomination

Remuneration

Committee Chair

Andrew Martin

Chair

André Lacroix

Chief Executive Officer

Colm Deasy

Chief Financial Officer

Graham Allan

Senior Independent Director

Gurnek Bains

Non-Executive Director

Lynda Clarizio

Non-Executive Director

Tamara Ingram OBE

Non-Executive Director

Jez Maiden

Non-Executive Director

Steve Mogford

Non-Executive Director

Appointed: to the Board in May 2016;

appointed Chair in January 2021

Tenure: 8.5 years

Appointed: to the Board in May 2015

Tenure: 9.5 years

Appointed: to the Board in March 2023

Tenure: 1.75 years

Appointed: to the Board in October 2017

Tenure: 7 years

Appointed: to the Board in July 2017

Tenure: 7.5 y ear s

Appointed: to the Board in March 2021

Tenure: 3.75 years

Appointed: to the Board in December 2020

Tenure: 4 years

Appointed: to the Board in May 2022

Tenure: 2.5 years

Appointed: to the Board in January 2025

Tenure: n/a

Skills and competencies:

Andrew is a qualified accountant and an

Associate of the Chartered Institute of

Taxation with wide-ranging experience and an

extensive financial background within large

international organisations, who provides

great strength and depth to the Intertek

Board. His experience as a Chair and as

Non-Executive Director assists in promoting

the long-term sustainable success of the

Company for stakeholders and generating

value for shareholders.

From 2012 to 2015, Andrew was Chief

Operating Officer for Compass Group plc having

previously been their Group Finance Director

from 2004 to 2012. Before joining Compass

Group, he held senior financial positions with

First Choice Holidays plc (now TUI Group), Forte

plc and Granada Group plc (now ITV plc) and

was a partner at Arthur Andersen.

Andrew has been a Non-Executive Director of

easyJet plc and a Non-Executive Director of the

John Lewis Partnership Board.

Skills and competencies:

André has an excellent track record of

delivering long-term growth strategies

and shareholder value globally across

diverse territories.

He has consistently succeeded in driving

growth and performance in his career and

has the requisite qualities to carry on leading

Intertek in its continued drive for long-term

sustainable value creation.

From 2005 to 2015, André was Group

CEO of Inchcape plc, during which time he

strengthened its position in the global

automotive market with a track record of

delivering double-digit earnings growth with

strong cash generation, and created significant

shareholder value as its market capitalisation

more than doubled during his tenure as CEO.

He was previously Chairman and Chief

Executive Officer of Euro Disney S.C.A.,

President of Burger King International

operations and the Senior Independent

Director of Reckitt Benckiser Group plc from

October 2008 to December 2018.

Skills and competencies:

Colm brings extensive knowledge and

understanding of the complexities of the

Intertek Group to his role on the Board.

He joined Intertek in 2016 as the Group

Treasurer and later Tax Director.

In 2019 he moved into the role of Regional

Managing Director for Asia Pacific before his

promotion as President Global Transportation

Technologies, Building & Construction and

People Assurance.

Prior to Intertek, Colm worked in banking

and insurance in EMEA, before coming to

the UK to take up senior roles in finance

and general management.

Skills and competencies:

Graham brings strong general management

experience, as well as extensive knowledge

of Asian and other international markets,

in consumer and retail businesses. This

background provides a strong complement

to the current skills on the Board. He also

has vast experience of operating at Board

level on a global scale. Graham was Group

Chief Executive of Dairy Farm International

Holdings Limited, an Asian retailer based in

Hong Kong, from 2012 to 2017 and President

and CEO of Yum Restaurants International (a

Division of Yum Brands) from 2003 to 2012.

In the latter role, he led the growth of global

brands KFC, Pizza Hut and Taco Bell across

most international markets. He had previously

worked at Yum Brands and PepsiCo in several

senior management positions since 1992.

Prior to joining PepsiCo, he worked as a

consultant at McKinsey & Co Inc.

He has also previously served as a Non-

Executive Director of Yonghui Superstores Co.

Ltd in China and a Commissioner of Hero Group,

a leading Indonesian retailer.

Skills and competencies:

Gurnek’s extensive experience, working with

senior leaders across a wide range of industries

internationally and his thought leadership on

culture and leadership development provides

an important voice in the discussions at Board

level, particularly with the Group People

Strategy being of such great importance to the

long-term sustainable success of the Company.

Gurnek was the co-founder of YSC Ltd,

a premier global business psychology

consultancy. He led the business as CEO

and Chair for 25 years, to a position of global

pre-eminence, and a client base comprising

over 40% of the FTSE 100. Gurnek has

worked extensively with multinational

organisations in the areas of culture change,

vision and values, executive coaching and

assessment, Board development and strategic

talent development.

Gurnek is Chair of Akram Khan Dance

Company and has a doctorate in psychology

from Oxford University.

Skills and competencies:

Lynda has over 20 years’ experience in the

media industry growing and scaling businesses

with a focus on data and technology to drive

transparency, accountability and improve

business performance. Lynda’s outstanding

leadership and significant experience in digital

measurement and broader technology provides

a strong addition to the skills on the Board.

Lynda is the Co-Founder and General Partner of

The 98, an early stage venture fund investing

in technology businesses led by women. Lynda

was President of U.S. Media at Nielsen Holdings

plc, a global measurement and data analytics

company. She has also held CEO, President and

other leadership positions at AppNexus, Inc.,

INVISION, Inc., AOL Inc. and Advertising.com.

She was previously a partner at the law

firm Arnold & Porter, where she practised

law until 1999.

Skills and competencies:

Tamara has had an extensive career

in advertising, marketing and digital

communication and has a deep understanding

of consumer brands and digital strategy. She

brings a strong track record of outstanding

leadership in global marketing services and

her experience of branding together with

her stakeholder management abilities bring

additional skills and expertise to the Board.

Tamara held leadership roles within WPP from

2002, and was the Global Chair of Wunderman

Thompson (a subsidiary of WPP plc). Her

executive experience includes senior roles at

Kantar Group, McCann Erickson and Saatchi &

Saatchi UK, where she held the roles of CEO

and Executive Chair. Tamara was previously a

Non-Executive Director of Sage Group plc and

Serco Group plc.

She is Chair of Asthma + Lung UK, Chair of The

10 Group , Chair of the Almedia Theatre Board

of Trustees and Deputy Chair of OfCom.

Skills and competencies:

Jez is an experienced international public

company CFO with a strong track record, who

has worked in a diverse range of industries

and sectors primarily manufacturing, service

and finance. In addition Jez has a strong

background as a Non-Executive Director.

Jez retired as Group Finance Director for Croda

International Plc, the FTSE100 global speciality

chemicals company, in March 2023 having been

in the role since 2015. Before he joined Croda

International plc, he had been the Group FD at

National Express Group, Northern Foods Plc

and Chief Financial Officer at British Vita Plc.

He was previously the Senior Independent

Director, Chair of the Audit Committee and a

member of the Nomination and Remuneration

Committees at Synthomer plc and Chair of the

Audit & Risk Committee and a member of the

Nomination and Remuneration Committees

at PZ Cussons plc.

Jez is a Fellow of the Chartered Institute

of Management Accountants.

Skills and competencies:

Steve brings extensive public markets

experience and a deep understanding

of long-term contracting, projects, and

regulation, which enhances the Board's

expertise in these areas. His significant

experience in the utilities and aerospace

industries, coupled with a firm commitment

to sustainability, is a valuable asset.

With a career spanning over four decades,

Steve brings extensive experience in senior

management roles to the Board. Most recently,

he was the Chief Executive Officer of United

Utilities Group PLC from 2011 until March

2023, leading the company through significant

growth. Prior to this, he spent 30 years at

BAE Systems plc, where he held various

senior positions, including Chief Operating

Officer and board member; he then served as

Chief Executive of Finmeccanica (now SELEX

Galileo), Italy's principal defence and security

company. Additionally, Steve has served as the

Senior Independent Non-Executive Director

of G4S plc.

Current principal external

appointments:

Non-Executive Chairman of Hays plc and

Chair of their Nomination Committee

(until 30 April 2025).

Current principal external

appointments:

None

Current principal external

appointments:

None

Current principal external

appointments:

Senior Independent Non-Executive Director

of InterContinental Hotels Group plc, Non-

Executive Director of Associated British Foods

plc, Americana Restaurants International plc

and a Director of Ikano Retail Pte Ltd (privately

owned). Chairman of Bata International

(privately owned) and adviser to Nando's Ltd.

Current principal external

appointments:

Managing Partner of Global Future Partnership

LLP and CEO of Nous Think Tank.

Current principal external

appointments:

Non-Executive Director of CDW Corporation,

Emerald Holding, Inc and Taboola.com Ltd (US

listed companies), and Simpli.fi Holdings, Inc.,

and Cambri Oy (both privately owned). Co-

Chair of Human Rights First (a non-profit

international human rights organisation).

Current principal external

appointments:

Non-Executive Director of Marsh & McLennan

Companies, Inc., Non-Executive Director of

Marks and Spencer Group plc, Chair of their ESG

Committee and a member of their Nomination

and Remuneration Committees and Non-

Executive Director of Reckitt Benckiser Group

plc and a member of their Audit Committee.

Current principal external

appointments:

Senior Independent Director of Travis Perkins

plc and sits on their Audit and Nomination

Committees; Non-Executive Director of Smith

& Nephew plc, Chair of their Audit Committee

and a member of their Remuneration

Committee; and Non-Executive Director of the

Centre for Process Innovation Ltd and Chair of

their Audit Committee.

Current principal external

appointments:

Senior Independent Director of QinetiQ Group

plc and a Non-Executive Director and member

of the Audit, Nomination and Remuneration

Committees of Costain Group plc.

(Tenure is given as at 31 December 2024)

Board of Directors

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Board of Directors Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Andrew Martin

Chair

André Lacroix

Chief Executive Officer

Colm Deasy

Chief Financial Officer

Graham Allan

Senior Independent Director

Gurnek Bains

Non-Executive Director

Lynda Clarizio

Non-Executive Director

Tamara Ingram OBE

Non-Executive Director

Jez Maiden

Non-Executive Director

Steve Mogford

Non-Executive Director

Appointed: to the Board in May 2016;

appointed Chair in January 2021

Tenure: 8.5 years

Appointed: to the Board in May 2015

Tenure: 9.5 years

Appointed: to the Board in March 2023

Tenure: 1.75 years

Appointed: to the Board in October 2017

Tenure: 7 years

Appointed: to the Board in July 2017

Tenure: 7.5 y ear s

Appointed: to the Board in March 2021

Tenure: 3.75 years

Appointed: to the Board in December 2020

Tenure: 4 years

Appointed: to the Board in May 2022

Tenure: 2.5 years

Appointed: to the Board in January 2025

Tenure: n/a

Skills and competencies:

Andrew is a qualified accountant and an

Associate of the Chartered Institute of

Taxation with wide-ranging experience and an

extensive financial background within large

international organisations, who provides

great strength and depth to the Intertek

Board. His experience as a Chair and as

Non-Executive Director assists in promoting

the long-term sustainable success of the

Company for stakeholders and generating

value for shareholders.

From 2012 to 2015, Andrew was Chief

Operating Officer for Compass Group plc having

previously been their Group Finance Director

from 2004 to 2012. Before joining Compass

Group, he held senior financial positions with

First Choice Holidays plc (now TUI Group), Forte

plc and Granada Group plc (now ITV plc) and

was a partner at Arthur Andersen.

Andrew has been a Non-Executive Director of

easyJet plc and a Non-Executive Director of the

John Lewis Partnership Board.

Skills and competencies:

André has an excellent track record of

delivering long-term growth strategies

and shareholder value globally across

diverse territories.

He has consistently succeeded in driving

growth and performance in his career and

has the requisite qualities to carry on leading

Intertek in its continued drive for long-term

sustainable value creation.

From 2005 to 2015, André was Group

CEO of Inchcape plc, during which time he

strengthened its position in the global

automotive market with a track record of

delivering double-digit earnings growth with

strong cash generation, and created significant

shareholder value as its market capitalisation

more than doubled during his tenure as CEO.

He was previously Chairman and Chief

Executive Officer of Euro Disney S.C.A.,

President of Burger King International

operations and the Senior Independent

Director of Reckitt Benckiser Group plc from

October 2008 to December 2018.

Skills and competencies:

Colm brings extensive knowledge and

understanding of the complexities of the

Intertek Group to his role on the Board.

He joined Intertek in 2016 as the Group

Treasurer and later Tax Director.

In 2019 he moved into the role of Regional

Managing Director for Asia Pacific before his

promotion as President Global Transportation

Technologies, Building & Construction and

People Assurance.

Prior to Intertek, Colm worked in banking

and insurance in EMEA, before coming to

the UK to take up senior roles in finance

and general management.

Skills and competencies:

Graham brings strong general management

experience, as well as extensive knowledge

of Asian and other international markets,

in consumer and retail businesses. This

background provides a strong complement

to the current skills on the Board. He also

has vast experience of operating at Board

level on a global scale. Graham was Group

Chief Executive of Dairy Farm International

Holdings Limited, an Asian retailer based in

Hong Kong, from 2012 to 2017 and President

and CEO of Yum Restaurants International (a

Division of Yum Brands) from 2003 to 2012.

In the latter role, he led the growth of global

brands KFC, Pizza Hut and Taco Bell across

most international markets. He had previously

worked at Yum Brands and PepsiCo in several

senior management positions since 1992.

Prior to joining PepsiCo, he worked as a

consultant at McKinsey & Co Inc.

He has also previously served as a Non-

Executive Director of Yonghui Superstores Co.

Ltd in China and a Commissioner of Hero Group,

a leading Indonesian retailer.

Skills and competencies:

Gurnek’s extensive experience, working with

senior leaders across a wide range of industries

internationally and his thought leadership on

culture and leadership development provides

an important voice in the discussions at Board

level, particularly with the Group People

Strategy being of such great importance to the

long-term sustainable success of the Company.

Gurnek was the co-founder of YSC Ltd,

a premier global business psychology

consultancy. He led the business as CEO

and Chair for 25 years, to a position of global

pre-eminence, and a client base comprising

over 40% of the FTSE 100. Gurnek has

worked extensively with multinational

organisations in the areas of culture change,

vision and values, executive coaching and

assessment, Board development and strategic

talent development.

Gurnek is Chair of Akram Khan Dance

Company and has a doctorate in psychology

from Oxford University.

Skills and competencies:

Lynda has over 20 years’ experience in the

media industry growing and scaling businesses

with a focus on data and technology to drive

transparency, accountability and improve

business performance. Lynda’s outstanding

leadership and significant experience in digital

measurement and broader technology provides

a strong addition to the skills on the Board.

Lynda is the Co-Founder and General Partner of

The 98, an early stage venture fund investing

in technology businesses led by women. Lynda

was President of U.S. Media at Nielsen Holdings

plc, a global measurement and data analytics

company. She has also held CEO, President and

other leadership positions at AppNexus, Inc.,

INVISION, Inc., AOL Inc. and Advertising.com.

She was previously a partner at the law

firm Arnold & Porter, where she practised

law until 1999.

Skills and competencies:

Tamara has had an extensive career

in advertising, marketing and digital

communication and has a deep understanding

of consumer brands and digital strategy. She

brings a strong track record of outstanding

leadership in global marketing services and

her experience of branding together with

her stakeholder management abilities bring

additional skills and expertise to the Board.

Tamara held leadership roles within WPP from

2002, and was the Global Chair of Wunderman

Thompson (a subsidiary of WPP plc). Her

executive experience includes senior roles at

Kantar Group, McCann Erickson and Saatchi &

Saatchi UK, where she held the roles of CEO

and Executive Chair. Tamara was previously a

Non-Executive Director of Sage Group plc and

Serco Group plc.

She is Chair of Asthma + Lung UK, Chair of The

10 Group , Chair of the Almedia Theatre Board

of Trustees and Deputy Chair of OfCom.

Skills and competencies:

Jez is an experienced international public

company CFO with a strong track record, who

has worked in a diverse range of industries

and sectors primarily manufacturing, service

and finance. In addition Jez has a strong

background as a Non-Executive Director.

Jez retired as Group Finance Director for Croda

International Plc, the FTSE100 global speciality

chemicals company, in March 2023 having been

in the role since 2015. Before he joined Croda

International plc, he had been the Group FD at

National Express Group, Northern Foods Plc

and Chief Financial Officer at British Vita Plc.

He was previously the Senior Independent

Director, Chair of the Audit Committee and a

member of the Nomination and Remuneration

Committees at Synthomer plc and Chair of the

Audit & Risk Committee and a member of the

Nomination and Remuneration Committees

at PZ Cussons plc.

Jez is a Fellow of the Chartered Institute

of Management Accountants.

Skills and competencies:

Steve brings extensive public markets

experience and a deep understanding

of long-term contracting, projects, and

regulation, which enhances the Board's

expertise in these areas. His significant

experience in the utilities and aerospace

industries, coupled with a firm commitment

to sustainability, is a valuable asset.

With a career spanning over four decades,

Steve brings extensive experience in senior

management roles to the Board. Most recently,

he was the Chief Executive Officer of United

Utilities Group PLC from 2011 until March

2023, leading the company through significant

growth. Prior to this, he spent 30 years at

BAE Systems plc, where he held various

senior positions, including Chief Operating

Officer and board member; he then served as

Chief Executive of Finmeccanica (now SELEX

Galileo), Italy's principal defence and security

company. Additionally, Steve has served as the

Senior Independent Non-Executive Director

of G4S plc.

Current principal external

appointments:

Non-Executive Chairman of Hays plc and

Chair of their Nomination Committee

(until 30 April 2025).

Current principal external

appointments:

None

Current principal external

appointments:

None

Current principal external

appointments:

Senior Independent Non-Executive Director

of InterContinental Hotels Group plc, Non-

Executive Director of Associated British Foods

plc, Americana Restaurants International plc

and a Director of Ikano Retail Pte Ltd (privately

owned). Chairman of Bata International

(privately owned) and adviser to Nando's Ltd.

Current principal external

appointments:

Managing Partner of Global Future Partnership

LLP and CEO of Nous Think Tank.

Current principal external

appointments:

Non-Executive Director of CDW Corporation,

Emerald Holding, Inc and Taboola.com Ltd (US

listed companies), and Simpli.fi Holdings, Inc.,

and Cambri Oy (both privately owned). Co-

Chair of Human Rights First (a non-profit

international human rights organisation).

Current principal external

appointments:

Non-Executive Director of Marsh & McLennan

Companies, Inc., Non-Executive Director of

Marks and Spencer Group plc, Chair of their ESG

Committee and a member of their Nomination

and Remuneration Committees and Non-

Executive Director of Reckitt Benckiser Group

plc and a member of their Audit Committee.

Current principal external

appointments:

Senior Independent Director of Travis Perkins

plc and sits on their Audit and Nomination

Committees; Non-Executive Director of Smith

& Nephew plc, Chair of their Audit Committee

and a member of their Remuneration

Committee; and Non-Executive Director of the

Centre for Process Innovation Ltd and Chair of

their Audit Committee.

Current principal external

appointments:

Senior Independent Director of QinetiQ Group

plc and a Non-Executive Director and member

of the Audit, Nomination and Remuneration

Committees of Costain Group plc.

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Kawal Preet

Non-Executive Director

Apurvi Sheth

Non-Executive Director

Jean-Michel Valette

Non-Executive Director

Appointed: to the Board in December 2022

Tenure: 2 years

Appointed: to the Board in September 2023

Tenure: 1.25 years

Appointed: to the Board in July 2017

Tenure: 7.5 y ear s

Skills and competencies:

Kawal is an accomplished senior executive

with extensive experience of cross-functional

leadership responsibilities in the fast-paced

and dynamic express transportation and airline

industry and supply chains. Her experience of the

Asian, Middle East and African market provides a

strong addition to the skills on the Intertek Board.

After a career of over 25 years at FedEx

Express in various roles spanning service quality

assurance, ground operations, and planning and

engineering for the air and ground network,

Kawal is currently Regional President of the Asia

Pacific region for FedEx, a position she has held

since June 2024, having previously been the

President, Asia Pacific, Middle East and Africa.

In this role, she has responsibility for leading the

Asia Pacific region with a team of almost 30,000

employees. After working for Tata Motors as a

Graduate Engineer Trainee in India, Kawal joined

FedEx Express as an Associate Engineer in

Singapore. Kawal was previously a Non-Executive

Director of Asia Airfreight Terminal Co. Ltd, from

2016 to 2020. Kawal has a degree in Electrical

Engineering and an MBA.

Skills and competencies:

Apurvi has extensive executive experience

spanning over three decades across numerous

well-known international consumer brands in

the food and beverage industry. Most recently

she was the Managing Director, Southeast Asia

at Diageo plc. Having spent the majority of her

career in Asia and India, Apurvi brings her deep

consumer experience across diverse markets

including China, Japan, Australia, SEA and India

to the Intertek Board.

Apurvi has also served as Marketing Director

South East Asia at PepsiCo International,

Marketing Director of India at Coca-Cola in India

and held various roles at Nestle SA in India.

She also previously served as a Non-Executive

Director of Heineken Malaysia BHD.

Skills and competencies:

Jean-Michel brings strong US and global

management experience, especially in

consumer and luxury goods companies,

which broadens the international and customer

knowledge on the Board. Jean-Michel’s wealth

of knowledge of the US markets, especially

from a customer perspective, is an asset to

the Board.

Jean-Michel has more than 30 years’

experience in management, US public company

corporate governance, strategic planning

and finance. Previously he was Chair of Sleep

Number Corporation and Chairman of Peet’s

Coffee and Tea, Inc., a US beverage company

which was then listed. He was also Managing

Director at the Robert Mondavi Winery before

becoming Chair. In his earlier career, Jean-Michel

was President and CEO of Franciscan Estates,

Inc., a premium wine company.

He currently serves as an independent

adviser in the US to select branded consumer

companies.

He has an MBA from Harvard Business School.

Current principal external

appointments:

President of the Asia Pacific region for FedEx

and US-ASEAN Business Council and Junior

Achievement, Asia Pacific.

Current principal external

appointments:

Strategic Advisor to various companies in

Southeast Asia and India, across a wide range

of sectors including food and beverage, retail

and technology. Non-Executive Director

of SSP Group plc and a member of their

Remuneration and Nomination Committees.

Current principal external

appointments:

Director and Audit Committee Chair of The

Boston Beer Company; Chairman of Huneeus

Vintners and Chairman of DripDrop Hydration

Inc. (Both private US companies).

Division of responsibilities

Our Directors share collective responsibility for the

activities of the Board. There is a clear division of

responsibilities between the Chair and the CEO as

required under the Code.

Our Independent Non-Executive Directors play a vital

role in ensuring good governance and accountability.

The responsibilities of the Chair, CEO, CFO and Senior

Independent Director and other key roles, along with the

matters reserved to the Board, are set out on our website.

Other Directors on the Board during the year

Gill Rider ceased to be a Non-Executive Director following

the AGM on 24 May 2024, having joined the Board in 2015.

Ida Woodger

Group Company Secretary

Ida was appointed as Group Company Secretary on

31 March 2023, having previously held the position of

Head of Sustainability. Ida provides advice and support to

the Board, its Committees and the Chair, and is responsible

for corporate governance across the Group.

Ida is an Associate of the Chartered Governance Institute

UK and Ireland.

The appointment and removal of the Company Secretary

is a matter for the Board.

AAR

INTERTEK.COM/INVESTORS/CORPORATE-GOVERNANCE/

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3: Financial Report1: Strategic Report 2: Sustainability Report

Laura Atherton

Group General Counsel

and Head of Risk and

Compliance

Ayush Dhital

Regional Managing

Director Asia Pacific

Alexandra Berger

Senior Vice President

Chief Marketing &

Communications Officer

John Fowler

Senior Vice President

Minerals and E&P

Laura Crespi

Group Financial Controller

Ian Galloway

Executive Vice

President, Caleb Brett

Sandeep Das

CEO Greater China

and President Global

Softlines and Hardlines

Tony George

Executive Vice President,

Human Resources

Marie Giannini

Vice President

Communications and

Head of Sustainability

Bertrand Mallet

Executive Vice President,

Industry Services

Ross McCluskey

Executive Vice President,

Europe, Middle East

and Africa and GTS

Ajay Kapoor

Regional Managing

Director South Asia

Saranpal Rai

President Electrical,

Connected World

and Transportation

Technologies

Julia Thomas

Senior Vice President

Corporate Development

Group

Mark Thomas

Executive Vice President,

Global Sustainability,

Assurance, Agri World

and Food

Carlos Velasco

President Latin America

and Global Building and

Construction

Biographies for members of the

Group Executive Committee are

available on our website:

INTERTEK.COM/ABOUT/

EXECUTIVE-COMMITTEE/

André Lacroix

Chief Executive Officer

Colm Deasy

Chief Financial Officer

Group Executive Committee

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Effective and

entrepreneurial board

Board leadership and company purpose

The Intertek value proposition and Purpose

Intertek’s story has always been about innovation. In 1885 we began testing and

certifying grain cargoes before they were put to sea, and in 1888 we pioneered the

idea of independent testing laboratories. Then in 1896, the greatest inventor of

them all became part of our story. When Thomas Edison released the wonders of

electricity and the light bulb he wanted to ensure that his products were checked,

tested and safe. He established the Lamp Testing Bureau, later to become the

Electrical Testing Laboratories.

Today, our superior customer service is based on our Science-based Customer

Excellence approach which we have built up over many years. This is based on

three essential components: our science-based technical expertise, our continuous

improvement and our innovation.

The foundations and aspirations of our business remain true to those established

by our visionary founders, and their innovation and energy continue to be our

inspiration. Our passion and entrepreneurial culture will ensure that we deliver

for our customers in quality, safety and sustainability – today and in the future.

The Board, with the Executive Committee, sets the corporate culture that defines

our Purpose and establishes an environment where values are appreciated

and respected, encouraging all of our people to ‘Do Business the Right Way’.

Our culture and Values have been, and remain, the core foundations of Intertek.

Our 10X culture is one of entrepreneurial spirit and high performance,

and our people are excited about the opportunities ahead.

100%

Board meeting attendance

(2023: 100%)

Board members

Scheduled

meetings

eligible to

attend

Meetings

attended

Andrew Martin Chair 5 5

André Lacroix Chief Executive Officer 5 5

Colm Deasy Chief Financial Officer 5 5

Graham Allan Senior Independent Non-Executive Director 5 5

Gurnek Bains Non-Executive Director 5 5

Lynda Clarizio Non-Executive Director 5 5

Tamara Ingram Non-Executive Director 5 5

Jez Maiden Non-Executive Director 5 5

Kawal Preet Non-Executive Director 5 5

Gill Rider Non-Executive Director

2 2

Apurvi Sheth Non-Executive Director 5 5

Jean-Michel Valette Non-Executive Director 5 5

1. The Group Company Secretary is Secretary to the Board and she attends all meetings and provides advice, guidance and support as required.

2. Stepped down from the Board on 24 May 2024.

In addition, after every scheduled Board meeting the Chair and the Non-Executive Directors meet without management present.

Board members and meeting attendance during the year to 31 December 2024

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Board leadership and company purpose Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Directors’ conflicts of interest

The Board operates a policy to identify, authorise and manage any

conflicts of interest to assist Directors in complying with their duty

to avoid actual or potential conflicts. The Directors are advised of

the process upon appointment and receive an annual refresher.

Whenever any Director considers that they are, or may be,

interested in any contract or arrangement to which the Company

is, or may be, a party, the Director gives due notice to the Board

in accordance with the Companies Act 2006 and the Articles.

The Conflicts of Interest Register is maintained by the Group

Company Secretary and the Board undertakes an annual

review of each Director’s interests, if any, including outside

the Company. Any conflicts of interest are reviewed when

a new Director is appointed, or if and when a new potential

conflict arises. A formal process is also in place for managing

such conflicts to ensure no conflicted Director is involved in

any decision related to their conflict and, during the year,

this process operated effectively.

Our culture

Our success is based on a culture of trust amongst our

colleagues, globally. To support and ensure this trust,

we continuously monitor and develop further insights

into the culture operating within the business.

The Board considered the revised provisions in the 2024

Corporate Governance Code as they relate to the assessment

and monitoring of culture and how it has been embedded. We

will report further on our implementation progress in due course.

The way in which our people combine passion and innovation

with customer commitment to create a single unbeatable asset

sets us apart and is a vital element of our entrepreneurial,

customer-centric culture. We aim to ensure our strategy and

culture provide our people with the platform to grow their

careers and contribute to our Purpose of enhancing quality,

safety, and sustainability for a better world.

READ MORE ABOUT HOW THE BOARD ASSESS

AND MONITORS CULTURE ON PAGE 2.74

Role of the Board

The governance of Intertek is the responsibility of the Board,

with the support of the Group Company Secretary, and provides

the framework of authority and accountability that operates

throughout the Company to ensure the needs of all stakeholders

are considered and met. Good governance requires the Board

to lead, guide and support the business in its quest to create

sustainable long-term value for the mutual benefits of our

shareholder, customers, employees and the communities in

which we operate. We all have differing skills, a wide range of

diverse experience and extensive knowledge built up over time

in our professional careers, which enables the Board to fully

understand the strategic business drivers of Intertek, but also

the risks and exposures associated with the multiple sectors

and regions in which the Company operates.

We have a clear division of responsibilities between the

roles of the Chair and the Chief Executive. To discharge their

responsibilities effectively, the Chair and Chief Executive

maintain regular dialogue outside the boardroom, to ensure

an effective flow of information. The Non-Executive Directors

have formal as well as informal contact with senior leadership.

Contact with the wider business is encouraged to develop a

deeper understanding of the Group’s operations and this

engagement is welcomed.

A formal and rigorous review of the effectiveness and

performance of the Board is undertaken annually and conducted

according to the guidance set out in the Code. In 2024, the Chair

commissioned an externally facilitated performance review. You

can read more on pages 2.78-2.80.

Where Directors have concerns about the operation of the Board

or the management of the Company that cannot be resolved,

the minutes will reflect this. No such concerns were raised during

the year.

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Board leadership and company purpose Continued

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The following pages give an insight into how we, as a

Board, use our meetings as a mechanism for discharging

our responsibilities, including how the consideration of

stakeholders is embedded into our workings as a Board

and the range of matters we considered and discussed

throughout the year.

Each Board meeting follows a carefully structured agenda

agreed in advance by the Chair, CEO and Group Company

Secretary; this ensures that proper oversight of key areas of

responsibility are scheduled regularly, and that adequate time

is available for the Board to fully consider strategic matters.

The Board and its Committees understand the strategic

significance of stakeholders in our business. The Directors take

into account the interests of colleagues and the need to foster

relationships with other key stakeholders in making decisions.

We acknowledge that our decisions might not necessarily result

in a positive outcome for all our stakeholders and so the Board

has to balance conflicting interests in arriving at its decisions.

While the Board engages directly with stakeholders on some

issues, the size and complexity of the Group and our stakeholder

groups means that engagement often happens below Board

level. However, the Board considers information from across the

organisation to help it understand how our operations affect our

stakeholders’ interests and views.

Section 172 statement

In their discussions and decisions during the year, the Board of

Directors have acted in the way that they consider, in good faith,

would be most likely to promote the success of the Group for the

benefit of its members as a whole (having regard to stakeholders

and the matters set out in sub-sections 172(1) (a)–(f) of the

2006 Act).

Details of how the Board have engaged with colleagues during

the year, and how they have had regard to their interests and the

need to foster business relationships with other stakeholder

groups, is set out on the following pages together with the

Board’s principal decisions.

Board activity in focus

Strategy and

performance

The Board clearly understand the

responsibility to deliver long-term

sustainable success and returns for

shareholders, underpinned by the

highest standard of corporate

governance, conduct and integrity.

We collectively review, discuss and

annually agree the Group’s strategy.

Our people are truly amazing.

To support and ensure our success

is based on our culture of trust, we

continuously monitor and develop

further insights into the culture

operating within the business.

People

and culture

Our people are key to Intertek’s

success and they are always

considered as part of the Board’s

discussions and decision making.

Workforce

engagement

Sustainability is central to everything

we do at Intertek and as a purpose-led

Company, it is anchored in our Purpose,

Vision and Values. The Board, as part of

its overall stewardship of the Company,

oversees the Group's sustainability and

corporate responsibility.

Sustainability

The desirability of the Company

maintaining a reputation for high

standards of business conduct, the

accuracy and validity of reports and

certiﬁcates that we provide, maintaining

the trust and conﬁdence of our

customers, their customers and others

impacted by our work, are important

factors which contribute to our success.

Customer

engagement

The Board is committed to maintaining

an active and open dialogue with

investors and sees this as an important

part of the governance process.

Investor and

shareholder

engagement

MORE DETAILS ON PAGE 2.73

MORE DETAILS ON PAGE 2.75

MORE DETAILS ON PAGE 2.76

MORE DETAILS ON PAGE 2.74

MORE DETAILS ON PAGE 2.76

MORE DETAILS ON PAGE 2.77

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Board leadership and company purpose Continued

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We, as a Board, clearly understand our responsibility to

deliver long-term sustainable success and returns for our

shareholders, underpinned by the highest standard of

corporate governance, conduct and integrity. We collectively

review, discuss and annually agree the Group’s strategy.

The Intertek Amazing ATIC Advantage (‘AAA’) differentiated

growth strategy was launched to accelerate our growth by

seizing the high demand for our ATIC solutions.

Strategic planning discussions are supported by our Purpose

to bring quality, safety and sustainability to life, and to make

the world a better, safer and more sustainable place whilst

looking at the long-term structural drivers and the emerging

trends shaping the future of the world, to ensure that the

business continues to evolve to meet the changing needs of

all stakeholders. Our AAA strategy and goals are outlined on

page 1.11 in Report 1.

Activities of the Board

During the year, the Board monitors and reviews the

performance of the business to ensure that the strategic

objectives are being met. This is an ongoing process which

is reviewed annually by the Board and involves a thorough

review of the progress being made on the implementation

of the strategy and the five-year business plan.

The changes to the economic environment, the long-term

structural drivers and emerging trends shaping the world

are discussed, as well as the resulting impact on Intertek,

together with the strategic initiatives for the year. This

ensures alignment with our Purpose of bringing quality,

safety and sustainability to life.

External speakers also present periodically to provide

an overview on global or regional matters.

During the year the Board also received and discussed

the CEO's report at each meeting which focused on:

• the Group’s overall performance and operations;

• progress against our strategic priorities;

• the competitive and regulatory environment

that Intertek operates in;

• engagement with, and the views of, our stakeholders

including our investors and our colleagues; and

• key business operations including matters which are important

to the group’s reputation, as well as colleague, customer,

supplier and community considerations.

The Board also discussed, reviewed and, as appropriate, approved:

• The financial statements at the full and half year including

any external guidance. It also discussed the feedback from

investor meetings, including those post publication of each

set of financial results. At each meeting, the Board reviewed

the current financial and trading performance for the period

against budget and consensus, and the full year outlook

for each division and the Group as a whole;

• the going concern and viability statements;

• reports, on a monthly basis, outlining share register

movement, our share price performance relative to the

market and industry, investor relations activities and

engagement with shareholders;

• any significant litigation, including our response and

the stakeholder and reputational impact of these; and

• the business, the market, strategic rationale,

management team, culture and business plan

in respect of proposed acquisitions.

Principal decisions

• The Board approved the acquisition of Base Metallurgical

Laboratories;

• The Board recommended a final dividend of 102.6p

per share making 156.5p for the full year; and

• The Board approved a share buyback programme to

commence in 2025. Read more on page 1.16 in Report 1.

Strategy and performance

The Board in Action

December

Reviewed, discussed and agreed

the Group's strategic plan and

objectives including a 360˚

review of the Intertek value

proposition, strategy, updates

on the competitive environment

and regulatory changes.

October

Business line focus –

received presentations from

global leaders across the

business on their areas of

responsibility and expertise.

Regional deep dive and

performance review.

July/August

Regional focus – received

presentations from the

leadership teams across the

business on their areas of

responsibility and expertise.

May

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Action How the Board monitors culture

View from the top Townhalls allow the dissemination of information to

employees across the Group and enable local leadership

to communicate the right behaviours and cultural

expectations, as well as give peer nominated awards

for demonstrating our 10X Energies.

Townhalls occur monthly at most Intertek locations globally. The 10X growth, coaching, training, people planning and

the focus on recognition at all levels ensures that the right values and culture are driven throughout the organisation.

The Board reviews voluntary permanent employee turnover, the Intertek ATIC Engagement Index as set out on page

1.33 in Report 1. In 2023 we also launched Champions in collaboration with Gallup. The Board received updates on

levels of participation during the year.

Globally aligned reward

and incentive schemes

We have designed our short- and long-term incentive

plans to encourage the right behaviours and values

across our global business, in alignment with our Purpose.

The Remuneration Committee report provides more details on this aspect.

Health, safety

and wellbeing

The health, safety and wellbeing of our people is

paramount. The Board receives an update on Health

and Safety statistics across the Group at every Board

meeting to monitor trends year-on-year.

We measure incident reporting, accidents and the overall Total Recordable Incident Rate to ensure that the

right practices are being followed.

Total Recordable Incidents Rate per 200,000 hours worked was 0.42 (2023: 0.51).

The Board also receives updates on employee wellbeing programmes.

Ethics and compliance

reports

Updates are provided at every Board meeting on all

hotline and whistleblowing reports and analysis by

issue type.

The Board is able to determine if there are any trends which need further analysis or investigation.

For more information see page 2.58.

Training The Board receives an update annually from the

EVP HR on programmes available to employees.

The Group General Counsel also reports on the

completion of annual training on the Intertek

Code of Ethics.

As a provider of quality, safety and sustainability assurance services, Intertek relies on a skilled workforce to

demonstrate their understanding of, and commitment to, the highest standards of business conduct and ensure

that we do business the right way. During 2024, employees completed 103,303 hours of training on Lucie.

We aim for 100% completion of our compliance training for eligible employees (2024: 100%, 2023: 97.6%).

A few employees did not complete the training, the 2024 rate is rounded to the nearest 0.1%.

Key claims reports The Group General Counsel provides updates at every

Board meeting on material legal claims.

Significant legal claims are reviewed by the Audit Committee to monitor the trends and types of claims.

Internal audit reports Updates at every Audit Committee meeting on internal

audit reports, the areas of non-compliance with the

Financial Core Mandatory Controls and actions taken.

Trend analysis is provided to underscore that we are ‘Doing Business the Right Way’.

Visits to regional businesses Non-Executive Directors are encouraged to visit

regional businesses.

In 2024, members of the Board visited operations in Colombia, Pakistan, Singapore, Australia and the UK.

Read more on pages 2.75-2.76 and 2.80.

Our people are truly amazing and our success is based on a culture of trust amongst our colleagues globally.

To support and ensure this trust, and foster a culture of 'Doing business the Right Way', we continuously

monitor and develop further insights into the culture operating within the business.

People and culture

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Due to the global nature and size of the business, together

with the complexity and diverse make-up of the various

sectors and regions in which we operate, the Board decided to

choose an alternative method to those suggested in Provision

5 to the Code. Instead, we utilise a multi-faceted approach to

workforce engagement to make certain that what is in place

ensures that we, as a Board, receive 360˚ multi-source

feedback to assist us in evaluating the different views

and perspectives from our employees across the Group.

We keep our engagement mechanisms under review and

continue to believe that this methodology remains effective

as it enables us, the Board, to fully understand the views of

the workforce when taking such considerations into account

as part of our decision-making process.

Activities of the Board

During the year the Board received updates on and discussed:

Feedback from townhalls conducted across the world. Question

and answer sessions are held at town halls to provide two-way

communication and a method of further engagement. André

Lacroix led eight townhalls across the world during 2024.

Our colleagues across the world continue to upload stories

about how they or their team are bringing our Purpose to life

through their work. These stories are shared with the Board as

part of Sustainability Moments at the start of each Board and

Committee meeting.

Technology has been used to facilitate the attendance of many

from overseas without the need for travel to the physical Board

meetings. The Board was particularly interested to engage with

and hear feedback from our employees across the different

locations. In addition, 26 leaders and subject matter experts

across the Group presented on their areas of expertise at

Board meetings.

In October 2024, our Board of Directors held its meeting at

our Intertek Minerals Global Centre of Excellence (‘CoE’) in

Perth, Australia, a key hub for the minerals and mining industry.

With over 500 employees, this state-of-the-art laboratory gives

our customers access to trusted expertise in mineral testing,

inspection and analysis. The facility opened in 2021 to inspire

innovation and sustainability across the minerals supply chain,

with advanced technology, automation and robotics. This special

meeting provided an opportunity for the Board to tour the CoE,

learning more about the expertise of our onsite team and seeing

the cutting-edge technologies we use to deliver industry-

leading solutions to our customers in action. Having met many

of our Intertek Minerals colleagues throughout the trip, our

Board was especially impressed by the professionalism, pride

and positive culture of the team.

Members of the Board are always encouraged to continue to

undertake additional visits to our laboratories both in person and

via video links, engaging with our employees across the world.

In February 2024, Andrew Martin visited our Caleb Brett laboratory

in Fontibón, Bogotá – one of our largest sites in Colombia.

The visit included a comprehensive tour of our operations

and high-tech testing equipment at the laboratory, where

we provide our customers in the hydrocarbons industry

with expert analysis of oil, fuel and refined products.

During the tour, Andrew met the teams from each division

of the laboratory, highlighting our commitment to providing

opportunities for collaboration and two-way communication

between our Board and colleagues across the business.

Senior colleagues from our Colombia team also presented

our strategic goals for the country, focusing on sustainable

and responsible growth, as well as telling Andrew more

about our clients and the local market.

In March 2024, colleagues from our Intertek Dhaka

laboratory welcomed Graham Allan to learn more about

our work in Bangladesh and inaugurate an impactful new

sustainability initiative. During his tour, Graham engaged

with local site leaders from our Softlines and Business

Assurance teams, who provided a comprehensive overview

of the Total Quality Assurance services provided at the

facility. In addition, Graham received a virtual tour of our

Softlines facility in Gazipur.

In November, Jez Maiden visited Intertek Melbourn, a

UK-based laboratory and global leader in the development

of inhaled and nasal medicines, to learn more about our

pharmaceutical services business. During the visit, our

onsite team provided Jez with an overview of the work we

do in Melbourn and at our European Centre of Excellence in

Manchester, which specialises in mRNA, cell and gene, and

biologic characterisation.

The team shared more information on the history, recent

growth and future plans for our pharmaceuticals business,

as well as giving Jez a tour of the laboratory. The tour

included a showcase of the newly completed mezzanine

expansion, which offers 11,000 square feet of additional

laboratory space for the continued growth of our inhaled

biologic services. In addition, the visit provided our

colleagues, including the extended management team of our

pharmaceuticals services business, with an opportunity to

ask Jez questions and learn more about the role of an NED.

Workforce engagement

The Board in Action

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Customer engagement is important for customer

growth as it develops and strengthens our

relationships enabling Intertek to understand the

services they need and what they expect from

us. To ensure that we continue to innovate and

anticipate the growing needs of our customers,

we constantly evolve and improve our customer

proposition to meet their changing needs and the

changing world around us.

We offer our customers the Intertek Science-

based Total Quality Assurance advantage to

strengthen their businesses and supporting

them to thrive in an increasingly complex world.

Activities of the Board

During the year the Board received regular reports

with detailed deep dives on major customers.

As part of the Board's annual overseas visit the

Board toured three customers mine and port sites,

as well as our managed laboratories in Port

Hedland and the Pilbara region. For several Board

members, it was their first time observing the

impressive scale and efficiency of mining and port

operations of such magnitude.

The experience highlighted the critical role

Intertek Minerals plays in supporting global mining

activities, and how our remote-managed labs are

driving innovation and efficiency in the industry.

We continuously invest in our ATIC capacity,

developing and launching powerful new solutions

that meet our customers' fast-changing needs.

The Board reviewed the delivered innovations,

received updates on the pipeline of projects and

endorsed the Group Innovation Strategy.

Customer engagement

Sustainability is central to everything we do at

Intertek and, as a purpose-led Company, it is

anchored in our Purpose, Vision and Values.

The Board, as part of its overall stewardship of

the Company, oversees the Group’s sustainability

and corporate responsibility strategy, together

with any material environmental and social issues.

The execution of this strategy is delegated to

the Group Executive Committee and our two

sustainability focussed Steering Committees.

Read more about the roles and responsibilities

of the Net Zero and Beyond Net Zero Steering

Committees on page 1.67 in Report 1.

Activities of the Board

The Board recognises the importance of

sustainability to all our stakeholders, together with

the increasing risks associated with climate change

and ensures that at every Board and Committee

meeting, the first item on every agenda is a

Sustainability

The Board in Action The Board in Action

'Sustainability Moment' to demonstrate its

importance to the future long-term sustainable

success of Intertek.

Site visits support knowledge and understanding of

the opportunities for our business. When it opened

in 2014, our Dhaka laboratory was the largest

Softlines testing lab in Asia and a one-stop facility

for all quality and safety assurance solutions for

diverse industries in South Asia for countries like

India, Bangladesh, Sri Lanka, Nepal and Bhutan.

On his visit, Graham Allan took part in the formal

inauguration of the ‘AquaCycle’ project, which

focuses on recycling cooling water for the site’s

dry-cleaning machine. By installing a ground-floor

water reservoir tank and an overhead tank for

lifting cooled water, the initiative will save

6.7 million litres from sewage each year.

The Board also receives regular updates on

the performance of the Group against our

emission targets.

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The Board maintains an active and open dialogue with investors and

sees this as an important part of the governance process. Reporting

to the Board takes place at every meeting with feedback from

meetings held between executive management, or the investor

relations department, and institutional shareholders.

January

• Oddo-BHF Forum 2024, Lyon

• IR & management meetings

in London

• Zurich and Geneva Roadshow

February – March

• North American Roadshow (Montreal,

Florida, Miami, Atlanta, Austin, Dallas)

• Full year results 2023

• Annual Results Roadshow

• Berenberg UK Corporate Conference 2024

• Jefferies Small-Cap Conference, London

• Exane ESG Conference, Paris

April – May

• North American Roadshow (Toronto, Denver)

• US Roadshow (New York, Boston, Chicago)

• Trading Statement

• AGM

June

• Paris Roadshow

• Frankfurt Roadshow

July – August

• Half year Results 2024

• Half year Results Roadshow

• Netherlands Roadshow

• New York Roadshow

September

• BNP Paribas EXANE TIC Conference,

London

• UBS Business, Leisure and Transport

Conference, London

• London Roadshow

• Bernstein SDC

• US Roadshow (San Francisco and Los

Angeles)

October

• APAC Roadshow (J.P. Morgan)

• IR meetings in London

• Edinburgh Roadshow

• Copenhagen Roadshow

• Helsinki Roadshow

November

• US Roadshow (New York, Montreal and Toronto)

• JPM Business Services Conference (NYC)

• Bernstein’s The Premium Review Conference

(London)

• NTS London Roadshow

• Austin Roadshow

• Trading Statement

December

• Berenberg European Conference, London

• MS BLT Conference, London

• Stockholm Roadshow

Investor and shareholder engagement

Investor relations programme

Aimed at helping existing and potential investors understand

the Group’s business model, strategy, financial performance and

outlook. The programme is wide-ranging and includes events

and roadshows throughout the year to update investors and

sell-side analysts on the developments of the Group.

Roadshows

Following the full year and half year results announcements,

the Executive Directors and Investor Relations team held

meetings with the principal shareholders.

Conferences

Executive Directors and the Investor Relations team attend

industry conferences throughout the year, providing the

opportunity to meet a large number of investors.

Resources

A wealth of information is available to investors in our Annual

Report & Accounts, half year announcements and trading

updates and Regulatory News Service announcements, these

materials are available on our website and are supplemented by

videos, webcasts and presentations including material from the

Capital Markets Event held in 2023.

Feedback Forum

The Executive Directors and Investor Relations team receive

regular feedback from sell-side analysts and investors during

the year both directly and through the Group’s corporate

advisers. The Group Company Secretary also receives

feedback on governance matters directly from investors

and shareholder bodies.

Board shareholder engagement

The Chair, following any engagement with shareholders,

ensures that the Board as a whole has a clear understanding of

their views. Intertek’s largest shareholders, representing more

than 59% of the share register, are invited annually to meet

with the Chair to share their views and discuss any corporate

governance matters. During April and May 2024, the Chair held

six meetings with shareholders. The feedback received was

positive, and shareholders continue to be very supportive

of Intertek’s strategy, the management and the Board.

The feedback was presented and discussed with the Board

at the May Board meeting.

The Chairs of the Committees will seek engagement with

shareholders on significant matters relating to their area

of responsibility as appropriate. Graham Allan, as Chair of

the Remuneration Committee engaged extensively with

shareholders during the year. More details of the process and

the outcomes can be found in the Remuneration Committee

report on pages 2.97-2.99.

Graham Allan, in his capacity as Senior Independent Director,

also engaged with shareholders on Board succession and

the extension of Andrew Martin's term as Chair of the Board.

Further details can be found on page 2.84.

Annual General Meeting (‘AGM’)

The Board welcomes the opportunity to meet with both

private and institutional investors at the AGM, providing an

opportunity for all shareholders to engage and ask questions

of the full Board. All Board members attend the AGM.

The 2025 AGM is currently scheduled to be held on Thursday,

22 May 2025 at 11.00 a.m. in the Marlborough Theatre,

No. 11 Cavendish Square, London, W1G 0AN.

The Company proposes a resolution on each separate issue

and does not combine resolutions inappropriately. The Notice

of the AGM is sent to shareholders by e-communications or

by post and is also available at intertek.com.

The Board in action

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Composition and succession

The Board is committed to ensuring that

it has the right balance of skills, experience,

knowledge and diversity, to lead Intertek

and deliver our AAA strategy to make the

world a better and safer place.

The composition of the Board during the year is set out

on page 2.70.

More information on the appointment process and succession

planning to ensure that we have the right individuals who can

inspire and provide passionate leadership is outlined in the

Nomination Committee report on pages 2.82-2.85.

The 'People Agenda' including talent development, retention,

succession and employee engagement features high on the

agenda. More so, given the importance of the highly qualified

Board Performance Review

In accordance with the Code, the effectiveness of the Board,

and its Committees is rigorously reviewed annually and an

independent externally facilitated Board review is conducted

every three years.

The 2023 Board internal evaluation process was led by

Andrew Martin, with the support of the Group Company

Secretary, and entailed:

• the completion of detailed questionnaires by each Board

member;

• discussions on the outcomes and recommendations with

the Chair and each Board member;

• following discussion of the results of the evaluation

the Board as a whole, identifying and agreeing areas

for improvement.

For each Committee of the Board a similar process was

undertaken.

The internal review of the Committees showed strong scores

in all four categories that were evaluated. Feedback from the

review was incorporated into the annual agenda for the Board

and the Committees.

Composition, succession and evaluation

employee base to the ongoing success of Intertek. Succession

and talent planning is a very thorough and thoughtful process

with at least annual discussion at the Board.

Learning and development

Ongoing and continuous development is crucial to our Directors

remaining highly engaged, effective and well informed. All

Directors are kept up-to-date with information about Intertek’s

business and there is an ongoing programme of information

dissemination throughout the year. It is important that the

Directors have an appreciation of the business, both in the UK

and overseas.

The Company also encourages Directors to attend briefings

and seminars offered by professional and commercial bodies

in order to keep abreast of current legal and regulatory

requirements, especially within their specialist fields such

as audit or remuneration.

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Board findings

The Directors were pleased to note Gould Consulting’s

conclusion that the Board and its Committees are highly

effective, and they observed performance outcomes

across all areas at the top of their benchmarks.

Key findings of the 2024 external evaluation:

• This large, diverse, and experienced Board gels well under

the current Chair. The Non-Executive Directors take pride in

their ambition to support the CEO and his high-performing

management team. Overall, this works well, in no small part,

due to the energy and passion the current CEO brings to

the Board.

• The Board has worked hard to evolve a style of working and

meeting cadence that maximises the level of collaboration

and teamwork between the wider management team and

Non-Executive Directors.

• We applaud the openness and transparency of

communications between both the CEO and the Chair

and the CEO and the Non-Executive Directors.

At the February Board meeting, the Chair consulted and

developed the proposals for further Board consideration

and implementation during 2025.

2024 Board effectiveness review process 2024 Board effectiveness

review findings

Key area of focus for 2025:

Agreed actions

Consider and appoint additional Non-Executive Directors

to the Board in light of the expected Board changes and

the need to ensure effective succession planning.

Actions in progress

• Steve Mogford was appointed as Non-Executive

Director on 1 January 2025 bringing extensive public

markets experience to the Board.

• The Board continues to consider potential Non-

Executive Director appointments.

Appointment of an

external facilitator

As planned, and

recommended by the

Code, the 2024 external

evaluation process was

facilitated by an

independent third party,

Gould Consulting, under

the direction of the Chair.

Gould Consulting have no

other connection to the

Company or with any of

the Directors.

Objectives and scope

Gould Consulting were

engaged to conduct a

comprehensive review

of the Board and the

Committees effectiveness.

The agreed approach,

tailored specifically for

Intertek, was designed

to get feedback from

the Executive and

Non-Executive Directors

on current strengths and

preparation for future

challenges.

The review was led by the

Chair and supported by

Gould Consulting and the

Company Secretary.

Information gathering

Gould Consulting held initial

briefing meetings with the

Chair and Company

Secretary in order to agree

discussion themes and

priorities for the review.

Between November 2024

and January 2025, each

member of the Board

completed a confidential

self-assessment

questionnaire.

Gould Consulting then held

individual interviews with

the Directors and the

Company Secretary.

Further information was

gathered through:

• Board and Committee

paper review.

• Review of additional

governance materials

including key Board

policies and processes,

and Board and Committee

Terms of Reference.

Discussion of

review findings

In February 2025

discussions of the results of

the review took place with

the Chair and CEO followed

by the review of findings

with the Board as a whole.

A discussion document

was circulated to the

Board in advance,

which summarised Gould

Consulting’s assessment of

the key findings, the Board’s

strengths, together with

recommendations for

the future.

2 41 3

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Board induction

There is a full, formal and extensive induction programme which

is tailored to ensure that Directors joining the Board are provided

with the knowledge and materials to enable them to add value

from an early stage. This is managed by the Chair and the Group

Company Secretary.

During the year, Apurvi Sheth completed her induction

programme which included receiving details of Board procedures,

Directors' responsibilities, and various governance-related issues

and strategic priorities within the Group.

For the Non-Executive Directors, the induction programme also

includes a wealth of background information on the Company

and a series of meetings with other members of the Board,

senior members of management and external advisers.

Visits to our laboratories and sites are also arranged.

Building on the established success of virtual site visits over

the past four years, we continue to implement a comprehensive

programme that balances virtual visits to our operations with

that of in-person visits to laboratories. This enables our new

Directors to meet senior management across the Group and our

colleagues working in labs.

Following virtual visits to China, Turkey, UAE and Italy in 2023,

Kawal Preet and Apurvi were invited to tour our Intertek

Singapore Technical Centre on Jurong Island in February 2024.

Guided by senior colleagues from the region, Apurvi and Kawal

gained valuable insights into the operations and cutting-edge

capabilities at the Caleb Brett laboratory, which specialises in

testing, inspection and certification for the petroleum, refining

and petrochemical industries. They also heard more about

Intertek’s rigorous quality assurance processes and commitment

to innovation and excellence, as well as our presence and impact

in the region.

Site visits are an important part of our Board member

onboarding process, allowing new members to learn more

about our work while also sharing their own experience and

expertise to help drive our continued global growth.

The programme aims to provide great insight into the business,

operations and people. This process will continue to be kept

under review.

Steve Mogford will complete his induction during 2025 and

we will report on this in the next Annual Report & Accounts.

Chair and Director evaluation

The Non-Executive Directors, led by the Senior Independent

Non-Executive Director, conducted a performance review of

Andrew Martin, who was the Chair of the Board during 2024.

The review considered his leadership, corporate and commercial

skills and general experience.

Andrew Martin was appointed to the Board in May 2016 and

was appointed as Chair of the Board in January 2021. Hence,

he has now served as a Director of the Company for nearly nine

years, four of which he has served as Chair. Provision 19 of

the Code provides for an limited extension of tenure in certain

circumstances, subject to clear explanation to shareholders.

During the last two years, three new Directors have joined

the Board and, over the next two years, several experienced

Directors will step down from the Board by rotation. Taking into

account these Board changes and the need to ensure effective

succession planning for a new Chair, the Committee concluded

that Andrew Martin’s re-appointment as Chair, albeit not beyond

the May 2026 Annual General Meeting, was in the best interests

of the Company.

This proposal was also discussed with several of the Company’s

larger shareholders, each of which were understanding of the

Nomination Committee’s rationale.

Andrew Martin, the Chair, also met with each Director to discuss

their individual contributions and performance, together with

any training and development needs. Following these reviews,

the Board remains satisfied that, in line with the Code, all

Directors are able to allocate sufficient time to the Company

to enable them to discharge their responsibilities as Directors

effectively and that any current external appointments do not

detract from the extent or quality of time which any Director is

able to devote to the Company.

The Board recommends that shareholders should be supportive

of their election or re-election to the Board at the 2025 AGM.

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Audit, risk and internal control

Audit

There are formal policies and procedures in place designed to

ensure the independence and effectiveness of the internal

and external audit functions. Group Internal Audit is a single

independent internal audit function, reporting to the Audit

Committee on financial controls and risks. Further detail can

be found in the sections headed ‘Internal Audit’ on page 2.91.

The Board has delegated a number of responsibilities to the

Audit Committee, including monitoring and reviewing financial

reporting, the effectiveness of internal financial controls and

the risk management framework, whistleblowing, the internal

audit process and the external auditor’s process. The Audit

Committee reports to the Board on its activities, and its report

for 2024, confirming how it has discharged its duties, can be

found on pages 2.86-2.93.

Internal control and risk management

Intertek has implemented an end-to-end integrated approach

to risk, control and compliance which embeds risk management

throughout our business; allowing us to dynamically adapt

our controls, policies and assurance activities as our risk

environment changes; and creates responsibility and oversight

of our risk identification and risk mitigation actions to ensure

they are effective, relevant and robust. For more information

on the evolution of our risk management approach see on pages

1.57-1.59 in Report 1.

Our integrated risk management framework

Risk management is embedded throughout our organisation

using a framework of divisional, regional and functional risk

committees. These committees meet, at least, quarterly to

identify, monitor and assess the risks within their area of

responsibility using tools including risk mitigation action plans.

It is the responsibility of each committee to assess whether its

risk environment is changing, whether it has the right mitigation

action plans and whether new or different plans are required in

response to new or changing risks.

The risk committees report to our Group Risk Committee which

in turn provides a report on risk and mitigation actions at each

meeting of the Board.

Our integrated approach to identifying and

mitigating risks

At Intertek, we view our risk environment as consisting of

emerging risks (risks that are potential or future-looking) and

systemic risks (risks which are concrete and actually present

or inherent in our operations). Emerging risks are assessed by

perceived likelihood and impact and addressed using mitigation

action plans on a ‘three lines of defence’ model. Systemic risks

are addressed using our internal controls, policies and procedures

and also uses the three lines of defence model, as appropriate.

Our risk identification and mitigation approach is integrated

and dynamic as our risk committees continually review their

emerging risks and, to the extent those risks start to become

systemic (or ‘real’ rather than ‘potential’ risks), identify new

controls, policies or procedures so that we can put new systemic

mitigations in place.

Our integrated approach to risk assurance

We have an integrated approach to getting assurance that

our risks are being appropriately and effectively identified and

mitigated. We use an assurance map, which takes each of our

emerging and systemic risks and maps an assurance framework,

using the three lines of defence, onto them by identifying the

roles or functions which are responsible for the management,

control and oversight of those risks.

Objective assurance is provided, in the third line, by our Internal

Audit function (which audits our financial controls and risks),

by our Compliance function (which audits our non-financial,

operational controls and risks), and by our CyberSecurity team

(which audits our IT controls and risks).

Our integrated approach to risk governance and oversight

The Board ultimately reviews the Group’s risks, controls and

compliance and mitigation actions. The Audit Committee is

responsible for reviewing the adequacy and effectiveness of

the financial controls. If this governance and oversight identify

new risks or the need for new controls, policies or procedures,

these changes are implemented and communicated to the

risk committee framework. This ensures that governance and

oversight drive continuous improvements in risk identification

and mitigation actions plans.

The Board undertakes a robust assessment annually. At each

Board meeting during 2024, the Group General Counsel

presented an integrated risk, control and compliance report

including a review of:

• the Group’s emerging risks, the status of the quarterly

emerging risk mitigation action plans and the new quarterly

emerging risk mitigation plans;

• the specific systemic risks including quarterly hotline and

whistleblowing reports, key claims and authorised unlimited

liability contracts; and

• the Group’s systemic risk environment, the status of the

quarterly systemic risk mitigation action plans and the new

quarterly systemic risk mitigation plans.

Audit and Corporate Governance Reform

During the year, the Board and the Audit Committee reviewed the

provisions in the revised UK Corporate Governance Code and will

report on the implementation progress in due course. Our internal

control and risk management framework put the Group in a good

position to meet the new recommendations of the Code.

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Annual Report & Accounts 2024

2.82

3: Financial Report2: Sustainability Report1: Strategic Report

Nomination Committee Report

On 24 December 2024, we were delighted to announce that

Steve Mogford would join the Board as Non-Executive Director

on 1 January 2025. Steve brings a wealth of experience in both

executive and non-executive roles across a wide range of sectors.

I joined the Board of Intertek in May 2016 and have served as

Chair since January 2021. The Committee is responsible for the

appointment of my successor and while this process is ongoing,

I intend to stand for re-election at the AGM in May to enable

an appropriate transition to the next Chair. I expect to have

stepped down as Chair and from the Board at or before

the 2026 AGM.

This year, the performance review was conducted as part of

the external Board performance review. We discussed the

results and it concluded that the Committee operated

effectively during the year.

Andrew Martin

Chair of the Nomination Committee

Dear shareholder,

In a year of relatively little Board change,

the Nomination Committee ('Committee'),

on behalf of the Board, prioritised

the longer-term Board composition.

The need to keep the Board refreshed but at the same time

maintain a knowledgeable and experienced team of Non-

Executive Directors is crucial and forms a large part of the

Committee’s work. This report sets out details of our activities

during the year, focusing in particular on succession planning.

We concluded our previous search for non-executive directors

with the appointments of Kawal Preet in 2022 and Apurvi Sheth

in 2023.

It is vital that we have the right skills and expertise around

the Board table to help support the business to seize the

opportunities in our industry as our clients increase their

focus on Risk-based Quality Assurance to operate with higher

standards on quality, safety and sustainability in each part

of their value chain.

The Committee continues to demonstrate its ability to

successfully identify the key characteristics required on the

Board. The Committee initiated a new search during the year

and more details on this can be found on the following pages.

In May, following the AGM, Gill Rider retired as Non-Executive

Director and Chair of the Remuneration Committee after serving

for nearly nine years. The Committee reviewed the composition

of the Committees and recommended the appointment Graham

Allan as Chair of the Remuneration Committee, Kawal Preet as a

member of the Remuneration Committee and Apurvi Sheth a

member of the Audit Committee. All appointments took place

following the AGM on 24 May 2024.

Intertek Group plc

Annual Report & Accounts 2024

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Nomination Committee Report Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Membership and meeting attendance

During the year, we held four formal meetings. Attendance of

members at formal meetings is shown in the table below. The

Group Company Secretary attends all formal meetings of the

Committee and the Committee invites the CEO and the EVP,

Human Resources to attend meetings when the subject matter

deems their presence appropriate.

Committee members

Member

since

Meetings

attended

Andrew Martin (Chair) January 2021 4/4

Graham Allan October 2017 4/4

Gurnek Bains July 2017 4/4

Tamara Ingram June 2022 4/4

1. Number of meetings attended out of the number of meetings eligible to attend in the year.

Role and key responsibilities

• Review the structure, size and composition of the Board and

its Committees.

• Identify, review and nominate a diverse pipeline of candidates

to fill Board vacancies

• Evaluate the balance of skills, independence, knowledge,

experience and diversity on the Board and its Committees.

• Review the results of the performance evaluation process

that relates to the composition of the Board and its

Committees.

• Review the time commitment required from Non-Executive

Directors.

• Review senior management succession plans regularly.

1. Neither the Chair nor the CEO participates in the recruitment of their own successor.

THE FULL TERMS OF REFERENCE OF THE COMMITTEE, WHICH

ARE REVIEWED ANNUALLY, CAN BE FOUND ON OUR WEBSITE:

INTERTEK.COM/ABOUT/COMPLIANCE-GOVERNANCE

Chair and Non-Executive Director appointment process

The Committee reviews the structure and composition of the

Board, in turn considering the balance of skills, experience,

industry and geographic experience and knowledge, diversity,

independence, and cognitive and personal strengths of the

current Board. When considering these factors, the Committee

is mindful of attributes that will assist in the delivery of the

Group strategy.

Once a preferred candidate is chosen, the Committee makes

a recommendation to the Board to appoint the individual.

Once the candidates are shortlisted, initial interviews are held

and the shortlist reduced further. The final candidates are invited

to separate meetings with the Committee members and the CEO.

The appointed consultant presents an initial longlist of

candidates. This list is then shortlisted using the brief

as a guide to determine suitability.

The Committee, following the skills and composition review,

compiles a brief for the role which outlines favourable

characteristics and attributes that they desire the appointed

individual to hold. This brief is then shared with the chosen

consultant who will utilise the brief to compile a list of

suitable candidates.

Skills and

composition

review

Creating

the brief

Longlist and

shortlist review

Due diligence

Recommendations

Intertek Group plc

Annual Report & Accounts 2024

2.84

Nomination Committee Report Continued

3: Financial Report2: Sustainability Report1: Strategic Report

On appointment, the Board assessed and agreed that Andrew

Martin was independent in accordance with the provisions of the

Code. At its meeting in December, the Committee discussed the

reappointment of Andrew Martin as Chair of the Board. Graham

Allan, Senior Independent Director, chaired the meeting and

Andrew Martin did not attend. The Committee considered the

ongoing performance of the Chair, including his leadership,

corporate and commercial skills and general experience.

Andrew Martin joined the Board of Intertek in May 2016 and

has served as Chair since January 2021. Hence, he has now

served as a director of the Company for nearly nine years, four of

which he has served as Chair. Provision 19 of the Code provides

for a limited extension of tenure in certain circumstances,

subject to providing a clear explanation to shareholders.

During the last two years, three new directors have joined

the Board and, over the next two years, several experienced

directors will step down from the Board by rotation.

Taking into account these Board changes and the need to

ensure effective succession planning for a new Chair, the

Committee concluded that Andrew Martin’s re-appointment

as Chair, albeit not beyond the May 2026 Annual General

Meeting, was in the best interests of the Company.

Subsequent to the December Committee meeting, this proposal

was also discussed with several of the Company’s larger

shareholders, each of which were understanding of the

Committee’s rationale.

The Board recognises the importance of all Non-Executive

Directors having the necessary time to commit to the business

of Intertek and, upon appointment, their letters of appointment

stipulate the expected time commitment whilst acknowledging

that this may vary depending upon the demands of the business

and other events. All Directors make themselves freely available

as required, even at short notice, in order to meet the needs of

the business.

Directors seek approval from the Board before accepting any

additional external appointments. When assessing additional

directorships, the Board considers the number and nature of

external directorships already held by the individual and the

expected time commitment for those roles. During 2024,

approval was given to Tamara Ingram and Jez Maiden for new

external appointments. When considering the new external

Committee activity in focus

Board and Committee changes

During the year, as part of our succession planning for the

next 18 months, the Committee initiated searches for additional

new Non-Executive Directors. In addition to the specific skills,

knowledge and experience deemed necessary, the role

specification contained criteria such as competency and

personal qualities that would be required for the position.

The Committee also paid close attention to ensure that the

candidates selected exhibited the right behaviours to fit the

culture, values and ethics of the Group and would also be

able to allocate sufficient time to the Company to discharge

their responsibilities.

The Committee engaged Egon Zehnder and Spencer Stuart,

both external search agencies with no other connection to the

Company or its individual Directors, to assist with the selection

process. Egon Zehnder were engaged to focus on the UK market

whilst Spencer Stuart focused on the international market to

reflect the global nature of the Group.

For the searches, an initial list of potential candidates was

produced and shortlisted. The Committee members and the Chair

met separately with shortlisted candidates, following which they

agreed to recommend to the Board the appointment of Steve

Mogford, as announced on 24 December 2024. Steve joined the

Board from 1 January 2025.

Steve is a highly experienced executive and non-executive

director with experience from across a breadth of sectors,

extensive public markets knowledge and a deep understanding

of long-term contracting, projects and regulation. He has a firm

commitment to sustainability which is at the heart of Intertek's

Purpose, Vision and Values.

Talent mapping and succession planning

To ensure that the Board comprises a wide range of skills,

experience and attributes, the Committee discusses and reviews

extensively the experience, skills and behaviours required of

future Directors, including the qualities of the individual required

to ensure the right fit with the culture and style of Intertek.

In identifying suitable candidates to recommend for

appointment to the Board, the Committee considers all

candidates on merit, against objective criteria, and with

due regard for the benefits of diversity on the Board to achieve

the most effective Board possible.

During the year, we continued to monitor the composition of

the Board and its principal Committees, implementing changes

announced at the end of 2023. Our discussions then considered

different time horizons within our succession planning, including

contingency planning for sudden and unforeseen departures,

the orderly replacement of current Board members and senior

management. A longer-term view looked at the relationship

between the delivery of the Group strategy and objectives

and the skills needed on the Board now and in the future.

Gill Rider retired from her role on the Board at the conclusion of

the AGM on 24 May 2024. Graham Allan took over the role as

Chair of the Remuneration Committee, having been a member

since 2017.

Kawal Preet was appointed a member of the Remuneration

Committee and Apurvi Sheth joined the Audit Committee with

effect from the same date. These changes were in line with the

succession planning that had been considered, and announced,

at the end of 2023.

Board effectiveness and training

During the year the Chair instructed Gould Consulting to carry

out an externally facilitated performance review of the Board

and its Committees. The process and findings are outlined on

pages 2.79-2.80.

The review concluded that the Board, each Committee and each

Director continue to perform effectively and contribute to the

long-term sustainable success of Intertek. The feedback from

the Board performance review is considered when determining

the key skills required for new Directors on the Board for

the future.

The review also confirmed that the Committee continues to be

able and effective in discharging its duties in accordance with

its Terms of Reference and the requirements of the Code.

Independence, time commitments and reappointments

Based on its assessment for 2024, the Committee is satisfied

that, throughout the year, all non-executive directors remained

independent in character and judgement in line with Provision 10

of the Code.

Intertek Group plc

Annual Report & Accounts 2024

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Nomination Committee Report Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

appointments, in particular Jez Maiden’s role as Interim Chair of

Travis Perkins plc (which has now ended), the Committee were

satisfied that they would have sufficient time to commit to their

role with Intertek. Fuller details of any conflicts of interest can

be found on page 2.71.

Prior to joining the Board, Steve Mogford disclosed his

current commitments and the time commitment involved

and the Board was satisfied that he could provide sufficient

time to discharge his duties as a Director of Intertek.

With the support of the Board, Steve Mogford is standing

for initial election by shareholders, with all other Directors

standing for re-election at the AGM in May 2025.

In recommending the Directors for election and re-election

at the AGM, the Committee has reviewed the performance

of each Non-Executive Director and their ability to continue

meeting the time commitments required, taking into

consideration individual capabilities, skills and experiences and

any potential conflicts of interest that have been disclosed.

BIOGRAPHIES FOR ALL THE DIRECTORS

ARE AVAILABLE ON PAGES 2.66-2.68

Diversity, equity and inclusion

We believe that diversity at Board level sets the tone for

diversity throughout the business. We promote diversity in the

broadest sense, not just gender or ethnicity but also culture,

skills, background, regional and industry experience and other

qualities to truly reflect the diverse nature of our business.

The Nomination Committee monitors our talent pipeline to

ensure we have a diverse pool of talent being developed at

all levels. Maintaining a diverse workforce is as important as

diverse recruitment and we continue to assess and promote this.

Intertek's Inclusion & Diversity Policy eliminates discrimination

to ensure that employees are treated fairly and feel

respected and included in the workplace, which is vital

as our people are core to the delivery of the best service

to customers and driving the strategy of Intertek.

Our policy on Board diversity, which is available on our website

and applicable to the Board and its Committees, strongly supports

the principle of diversity and continues to be mindful of the

recommendations of the FTSE Women Leaders and Parker Review.

As at 31 December 2024, the Board comprised 36% female

directors, following Gill Rider’s departure from the Board,

and three members of the Board have an ethnic minority

background. The Committee is aware that the Listing rules

require female representation in at least one of the four

senior positions, which are currently held by male directors.

As part of the Board succession planning over the coming

18 months, the Committee continues to monitor the overall

inclusion and diversity of Intertek’s leadership at Board

and senior management level, to ensure the broadest

range of leaders are considered for new appointments.

Board and Group Executive Committee Diversity

Number of

Board members

As at 31 December

Percentage of

the Board

Number of senior

positions on the

Board, CEO, CFO,

SID and Chair

Number in Group

Executive Committee

As at 31 October

Percentage of Group

Executive Committee

Number of direct

report to the

Exec Committee

As at 31 December

Percentage of direct

reports to the

Executive Committee

Gender 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023

Male 7 7 64% 58% 4 4 13 13 72% 72% 169 168 74% 77%

Female 4 5 36% 42% – – 5 5 28% 28% 60 51 26% 23%

Ethnicity

White British or other White 8 9 73% 75% 4 4 12 12 67% 67% 80 n/a 35% n/a

Mixed/Multiple Ethnic Groups – – – – – – – – – – 5 n/a 2% n/a

Asian/Asian British 3 3 27% 25% – – 5 5 28% 28% 25 n/a 11% n/a

Black/African/Caribbean/Black British – – – – – – – – – – 2 n/a 1% n/a

Other ethnic group, including Arab – – – – – – 1 1 5% 5% 5 n/a 2% n/a

Prefer not to say – – – – – – – – – – 1 n/a 1% n/a

Do not know – – – – – – – – – – 111 n/a 48% n/a

1. Data is collected as at 31 December and 31 October each year as indicated to aid reporting in line with the FTSE Women Leaders and Parker Review.

2. The definition of ethnicity follows the guidance provided by the Parker Review for UK companies. However, our diversity extends globally, reflecting a much broader range of ethnic backgrounds through our international presence. In 2024, data relating to the ethnicity of the direct

reports to the Group Executive Committee was collected through a self-ID questionnaire. Where the questionnaire was not completed the data was marked as 'Do not know'.

2.86

Intertek Group plc

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Audit Committee Report

Dear shareholder,

I am pleased to present this report, which

is intended to provide shareholders with

insights into the work we have done as a

Committee to provide assurance on the

integrity of the Annual Report & Accounts

for the year ended 31 December 2024,

together with the effectiveness of the

Group’s risk management and internal

controls framework in a year of continued

market volatility.

We advised the Board that we had reviewed the process to

ensure the 2024 Annual Report & Accounts are fair, balanced

and understandable and provide the necessary information

for our shareholders and stakeholders to assess the Group’s

position, performance, business model and strategy. The

process of review is described in greater detail on page 2.91.

The Committee uses its collective expertise, with input from

the External Auditor, to understand, and where appropriate,

to challenge the approach and judgements made by

management in the treatment of financial matters and

the resulting disclosures within the financial statements.

The External Auditor performs its statutory audit, by auditing

the accounting records of the Company against agreed

accounting practices, relevant laws and regulations. PwC’s

audit report can be found on pages 3.57-3.63 in Report 3.

The Committee has also continued to monitor the heightened

scrutiny on the external reporting of ESG and, more specifically,

sustainability and the effects of climate change on companies.

As part of the Task Force on Climate-related Financial

The Committee's primary

focus centred on the

accuracy of the Group's

financial reporting,

together with the ongoing

improvements in internal

control activities, risk and

compliance matters."

Jean-Michel Valette

Chair of the Audit Committee

The Committee supports the Board by setting, reviewing and

monitoring Intertek’s policies and procedures to ensure the

independence and effectiveness of the Internal and External

Audit functions, the integrity of financial and narrative

reporting, the Company’s internal control framework and the

adequacy of the processes that enable the Board to assess

the level of principal risks the Company is prepared to take to

achieve its long-term strategic goals.

The Committee met four times in 2024. As Committee Chair,

I meet with the PricewaterhouseCoopers LLP (‘PwC’) lead

audit partner, the Group Audit Director and management as

appropriate ahead of meetings to discuss specific items of focus

to report to the Committee. After each meeting, I also report

back to the Board on the Committee’s activities, the main issues

discussed and matters of particular relevance.

Throughout the year, the Committee also ensured that separate

meetings with the CFO, Group Audit Director and the external

auditor took place (the latter without management present) in

order to provide an open forum for issues to be raised, and I also

held separate meetings, on behalf of the Committee, with senior

management within Intertek and with PwC on a regular basis.

During 2024, the Committee’s primary focus centered on the

accuracy of the Group’s financial reporting, having applied

additional focus to assess the risk management and the

framework of internal financial controls, together with

the additional work carried out to support the long-term

viability statement.

Intertek Group plc

Annual Report & Accounts 2024

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Audit Committee Report Continued

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Membership and attendance

During 2024, the composition of the Committee met the

requirements of the Code. Gill Rider, having served nine years

on the Board, stepped down as a director following the

conclusion of the 2024 AGM. Following the vacancy left by

Gill Rider, the Nomination Committee reviewed the membership

of all of the Committees and recommended that Apurvi Sheth

join the Committee. More detail on succession planning is

set out on page 2.84 of the Nomination Committee report.

Apurvi Sheth became a member of the Committee with

effect from 24 May 2024.

The Board is satisfied that the Committee members bring a wide

range of financial experience across various industries and all

members have competence relevant to the sectors in which

Intertek operates, with recent and relevant financial experience.

An overview of the background, knowledge and experience of

the Committee Chair and each of the Committee members can

be found on pages 2.66-2.68 and in the Notice of the AGM.

The Committee met four times during the year. The Group

Company Secretary, the audit partner and members of his team

attended all meetings held during the year. At the invitation of

the Committee, the Chair, CEO, CFO, Group Financial Controller

and the Group Audit Director also attended meetings. Other

members of senior management were invited to attend the

meetings as necessary.

Committee members Member since

Meetings

attended

Jean-Michel Valette (Chair) July 2017 4/4

Lynda Clarizio July 2021 4/4

Jez Maiden May 2022 4/4

Gill Rider February 2021

until May 2024

2/2

Apurvi Sheth May 2024 2/2

1. Number of meetings attended out of the number of meetings eligible to attend in

the year.

Performance review

The performance review was conducted as part of the

external Board performance review for 2024. This included

a comprehensive questionnaire that covered various aspects

of the Committee's role and responsibilities. More details on

the process of the review can be found on page 2.79.

The results from the performance review were discussed by the

Committee and showed that it operated effectively during the

year. The Committee receives high-quality meeting materials

and the diverse backgrounds and skills among the members, and

relevant subject matter expertise and business acumen enable

members to discharge their duties in accordance with the Terms

of Reference and the requirements of the Code.

Disclosures compliance, we have reviewed and approved

management’s assessment of the physical and transitional

environmental risks and opportunities to the Group.

This year, an externally facilitated Board and Committee

performance review took place. I am pleased that it concluded

that we operate effectively and that the Board takes assurance

from the quality of our work.

PwC has been operating as the Group’s external auditors

since 2016. The Committee intends to carry out a thorough

audit tender during 2025 and preparations for the tender are

underway. We invite all interested shareholders to participate in

consultations concerning the tender. Your feedback is valuable

and will guide the Committee’s deliberations and decisions.

Please contact me through the Group Company Secretary.

As Chair of the Committee, I shall make myself available to

shareholders, especially at the AGM, to facilitate the answering

of any questions that they may have around the scope of the

Committee’s responsibilities as a whole, the Committee’s

activities throughout the year, and any other questions that

may arise from this report.

Jean-Michel Valette

Chair of the Audit Committee

Internal audit:

• Internal audits

coverage and analysis

External audit:

• PwC report to

the Committee

• PwC audit plan

and strategy

• Intertek assessment

of PwC effectiveness

Financial reporting:

• Half year results

and accounting

judgements

• Going concern

assessment

• Internal controls over

financial reporting

Internal audit:

• Internal audits

coverage and analysis

• Update on Global

Internal Audit

Standards

• Provisional Internal

Audit plan for 2025

External audit:

• PwC half year report

• Independence

confirmation

• Update on non-audit

services

May

July

Financial reporting:

• Update on significant

accounting policies

• Group Risk and

Viability Statement

process and basis of

preparation for YE

31 December 2024

• Core Mandatory Control

and Assurance Map

update

• Review of reporting

against 'Audit

Committees and

External Audit:

Minimum Standard'

Internal audit:

• Internal audit plan for

2025 and Internal

Audit Charter

• Internal audits

coverage and analysis

• Internal Assessment

of Internal Audit

effectiveness

External audit:

• PwC report to

the Committee

• Audit and non-audit

fees update

• Approved external

audit tender plan

December

Financial reporting:

• Full year results

and accounting

judgements

• Annual Report

& Accounts

• Going concern

assessment

• Viability statement

• Climate Change/TCFD

reporting

• UK Statutory

Audit exemption

and guarantee

Internal audit:

• Internal audit report

• Internal audits

coverage and analysis

External audit:

• PwC report to

the Committee

• Audit and non-audit

fees

• Independence and

reappointment

February

Intertek Group plc

Annual Report & Accounts 2024

2.88

Audit Committee Report Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Committee's activities during 2024

Intertek Group plc

Annual Report & Accounts 2024

2.89

Audit Committee Report Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Committee responsibilities and how we met

them in the year

The Committee has specific responsibilities delegated to it

by the Board. In line with the FRC’s recommendation, the

Committee has sought to apply the Audit Committees and the

External Audit: Minimum Standard (’Minimum Standard’) for the

year to 31 December 2024. The Committee reviews the Terms

of Reference annually; this year there was a particular focus

on ensuring the changes to the Code and introduction of the

Minimum Standard were incorporated. The revised Terms of

Reference of the Committee can be found at intertek.com.

The business of the Committee is linked to the Group’s financial

calendar of events and the timetable for the annual audit.

Compliance with the Minimum Standard

The Committee confirms that for the year ended 31 December

2024, it has complied with the Audit Committees and the

External Audit: Minimum Standard.

The activities carried out by the Committee in meeting the

requirements of the Minimum Standard are detailed on the

following pages of this Audit Committee report.

The Audit Committee will follow the tendering provisions of

the Minimum Standard when it undertakes the audit tender.

Financial reporting

A principal responsibility of the Committee is to monitor the

integrity of the financial statements of the Group, having regard

to the matters communicated to us by the external auditor, and

to measure the performance of the Group against the financial

goals of our strategy. This is key for our shareholders and other

stakeholders in order for them to understand the financial

strength of the business.

In order to fulfil this responsibility, we reviewed the full year

and half year results, as well as any formal announcements

relating to the Group’s financial performance, prior to release,

and recommended their approval to the Board.

Going concern and viability statement

We received a detailed report from management with the approach

taken to the going concern statement and viability statement

which included the projected funding requirements, the facilities

available to the Group, the sensitivity models used including an

illustrative severe yet plausible downside scenario of a reduction

of 30% to the base profit forecasts and the corresponding impact

to cash flow forecasts in both 2025 and 2026, and the review of

principal risks and uncertainties undertaken.

The Committee reviewed the paper and challenged the

assumptions with management and after making diligent

enquiries, the Directors have a reasonable expectation, based

upon current financial projections and bank facilities available,

that the Group has adequate resources to continue in operation

and meet its liabilities as they fall due over the period. This

conclusion is based on a review and an assessment of the levels

of facilities expected to be available to the Group, based on

levels of cash held, Group Treasury funding projections, and the

Group’s financial projections for a period to 31 December 2026.

The undrawn headroom on the Group’s committed borrowing

facilities at 31 December 2024 was £655.7m (2023: £664.3m).

The maturity of our borrowing facilities is disclosed in note 14

of the financial statements in Report 3, with repayment of two

senior notes totalling US$120m required by 31 December 2025.

The Group Treasury funding projections forecast these to be

repaid using existing facilities.

Following the recommendation of the Committee, the Board

continues to consider it appropriate to adopt the going concern

basis in preparing the Group’s financial statements (as disclosed

in note 1 of the financial statements on page 3.07 in Report 3)

and has approved the long-term viability statement as set out

on pages 1.59 and 1.60 in Report 1.

External audit – appointment of auditor

The appointment, review and relationship with the external audit

firm and the annual review of the effectiveness of the external

audit is a responsibility that is delegated to the Committee.

A transparent and independent audit tender process was

completed in 2015 and PwC have been the Group’s auditors

since May 2016. Graham Parsons serves as the PwC audit

partner responsible for the Group audit, a role he assumed in

May 2021. The Group is next required to put its external audit

process out to tender for the financial year ending 31 December

2026. More information on the external audit tender can be

found on pages 2.87 and 2.91.

The Committee monitors and reviews the independence and

objectivity of the external auditor and reviews the effectiveness

of the external audit process. The Committee also considers and

makes recommendations to the Board, to be put to shareholders

for approval at the AGM, in relation to the appointment,

reappointment and removal of the Group’s external auditor.

It ensures that at least once every ten years the audit services

contract is put out to tender to enable us to compare the quality

and effectiveness of the services provided by the incumbent

auditor with those of other audit firms.

Intertek Group plc

Annual Report & Accounts 2024

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Audit Committee Report Continued

3: Financial Report2: Sustainability Report1: Strategic Report

The independence of the external auditor is critical for the

integrity of the audit. The Committee sought confirmation

from the auditor that they are fully independent from the

Group’s management, are free from conflicts of interest and

have assessed the nature and level of non-audit fees paid to

PwC and have determined that PwC are fully independent.

During the year, the Forvis Mazars LLP integrated partnership

(‘Forvis Mazars') were re-appointed to audit approximately

4.1% of the Group’s in-scope components, measured as a

proportion of revenue.

2024 Audit plan

During the year the Committee evaluated PwC’s Group audit

scope for 2024. The year end audit plan was based on agreed

objectives, with the audit focused on areas identified as

representing significant risk and requiring judgement. In order

to manage costs and ensure that the Group maintained audit

relationships outside the ‘Big 4’, Forvis Mazars continued to

undertake some of the Group audit work under the direction

of PwC. Forvis Mazars is principally responsible for the statutory

audit of certain non-material group subsidiaries, but also

undertook specific audit procedures for certain component

entities that were within PwC’s Group audit scope for 2024.

Forvis Mazars reported independently to PwC on this work

and the work was directed, supervised and reviewed by PwC.

UK Group Audit exemption

For the year ended 31 December 2024, a number of the Group’s

UK subsidiaries are entitled to exemptions from audit under

section 479A of the Companies Act 2006. We have identified

which subsidiaries intend to utilise the audit exemption in the

table on pages 3.55 and 3.56 in Report 3.

Intertek Group plc is the ultimate parent undertaking of these

companies and has unanimously agreed to the granting of a

guarantee in accordance with section 479C of the Companies

Act 2006.

External auditor effectiveness and quality

The Committee conducts an annual review to assess the

independence and objectivity of the external auditor and the

effectiveness of the audit as part of the year end process.

This process is conducted in three parts as outlined below:

1. PwC presents to the Committee its approach to safeguarding

and maintaining the quality and independence of their audit

of the Group and their auditors, including addressing any risks

they face in maintaining audit quality across their network.

This is an extensive report covering all aspects of the audit

from the scope of work, reporting the outcomes of findings,

the key audit matters, fraud and investigations, intercompany

transactions, treasury, key risks, going concern and the IT

environment. Each aspect is reviewed and debated with the

auditors. The Committee was satisfied that the audit was

extensive, sufficiently challenging and robust.

2. The views of management and the Directors on PwC’s service,

level of challenge, and application of professional judgement

are obtained via a questionnaire, and subsequent follow up as

necessary. The feedback is then presented to the Committee.

3. The key findings and recommendations from both processes,

together with any form of appropriate external evaluation

such as feedback from shareholders and the FRC Audit Quality

Inspection Report then form the basis of the assessment of

PwC’s effectiveness, together with the Committee’s

experience of dealing with PwC during the year.

The responses to the annual appraisal questionnaire were

collated and incorporated into the planning process for the

following areas: Planning, Fieldwork and Reporting.

Following this review, the Committee considered in detail

the feedback received from a selection of Intertek personnel,

including Committee members, Group functions, regional finance

teams and country finance managers. The feedback scores from

the survey indicated a small increase in the Planning category,

a decrease in the Reporting category, and no change in the

Fieldwork category compared to the previous year. The overall

perception of PwC’s effectiveness remains positive, with 96%

of respondents either agreeing or mostly agreeing with the

statements outlined in the questionnaire, consistent with the

prior year (2023: 96%).

Overall, a robust collaborative approach persists, ensuring

continuous communication and engagement throughout the

year, with continued opportunities to further integrate IT and

other workstreams. The audit findings and the areas to improve

were discussed at the May 2024 Committee meeting and PwC

effectively addressed questions and challenges provided by

Committee members.

The Committee concluded, at the meeting held in May 2024, that

PwC remained independent and that, overall, PwC had completed

a robust and fit-for-purpose audit process across the Group with

a satisfactory level of resources.

The effectiveness of the 2024 audit of the Group will be

reviewed by the Committee in May 2025.

Audit and non-audit fees

The Terms of Reference of the Committee include ensuring the

continued independence and objectivity of the Group’s external

auditors. This is achieved through:

• the annual approval of the policy for the engagement of

external auditors for audit and non-audit services;

• setting limits for non-audit spend for the external auditors;

• an annual review of the Group Auditor’s performance in

conducting the external audit (presented at the May 2024

Audit Committee meeting);

• a five-year maximum tenure period for the external audit

partner; and

• where appropriate, audit tendering and rotation.

The Group has set out a policy on the provision of non-audit

work by the external auditor consistent with the 2024 Ethical

Standard issued by the FRC, and it is designed to ensure

that the provision of such services does not create a threat

or compromise the external auditor’s independence and

objectivity. The policy outlines in detail the services that the

external auditor cannot provide including tax services and

services that involve playing any part in the management

or decision making of the audited entity amongst others. It

identifies certain types of engagement that the external

auditor shall, subject to the audit cap, be permitted to

undertake, including with respect to audit-related services

such as reporting required by law or regulation to be provided

by an auditor, reviewing interim financial information, reporting

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on regulatory returns, reporting to a regulator on client

assets and reporting on government grants. With respect

to non-audit services, the policy outlines the services that

can be provided by the external auditor as required by law

or regulation and are exempt from the non-audit fee cap.

In the event that an engagement for non-audit services arises,

the policy is designed to ensure that the external auditor is only

appointed where it is considered to be the most suitable supplier

of the service and the necessary prior approvals have been given

in accordance with the policy.

The Committee annually reviews and re-approves the

framework of permitted non-audit services as set out in the

policy, taking into account any changes in legislation and best

practice. The Committee reviewed the policy in 2024 and no

major changes were made. PwC also provides an update on

the spend for non-audit services twice a year. For 2024, the

Committee pre-approved a total non-audit spend of £234,000

(2023: £234,000).

As per the policy, all non-audit services must be approved by the

CFO, and in the event that the pre-approved limit is exceeded,

the Committee Chair and the CFO have to approve an increase to

the pre-approved limit. In 2024 this process operated effectively.

A summary of the fees paid for non-audit services is set out

below. The majority of the non-audit fees related to a review

by PwC of the Interim Results announcement, which is deemed

a non-audit service. This was considered appropriate as PwC

also audit the full year results.

2024

£m

2023

£m

Total non-audit fees 0.2 0.2

– audit-related services 0.2 0.2

– tax services – –

– other non-audit services – –

Audit fee 5.9 5.8

% of audit fee 3% 3%

Further information is contained in note 4 to the financial

statements on page 3.12 in Report 3.

Statement of compliance with the Competition

and Markets Authority (‘CMA’) Order

The Committee considered that the Company has complied

with the Statutory Audit Services for Large Companies Market

Investigation (Mandatory Use of Competitive Tender Processes

and Audit Committee Responsibilities) Order 2014 published by

the CMA on 26 September 2014 ('CMA Order 2014'), including

with respect to the Audit Committee’s responsibilities for agreeing

the audit scope and fees and authorising non-audit services.

External audit tender

The Group’s last competitive external audit tender was carried

out in 2015. The Audit Committees and the External Audit:

Minimum Standard, and the CMA Order 2014, require that a tender

take place at least every 10 years. During the year, the Committee

reviewed the future external audit requirements of the Company

and the Group, and approved the initiation of a formal audit tender

process to be undertaken during 2025 for the 31 December 2026

year end audit; concluding that this would be in the best interests

of the Company's members as it would reinforce robust corporate

governance and ensure continued transparency and confidence

in the financial reporting process. Further details on the process

and its outcome will be announced in due course, and a

recommendation will be made to shareholders at the 2026 AGM.

Internal audit

The Group has an Internal Audit function, whose activities are

overseen by the Committee, which provides assurance over

compliance with the Group’s framework of financial Core

Mandatory Controls ('CMCs').

The Committee monitors and reviews the effectiveness and

resources of the Internal Audit function throughout the year. To this

end, the Committee approves the Internal Audit programme and

charter for the year, which this year included the development and

inclusion of a strategy for the Internal Audit function that supports

the strategic objectives and success of the organisation as a result

of the introduction of Global Internal Audit Standards 2024.

The Committee reviews the internal audit reports and

monitors management’s responsiveness to the findings and

recommendations of the Group Audit Director, as well as approving

the appointment and removal of the Group Audit Director as

appropriate. When reviewing the summary findings, management

responses, progress against audit recommended improvement

plans and average compliance scores, the Committee was satisfied

that the Internal Audit function continued to work effectively and

focus its activities in the areas with the greatest need.

Internal audit effectiveness

The Committee assesses and reviews the independence and

effectiveness of Internal Audit using a variety of inputs.

An independent review of effectiveness was undertaken by

Grant Thornton in 2023, with the next independent review

planned in 2026. The review concluded that the Internal Audit

function is valued and their role in defining expectations and

improving compliance with the financial CMCs is widely

acknowledged.

They further concluded that the function exhibits good practices,

in particular in the continuous improvement agenda of the team.

During the year, Internal Audit was assessed using feedback

received through a questionnaire to senior stakeholders across

the Company, including the Committee, Group Executives and

functions.

Responses were consistently favourable, and the external

auditor also provided informal and supportive feedback.

The Committee satisfied itself that the quality, experience

and expertise of the function is appropriate for the business.

Fair, balanced and understandable

In February 2025, the Committee reviewed the 2024 Annual

Report & Accounts and concluded that, taken as a whole, it was

fair, balanced and understandable and provided the information

necessary for shareholders to assess the Group’s position,

performance, business model and strategy, and the potential

impact on forward-looking assumptions supporting going

concern and viability assessments. In its assessment, it

considered that the following had been carried out and

this formed the basis of its recommendation to the Board:

• Pre-year end discussions held with the external auditor

in advance of the year end reporting process.

• Pre-year end input provided by the senior management team

and from corporate functions.

• A verification process dealing with the factual content of the

reports to ensure accuracy and consistency.

• Comprehensive review by the senior management team

to ensure overall consistency and balance.

• Review conducted by external advisers and the external

auditor on best practice regarding the content and structure

of the Annual Report & Accounts.

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Internal control and risk management systems

The Board ultimately reviews the Group’s risks, controls

and compliance and mitigation actions. The Committee is

responsible for reviewing the adequacy and effectiveness

of that risk framework. We have an integrated approach

to obtaining assurance that our risks are being

appropriately and effectively identified and addressed.

Further information on how Intertek has implemented

an end-to-end integrated approach to risk, control and

compliance is outlined on pages 1.57-1.59 in Report 1.

‘Doing Business the Right Way’ is at the heart of what we do and

continues to be a key enabler of our AAA strategy. The Intertek

CMCs are an integral part of ‘Doing Business the Right Way’,

and provide the mechanism by which we define, monitor and

achieve consistently high standards in our control environment

throughout the whole organisation. At the end of the year, the

Committee undertook a review of the effectiveness of the CMCs

and Assurance Map to ensure that they continued to be fit for

purpose. Where non-compliances with the current CMCs were

identified in the 2024 internal audit review process, remediation

plans have been put in place. For 2025, the effectiveness of

the process was reviewed and there were additional controls

introduced based on risks and issues highlighted by the Group’s

Internal Audit and Compliance assurance programmes and

based on other risk indicator data and outputs including the

reporting, review and corrective actions of Hotline reports.

In order to provide assurance that the Intertek controls and

policy framework is being adhered to, a self-assessment

exercise is undertaken across the Group’s global operations.

This exercise is reviewed and refreshed each year to align

with the updated control framework and to support the

continued development of the Group’s control environment.

Relevant operational and functional leaders for each site are

required to complete a year end compliance certification, in

the form of an online questionnaire, to confirm that the right

management processes and controls are in place and are

operationally effective. The compliance certification covers

all CMC areas: Compliance, Sales, Operations, Marketing,

Communications, our use of intermediaries, IT, Finance,

Sustainability and People management. Where corrective

actions are needed, the leaders are required to provide an outline

and a confirmed timeline. The results are used as an input for the

Internal Audit and Compliance Audit assurance work for 2025.

Self-assessment responses are consolidated for review

at a divisional, regional and functional level, with further

review and sign-off of the consolidated self-assessments

in the corresponding divisional, regional and functional risk

committees, before a final consolidated CEO and CFO review.

A final summary assessment is provided to the Committee.

The self-assessment exercise has been expanded during

the year to ensure global coverage and to reflect Intertek’s

operational and financial structure, and in order to enhance the

alignment of the self-assessment to the assurance process.

We annually review and approve the statements to be included

in the Annual Report & Accounts to ensure they remain relevant

to the Group's strategy and operations as well as complying

with any regulatory requirements. A detailed verification

programme also provides assurance to the Committee and

the Board when checking that all the statements made

in the Annual Report & Accounts are accurate. Intertek’s

Manual of Accounting Policies and Procedures is issued to all

finance staff giving instructions and guidance on all aspects

of accounting and reporting that apply to the Group.

The Committee can confirm that it reviewed the Group’s

internal controls and risk management systems and

concluded that there was an effective control environment

in place across the Group during 2024, and up to the date

on which these financial statements were approved. No

significant failings or weaknesses were identified.

Whistleblowing and fraud

We reviewed the adequacy and security of the Group’s

arrangements for its employees and contractors to raise

concerns, in confidence, about possible wrongdoing in financial

reporting or other matters ensuring that these arrangements

allow proportionate and independent investigation of such

matters and appropriate follow-up action.

The whistleblowing hotline is well-publicised and can be used

by all employees, contractors and others representing Intertek,

or by third parties such as our customers or people who are

affected by our operations. This whistleblowing hotline is run

by an independent, external provider. It is multi-language and

is accessible by phone and by email 24 hours a day. Further

information on the whistleblowing hotline can be found on

page 2.58.

In addition, we review the Group’s systems and procedures for

detecting fraud and the prevention of bribery and receive regular

reports on non-compliance and keep under review the adequacy

and effectiveness of the Group Compliance function.

Audit Committee Report Continued

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Significant issues

considered by the

Committee

In preparation for each year end, the

Committee reviews the significant

accounting policies, estimates and

judgements to be applied in the financial

statements and discusses their application

with management. An explanation of the

application of the Group’s significant

accounting policies is set out in note 1

to the financial statements on pages

3.07-3.08 in Report 3. The external

auditor also considers the appropriateness

of these assessments as part of the

external audit. The Committee’s views,

comments and their insights are used to

inform the processes and approach taken

by management in all areas of significant

risk, thus facilitating a Group-wide

consistent and prudent approach.

In accordance with the Code, the

external auditor prepares a report for

the Committee on both the half year

and full year results, which summarises

the approach to key risks in the external

audit and highlights any issues arising out

of their work on those risks, or any other

work undertaken on the audit.

Following reviews and discussions

throughout the year of all the relevant

papers presented and after considered

discussion with management and the

external auditors, the Committee had an

understanding of the business rationale

for transactions and how they were

being recorded and disclosed in the

financial statements, and therefore

agreed that the estimates and areas of

judgement exercised by management

were appropriate.

Claims

From time to time, the Group is involved

in various claims and lawsuits incidental

to the ordinary course of business.

The Committee considered the claims

provision which reflects the estimates

of amounts payable in connection with

identified claims from customers, former

employees and others. The Committee

noted that once claims have been

notified, the finance teams liaise with

the business to determine whether a

provision is required, based on IAS 37

Provisions, Contingent liabilities and

Contingent assets (‘IAS 37’).

The level of provision is subsequently

reviewed on a regular basis with the

Group General Counsel, taking into

account the advice of external legal

counsel. The Committee, following

assurance from management and review

of the position by the external auditors,

considered and agreed that the claims

provision, and associated disclosures,

were appropriate given the size and

status of claims reported.

Taxation

The determination of profits subject to

tax is calculated according to complex

laws and regulations, the interpretation

and application of which can be

uncertain. In addition, deferred tax

assets and liabilities require judgement

in determining the amounts to be

recognised, with consideration given to

the timing and level of future taxable

income. The main areas of judgement

in the Group tax calculation are the

expected central tax provisions for the

full year, including provisions related to

transfer pricing risk, and the recognition

of the UK deferred tax asset.

Twice a year, the Committee receives a

report from management providing an

evaluation of existing risks and tax

provisions which is reviewed by the

Committee. The Committee also

considered reports presented by the

external auditors before determining

that the levels of tax provisioning were

appropriate.

Revenue Recognition

IFRS 15 Revenue from Contracts

with Customers requires an entity to

recognise revenue in a way that shows

the transfer of goods/services promised

to customers is an amount that reflects

the expected consideration in return for

transferring control of those goods or

services to the customer.

The Committee reviewed the work

completed regarding revenue and, taking

into account the views of the external

auditors, agreed that the treatment

was appropriate.

Acquisitions and fair

value accounting

The Committee was advised of the

approach taken to the acquisition made

in 2024 where the related fair value was

recognised on a provisional basis. Such

provisional amount is subsequently

finalised within the 12-month

measurement period, as permitted by

IFRS 3. Details of the acquisition in 2024

are set out in note 10 on page 3.23 in

Report 3.

The Committee, following assurance

from management and review of the

position by the external auditors, was

satisfied that the treatment was

appropriate.

Impairment of Goodwill

and other acquired

intangible assets

The Group is required to make

judgements to estimate the fair value

of assets and liabilities acquired; in

particular, the amounts attributed to

intangible assets such as titles, brands,

acquired customer lists and associated

customer relationships. These

judgements impact the amount of

goodwill recognised on acquisitions. As

outlined in note 9 in Report 3, the Group

has £1,365.9m of Goodwill which has

arisen on acquisitions. An impairment

assessment is required at least annually

in respect of this amount.

The Committee noted the update as at

the year end and, taking into account the

acquisitions made during the year, and

after seeking views from the external

auditors, agreed the disclosure in note 9

on pages 3.20-3.22 in Report 3.

Accounts receivable

and accrued income

The Group takes a prudent approach to

provisioning of accounts receivable and

accrued income balances in line with IFRS

9 Financial Instruments.

The Committee noted the update as at

the year end and, considering the views

of the external auditors, agreed that the

Group’s provision was appropriate.

Consideration of

Climate Change

Mandatory TCFD reporting has driven

significant momentum regarding climate

change related disclosures. The Group

has set out its consideration of climate

change in respect of an impact on the

financial reporting judgements and

estimates arising from our assessment of

climate change on the Group as a whole.

The Committee reviewed the approach

taken to consider the impact of climate

change and the disclosures on pages

1.65-1.73 in Report 1, and taking into

account the feedback from the external

auditors agreed the approach taken and

the related disclosures.

Pensions

The Group operates a number of

post-employment plans. In most

locations, these are defined contribution

arrangements. However, there are

material defined benefit schemes in

the United Kingdom and Switzerland.

Having considered advice from external

actuaries and assumptions used by

companies with comparator plans, the

Committee agreed that the assumptions

used to calculate the income statement

and balance sheet assets and liabilities

for post-employment plans were

appropriate (see note 16 on pages

3.35-3.38 in Report 3).

During the year, the Committee reviewed and considered the following estimates

and areas of judgement to be exercised in the application of the accounting policies:

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Remuneration Committee Report

Dear shareholder,

I would like first to acknowledge my

predecessor, Gill Rider, for her work as Chair

and her support throughout the handover of

responsibilities. I would also like to thank my

fellow Remuneration Committee members

for their insights and valued contributions

during the past year. I am delighted to

present our Remuneration Report for

the year ended 31 December 2024.

In 2023 we announced our AAA differentiated growth

strategy to further strengthen performance, capitalising on

our strengths and seizing the higher demand for our services.

Our AAA strategy is raising the bar for the organisation as we

strive to be the best every day and deliver superior value for

all stakeholders, customers, employees, communities and, of

course, our shareholders. Having redefined our industry from the

traditional Testing, Inspection and Certification (TIC) services

into Risk-based Quality Assurance offering industry leading

ATIC (Assurance) solutions, we plan to capitalise on this unique

advantage to strengthen performance for all.

The Remuneration Committee recognised that the AAA strategy

was likely to require a review of the existing remuneration

framework but felt it appropriate to delay that review until

after the change in Committee Chair. Accordingly, no material

changes were made in the 2024 Directors’ Remuneration Policy

(overwhelmingly approved by shareholders at the 2024 AGM

under the normal three-year cycle). Subsequently, as the new

Committee Chair, I have taken on the task of ensuring that

our remuneration strategy can appropriately support the

unprecedented level of returns the new strategy is targeting,

without losing the key elements that have historically driven

the strong results of the Company.

We firmly believe the Group can, by executing its recently

launched AAA growth strategy, achieve higher levels of

organic revenue growth and accelerate EPS growth.

Therefore, we seek to incentivise our teams to unleash the

full potential of the Group with an enhanced LTIP scheme which

targets double digit EPS growth every year (10.5%-14.5%).

This would make Intertek one of the highest quality cash

compounders in the world and will create AAA value for our

shareholders through the compounding effect of consistent

high quality revenue growth, margin accretion, strong cash

generation and superior ROIC.

We are targeting superior performance within the high quality

cash global compounders peer group. Based on the latest

disclosures across the FTSE 100, we will be one of only three

FTSE100 companies targeting 13% p.a.+ EPS growth and the

only one targeting over 14% p.a. growth.

2025 Directors’ Remuneration Policy – introduction

of Enhanced Awards under the LTIP to unlock AAA

value growth

i) Business context and the AAA value

growth opportunity

The Group has delivered impressive performance over the past

decade, executing its 5x5 differentiated growth strategy and

delivering total shareholder return ahead of its peers and the

FTSE 100. Over those 10 years, Intertek has performed strongly

on a range of metrics and has made significant strategic

progress.

In line with our AAA

strategy for growth, we

are increasing LTIP targets

to accelerate performance

and reward accordingly.”

Graham Allan

Chair of the Remuneration Committee

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The leadership team have begun work on all fronts to bring this AAA growth strategy to life. The early impact

is demonstrated by the strong financial performance of the Group in 2024.

Financial performance metrics

FY24 FY23

YoY

(Actual rates)

YoY

(Constant rates)

Revenue £3,393.2m £3,328.7m 1.9% 6.6%

Operating profit £590.1m £551.1m 7.1% 13.0%

Operating margin 17.4% 16.6% 80bps 100bps

EPS 240.6p 223.0p 7.9 % 15.2%

ROIC 22.4% 20.5% 190bps 250bps

Free Cash Flow £408.8m £378.4m 8.0%

Dividend 156.5p 111.7p 40.1%

1. On adjusted basis

ii) Principles underlying the remuneration policy review

The following principles underpin the review that was undertaken of the remuneration policy:

• The remuneration structure should incentivise senior executives to deliver the AAA growth strategy

in order to unlock significant value growth opportunity that will benefit shareholders.

• The reward framework should retain its current balance of metrics and management should not be

incentivised to deliver higher levels of earnings growth to the detriment of other key financial metrics, that

are fundamental to Intertek’s historic success, particularly Return on Invested Capital ('ROIC') and Free Cash

Flow ('FCF') generation.

• Any additional incentive should be straightforward to understand and should only deliver additional rewards

if higher levels of performance are achieved (i.e. a “more for more” principle). In particular, there should be no

additional rewards for delivering performance within the existing LTIP EPS target range.

• Any award vestings should be carefully considered in the context of the overall shareholder experience.

Financial metrics

Financial

performance

metrics

2014

2024

14-24

change

Revenue £2,093m £3,393.2m 62.1%

Operating profit £324.4m £590.1m 81.8%

Operating margin 15.5% 17.4% 190bps

Diluted earnings

per share 132.1p 240.6p 82.1%

Dividend 49.1p 156.5p 218.7%

Adjusted Cash

Generated from

Operations 403.7 789.2 95.5%

ROIC 16.3% 22.4% 610bps

1. On adjusted basis

2. 2014 metrics are on an IAS17 basis

• 147.5% TSR growth in absolute terms over the period

compared to FTSE 100 Index of 82.9%

• We have outperformed our peers and industry

benchmarks on a number of the metrics including Revenue

growth, Margin improvement, Cash generation and TSR

Key strategic advances

The leadership of the business has strengthened the

fundamentals of the business in terms of its overall

capability, talent, systems and processes.

Importantly, Intertek has redefined the industry from TIC

to ATIC, pioneering Risk based Quality Assurance to deliver

superior service which has positioned Intertek as the

absolute ATIC Quality leader.

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iii) Incentive proposal to unlock AAA value growth

Under our LTIP, which has received strong support from

investors, executives currently receive Core Awards which are

subject to a combination of EPS, ROIC and FCF performance

measures. This is consistent with our proven value creation

approach based on the compounding effect year after year

of high-quality revenue growth, margin accretion, strong cash

generation and disciplined capital allocation in high growth,

high margin sectors to deliver a superior ROIC.

The Committee considered several alternative ways of unlocking

the growth objectives within the AAA strategy from a reward

perspective. These included different structures (including, but

not limited to, profit sharing/value creation plans and a widening

of Core Award targets), and alternative metrics (including, but

not limited to, total shareholder return metrics). On balance, the

Committee felt that the alternatives would either be overly

complicated, could not easily achieve our self-funding objective

or would not directly align with the out-turns expected from the

management team in unlocking the AAA strategy. Our proposal

is therefore to grant the current Core Awards alongside

Enhanced Awards under the current LTIP. The features of the

Core Awards will remain consistent with grants in prior years

and details of the Enhanced Awards are set out below.

The Enhanced Awards:

• will require delivery of demanding double digit EPS growth

targets that are in excess of the targets applicable to the

Core Awards. They are therefore designed to incentivise

accelerated performance and to reward management

only if enhanced performance is delivered;

• will be underpinned by FCF and ROIC ‘qualifiers’ to ensure

that there is a focus on quality growth; and

• are designed to be self-funding.

Consequently, the Committee believes the proposed Enhanced

Award arrangement to be wholly aligned with the interests of

our shareholders. The table on this page outlines the design of

the proposed Enhanced Awards and their interaction with the

existing Core Awards within the LTIP structure.

LTIP

CORE AWARDS

Unchanged from current Policy. Will be retained to drive the

core business

ENHANCED AWARDS

Subject to AGM approval. To incentivise and drive

unprecedented levels of growth through the AAA strategy

Participants

• A group of leaders including Executive Directors, the Group

Executive Committee and other key senior leaders

Participants

• A group of leaders including Executive Directors, the Group

Executive Committee and other key senior leaders

Core Award levels

• Capped at 300% of salary

• 2025 awards to Executive Directors: CEO 300% of salary;

CFO 200% of salary

Enhanced Award levels

• Capped at 300% of salary

• 2025 awards to Executive Directors: CEO 300%

of salary; CFO 300% of salary

Time period

• Awards granted annually in Policy period

• Three-year performance period

• Two year holding period

Time period

• Awards granted annually in Policy period

• Three-year performance period

• Two year holding period

Performance measures

Threshold

25% vests

Maximum

100% vests

EPS growth

(1/3 of award) 4% p.a. 10% p.a.

Cumulative FCF

(1/3 of award) £1,297m £1,377m

ROIC

(1/3 of award) 20.3% 24.3%

Performance measures

Threshold

15% vests

Maximum

100% vests

EPS growth (100% of

award – but any vesting is

subject to achievement of

BOTH ‘qualifiers’ below) 10.5% p.a. 14.5% p.a.

‘Qualifiers’

– Cumulative FCF £1,397m

(above maximum of

Core Award range)

– ROIC

22.3%

(midpoint of Core

Award range)

1. Irrespective of the formulaic outcomes, the Committee will consider whether any discretion should be applied to the vesting result to ensure that payouts are in keeping with

shareholder returns. The Remuneration Committee will also review in-flight LTIP targets in the event of “material” M&A to ensure they retain the originally proposed level of stretch.

Any share buyback will be excluded from the EPS calculation.

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iv) How the proposal aligns with our principles

A summary of how this proposal aligns with the aforementioned principles is set out below.

CORE AWARDS Core Awards continue to be granted subject to a combination of metrics (EPS, ROIC and FCF)

Ensures management remain focused on delivery of fundamentals that have resulted in strong historic performance

EPS growth targets (4-10% CAGR) consistent with previous Core Awards under the LTIP

Target range remains challenging relative to Intertek’s historic long-term performance (average 6.2% CAGR 2014-24)

ENHANCED AWARDS Retains all 3 elements of the Core Awards – EPS / FCF / ROIC. No vesting unless demanding quantitative ‘qualifiers’ achieved for both ROIC and FCF

Challenging ROIC / FCF ‘qualifiers’ ensure management are not incentivised to pursue earnings growth from M&A activity unless it also delivers strong returns on capital

If both ‘qualifiers’ achieved, vesting of awards subject wholly to EPS

Simple structure which is aligned to AAA growth strategy

EPS growth targets (10.5-14.5% CAGR) entirely above Core Awards maximum (10% CAGR)

Ambitious targets consistent with “more for more” principle and outperformance goals of the AAA growth strategy. The resulting target EPS range is set to be one of

the most stretching target ranges across the FTSE 100. Based on the latest disclosures across the FTSE 100, we will be one of only three FTSE100 companies targeting

13% p.a.+ EPS growth and the only one targeting over 14% p.a. growth. This would represent a level of sustained performance that Intertek has not achieved at any point

in recent history.

2015-17 2016-18

2017-19

2018-20

2019-21

2020-22

2021-23

2022-24

-2%

10%

12%

14%

16%

EPS target range relative to historic Intertek performance

1 Annualised fully diluted, adjusted EPS growth. Measured on a constant currency basis

Core Awards – target range Enhanced Awards – target range

EPS growth1 - CAGR

Intertek performance over period

CAGR 2014-2024

8.5%

9.7%

8.3%

-1.6%

0.8%

1.4%

12.5%

11.8%

10%

10.5%

14.5%

Appropriateness of vesting outcomes will be subject to a discretionary framework at the end of the performance period

Ensures that all LTIP vestings are consistent with the shareholder experience. Full details of the framework that will be used by the Committee at the end of the performance

period when considering vestings is set out in the Implementation section of the Annual Report on Remuneration (page 2.114). For the avoidance of doubt, the Committee

does not have the discretion to disapply the qualifiers or any of the performance targets.

• Intertek has delivered growth within the proposed Enhanced

Award target range in only two of the last eight LTIP cycles

• The proposed Enhanced Award range is significantly above

long-term EPS growth performance (6.2% CAGR between

2014-2024)

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v) Listening to our shareholders

Over recent months, we have undertaken extensive consultation

on this proposal and I would like to extend my sincere thanks to

all those who participated for sharing their time. Details of the

consultation process are outlined below, alongside a summary

of the significant changes that we have made to our proposal

to reflect feedback received.

Consultation process

STAGE 1

October 2024

Who was consulted?

Top 7 shareholders covering circa 33% of register

were consulted and all kindly provided feedback

on our initial proposals.

What changes were subsequently made to

the proposal?

Following Stage 1 of the consultation, to supplement

the proposed demanding EPS growth targets, ROIC

and FCF ‘qualifiers’ were added to provide shareholders

with reassurance that management are not

incentivised to chase earnings growth from M&A

unless it also delivers strong returns.

STAGE 3

December 2024

Who was consulted?

Top 40 shareholders covering circa 60% of register

and three major proxy bodies (ISS, Glass Lewis and The

Investment Association) were consulted on a revised

proposal. We received helpful feedback from a number

of shareholders and the three leading proxy bodies.

What changes were subsequently made to

the proposal?

As feedback in Stage 3 was broadly positive,

no further changes were made to the proposal.

Feedback from the proxy bodies emphasised the

importance of a clear explanation and rationale for the

proposal in this Remuneration Report. That feedback

has been reflected in this document.

STAGE 2

November 2024

Who was consulted?

Top 7 shareholders covering circa 33% of register

were consulted on a revised proposal and again all

kindly provided feedback.

What changes were subsequently made to

the proposal?

Following Stage 2 of the consultation:

• The maximum value of Enhanced Awards was reduced

to 300% of salary.

• The proposed population to receive Enhanced Awards

was widened.

• The ROIC and FCF ‘qualifiers’ were made more stretching.

• The vesting % for threshold performance on Enhanced

Awards was reduced to 15%.

• Clarity was added as to how “material” M&A and share

buybacks would be treated.

• A discretionary framework was developed to assess the

appropriateness of vesting outcomes, to ensure that any

payout is consistent with the investor experience.

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We also received several questions during

consultation and, for transparency, set out

below our responses to some of the most

common themes.

Your current Policy was only approved at the 2024 AGM.

Why are you seeking approval for another new Policy

so soon?

The Committee recognised that the AAA growth strategy was

likely to require a review of the existing remuneration framework

but felt it was appropriate to delay that review until after the

change in Remuneration Committee Chair. While we were

technically required to re-approve the policy at the 2024 AGM,

the comprehensive review of our remuneration strategy took

place following the AGM.

Would it not be simpler to increase the size of existing

Core Awards rather than introducing a new concept of

Enhanced Awards?

Whilst sympathetic to this view, the Remuneration Committee’s

belief is that a “more for more” principle is of fundamental

importance to this proposal. This was a view shared by many

investors during consultation. This would not have been achieved

by simply increasing the size of Core Awards as additional reward

could then have been earned without necessarily delivering higher

levels of earnings performance. The Enhanced Awards, with clear

distinction from business-as-usual activities, are designed to be

self-funding and are specifically linked to delivery of differential

levels of growth. The Enhanced Award will only deliver additional

value for Executives if Intertek delivers both demanding EPS

growth targets (over and above those used for existing Core

Awards) and also satisfies stretching ROIC and FCF ‘qualifiers’.

By way of an example:

• If the Core Awards had simply been increased from 300% to

600% of salary, each element of the plan would have had

an independent weighting measured separately from each

other. If the weightings had been retained in line with the

current Core Awards (i.e., 1/3 for each element), each metric

would have been weighted at 200% of salary. In a scenario

where the Group delivered at the maximum of the EPS

range (i.e. 14.5% growth), but missed the ROIC and FCF

threshold metrics, the formulaic outcome would result in

a vesting of the full EPS element, i.e. 200% of salary.

• Under the proposed design, this would not be the case.

This is through the underlying construct where the EPS

element of Enhanced Awards would not “activate” unless

the ROIC and FCF qualifiers are achieved, which are set

at a level of stretch above the threshold of each of the

respective metrics. In this scenario, vesting would therefore

be capped at the maximum of the current Core Award

structure of 100% of salary.

As can be seen from the above example, the Committee felt that

the construct of the Enhanced Awards, through stretching targets

combined with strong qualifiers, sat more naturally with the

Group’s high quality earnings and cash compounder model, and

represented better value for shareholders.

Given the degree of focus on EPS in this proposal,

will management focus too much on M&A?

It should be noted that the Board has oversight into the details

of any material acquisition and that Intertek has a proven history

of rigour around M&A investments, generating excellent returns.

During the current CEO’s tenure, ROIC has averaged 21.5%.

Notwithstanding this, we understand that some shareholders

may still be concerned that there remains a risk that management

might be incented to pursue large scale M&A to deliver earnings

growth. To protect against that, we have included two safeguards:

• The ROIC ‘qualifier’ for Enhanced Awards is set at a level that

would make it counter-productive for management to pursue

M&A unless it provided excellent returns; and

• In the event of material M&A transactions, the Committee will

review in-flight and future targets to ensure they retain the

originally proposed level of stretch.

What will happen to the EPS targets in the event

of a share buyback?

The EPS targets will be adjusted to neutralise the impact

of any share buybacks.

How did the Committee determine the proposed Enhanced

Award levels?

The Committee carefully considered the Enhanced Award levels

both in the context of relevant market data and the significant

degree of stretch in the targets. Specifically in the case of our

CEO, André Lacroix, the following points are worth highlighting:

• The current Intertek CEO package is positioned between median

and upper quartile within the FTSE 100 which reflects André’s

extensive experience and excellent performance in role.

• Given the degree of stretch in the proposed targets, there

would be no change in the positioning of André’s Total Target

Remuneration under this proposal. It should also be highlighted

that André would receive no additional remuneration for

delivering the current Core Award maximum target of 10%

EPS growth.

• If the Enhanced Awards were to pay out in full, then André’s

Total Maximum Remuneration would be slightly ahead of upper

quartile within the FTSE 100. However, this outcome would be

dependent on the delivery of sustained EPS growth which

significantly exceeded normal market practice across the

FTSE 100 and therefore the Committee concluded that this

positioning would be supported by enhanced performance.

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Implementation of our Remuneration Policy in 2025

Base salary

The Remuneration Committee has awarded the CEO and CFO

salary increases of 2.4% which is in line with the wider UK

workforce increase of 2.4%.

Annual incentive

The maximum annual incentive opportunity for the Executive

Directors remains unchanged in 2025 at 200% of salary. It will

continue to be based 70% on a matrix of Revenue and Adjusted

Operating Profit growth, 15% on ROIC and 15% on ESG, based

on Carbon Emissions.

LTIP

2025 Core Awards remain unchanged at 300% and 200%

of salary for the CEO and CFO respectively. As outlined above,

and subject to shareholder approval, the Executive Directors

will also receive Enhanced Awards worth 300% of salary.

Performance measures and targets for the Core and Enhanced

Awards are outlined in the 2025 Directors’ Remuneration Policy

section above.

Performance and incentive outcomes for 2024

As set out earlier in the Annual Report & Accounts, Intertek

has delivered robust revenue growth, strong margin progression,

double-digit earnings growth, excellent cash generation

and ROIC. Performance highlights are summarised below –

full details are on pages 1.34-1.39 in Report 1.

Financial performance metrics

FY24

Revenue £3,393.2m

Operating profit £590.1m

Operating margin 17.4%

EPS 240.6p

ROIC 22.4%

Free Cash Flow £408.8m

Dividend 156.5p

1. On adjusted basis.

£0m £20m£15m£5m £10m

CEO packages of FTSE 100 companies

Total maximum remuneration

Median UQ

Intertek – current package

Intertek – proposed package

What alternative reward mechanisms did you

consider before arriving at your proposal?

The Committee considered several alternative ways of

unlocking the growth objectives within the AAA strategy

from a reward perspective. These included forms of profit

sharing (e.g. a value creation plan), alternative metrics (e.g.,

total shareholder return) and simply extending the existing

LTIP structure.

Whilst each of the alternative structures has some

strengths, some investors have challenged the more

innovative structures (e.g. a value creation plan) and whilst

alternative metrics were possible, they were not directly

aligned with the outcomes targeted from execution of

our AAA differentiated strategy for accelerated growth.

Ultimately, the Committee felt that the proposal set

out above:

(i) is more directly aligned with the out-turns expected to

be delivered from the strategy to unleash the full potential

of the company and deliver superior returns for our

shareholders;

(ii) is the only structure that affirmatively meets one

of our core principles of being self-funding; and

(iii) has the best alignment with shareholder interests.

Other than the ‘qualifiers’, how do we get

comfortable that payouts will be aligned

with the shareholder experience?

Before any awards are approved to vest, the Committee will

carefully consider whether any discretion should be applied

to the vesting result using the detailed discretionary

framework set out in the Implementation section on page

2.114.

£0m £2m £4m £6m £8m £10m £12m

CEO packages of FTSE 100 companies

Total target remuneration

Median UQ

Intertek – current and proposed package

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There was no change to our annual incentive framework for

2024, which continues to support the Group’s strategy for

growth and our purpose of bringing quality, safety and

sustainability to life. Based on the performance targets set

at the start of the year, this resulted in a formulaic outcome

of 95.6% of maximum. A full disclosure of the Annual Incentive

scorecard is provided on page 2.118. The Remuneration

Committee felt that this out-turn was consistent with the

overall strong performance of the business in the year. 50%

of this award will be deferred into shares for three-years.

Throughout the Group, our annual incentives are based on

the same metrics to ensure total alignment and transparency.

Our 2022 Core LTIP award was based on three equally weighted

metrics measured over a three-year period to 31 December

2024; EPS, FCF and ROIC, aligned with the Group’s strategy for

sustainable growth. Strong performance was delivered across

all three metrics with performance above the maximum targets

and the formulaic outcome was 100% of maximum vesting, full

details of which are provided on page 2.119

When determining incentive outcomes, the Remuneration

Committee exercised independent judgement, taking into

account a number of internal and external considerations

to determine whether the results felt appropriate, including:

• Robust revenue growth of 6.6% at constant currency;

• Strong margin progression to 17.4%;

• EPS growth of 15.2% in constant currency;

• Strong cash generation up 8.0% year-on-year;

• Disciplined capital allocation. Excellent progress from

acquisitions. Strong ROIC of 22.4%, up 250bps on 2023;

• Improved dividend – full year 156.5p, up 40.1% year-on-year

in line with our dividend policy of circa 65% payout, and

• The overall stakeholder experience over the relevant

performance periods, including the experience of our clients,

employees and communities.

It was the view of the Remuneration Committee that the

incentive outcomes appropriately reflected performance in

the relevant performance periods and the wider shareholder

experience, the Remuneration Policy operated as intended

and therefore no discretion was applied.

Wider workforce

Across the Group, our 45,000 employees deliver our science-

based customer growth advantage for our clients every day

with precision, pace, and passion. Our people bring their technical

expertise and energy to work every day. Over the year, the focus

of the Group is to ensure we have engaged and energised teams

taking the company to ever greater heights.

Intertek is compliant with minimum wage and mandatory social

contributions requirements in all jurisdictions where we operate.

Given the geographic spread of the Group’s operations,

employee reward is managed at local level to enable local

management to deliver the right customer and employee

experience. This year, we have focussed on the engagement

within our teams through our Champions programme in

partnership with Gallup, continued to focus on the wellbeing of

our employees through our Kindness programme, created more

relevant content on our internal learning platform – Lucie, and

continued celebrating our diversity through our Mosaic program.

With regards to salary budgets, we continue to be mindful of the

challenges our employees are facing with the ongoing inflation

and cost-of-living pressures across the world. In making salary

budget decisions, the Group balanced the challenges our

employees are facing with the wider approach to cost discipline.

Across the UK, the salary increase has been agreed at 2.4%, with

the UK representing below 5% of Intertek’s employee population.

Chair and Non-Executive Director fees

Following a review of fee levels which took into account

a range of factors including the responsibilities and time

commitment to the Group's affairs associated with individual

roles and appropriate market comparisons, Chair and Non-

Executive Director fee levels have been adjusted for 2025

(full details are on page 2.113). This is the first increase to

the Chair's fee since 2021 and the first increase to the

Non-Executive Directors' fees since 2018.

Conclusion

I hope that you will find this report clear and helpful in

understanding our remuneration practices. The Remuneration

Committee is confident that the proposed remuneration

structure is fully aligned to shareholder interests and is carefully

designed to support our strategy. I look forward to your support

on all remuneration related resolutions at our forthcoming AGM,

which include a resolution to increase the maximum LTIP award

level in line with the proposed changes on the Remuneration

Policy set out above.

Yours sincerely,

Graham Allan

Chair of the Remuneration Committee

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Directors’ Remuneration Policy

The Remuneration Policy for Executive and Non-Executive

Directors was last approved by shareholders at the AGM on

24 May 2024. As explained in the Remuneration Committee

Chair’s letter, a revised Remuneration Policy will be presented

to the AGM to be held on 22 May 2025. The only substantial

changes to the Remuneration Policy are:

• LTIP – The maximum LTIP opportunity will be increased to

600% of salary to facilitate Enhanced Awards of up to

300% of salary, designed to incentivise delivery of the AAA

differentiated growth strategy and to unlock a significant

value growth opportunity for shareholders; and

• Benefits – The current Policy contains a cap on the value of

executive director benefits which is not in line with current

market norms. Accordingly, the cap will be removed in the new

Policy. The Company will continue to look to optimise value

when seeking benefits providers.

In determining the Remuneration Policy, the Committee followed

a thorough process which included discussions on the content

of the Policy at six Remuneration Committee meetings and an

extensive consultation process with major shareholders and the

proxy advisory bodies. The Committee also considered input

from management. Any conflicts of interest were managed

with decisions being taken by members of the Remuneration

Committee with support from independent advisers, as well

as in the context of best practice and external guidance.

As a global service business, our success is critically dependent on

the performance and retention of key people around the world.

Employment costs represent the major element of Group operating

costs. As a global Group, our pay arrangements take into account

both local and international markets and we operate a global

Remuneration Policy framework to achieve our reward strategy.

Our benchmark peer groups for the majority of employees consist

of international industrial or business service organisations and

similar-sized businesses. For our more senior executives, we base

our remuneration comparisons on a blend of factors, including

sector, job complexity, location, responsibilities and performance,

whilst recognising the Company is listed in the UK.

We believe that a significant proportion of remuneration for

senior executives should be related to performance, with part

of that remuneration being deferred in the form of shares and

subject to continued employment and longer-term performance.

We also believe that share-based remuneration should form a

significant element of senior executives’ compensation, so that

there is a strong link to the sustained future success of the Group.

Policy overview

We continue to focus on ensuring that our Remuneration Policy

is appropriate for the nature, size and complexity of the Group,

encourages our employees in the development of their careers,

is aligned with the Company’s strategy and is in the best

interests of the Company and its stakeholders. It is designed

to incentivise delivery of the unprecedented returns the AAA

growth strategy is targeting whilst remaining committed to

the key financial metrics that have been fundamental to the

Company’s historic success.

Our remuneration strategy is to

• align and recognise individual contributions to support us

in achieving our AAA differentiated strategy for growth;

• attract, engage, motivate and retain the best available people

by positioning total pay and benefits competitively in the

relevant market and in line with the ability of the business

to pay;

• reward people equitably for the size of their responsibilities

and performance; and

• motivate high performers to increase shareholder value

and share in the Group’s success.

Each year the Committee approves the overall reward

strategy for the Group and sets the individual remuneration

of the Executive Directors and certain senior management.

The Committee reviews the balance between base salary

and performance-related remuneration against key objectives

and targets to ensure performance is appropriately rewarded.

This also ensures outcomes are a fair reflection of the

underlying performance of the Group and appropriate in

the context of the overall shareholder experience.

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Remuneration Policy for Directors

The following table sets out the Remuneration Policy for Directors.

Element of pay Purpose and link to strategy Operation Maximum opportunity Performance measures

Base salary To attract and retain

high performing

Executive Directors

to lead the Group.

The Committee normally reviews salaries annually, taking

account of factors including, but not limited to, the scale

of responsibilities, the individual’s experience and

performance.

Whilst the Committee takes benchmarking information

into account, its decisions are based primarily on the

performance of the individual concerned against the

above factors to ensure that there is no unjustified

upward ratchet in base salary.

There is no prescribed maximum salary

or annual increase.

In awarding any salary increases, the

Committee is guided by the general

increase for the employee population

but, on occasions, may need to

recognise other factors including, but

not limited to, development in role,

change in responsibility and/or variance

to market levels of remuneration.

Individual performance is taken into account when salary

levels are reviewed.

Benefits To provide competitive

benefits to ensure the

wellbeing of employees.

Benefits include, but are not limited to, annual medicals,

life assurance cover of up to six times base salary,

allowances in lieu of a company car or other benefits,

private medical insurance (for the individual and their

dependants) and other benefits typically provided to

senior executives.

Executive Directors can participate in any all-employee

share plans operated by the Company on the same basis

as all other employees.

There is no prescribed maximum value

for benefits (excluding the all-employee

plans) as these will vary from year to

year depending upon the costs of

different benefits providers.

The maximum opportunity under any

all-employee share plan is in line with all

other employees and is as determined

by the prevailing HMRC rules.

n/a

Pension To provide competitive

retirement benefits.

Executive Directors can elect to join the Company’s

defined contribution pension scheme, receive pension

contributions into their personal pension plan or receive

a cash sum in lieu of pension contributions.

For new Executive Directors, pension

provisions will be in line with those of

the wider UK workforce (currently 5%

of salary).

For the Group CEO, the pension is

being brought in line with the wider

UK workforce as previously committed.

It will reduce from 10% to 5% of salary

from 1 June 2025.

n/a

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Element of pay Purpose and link to strategy Operation Maximum opportunity Performance measures

Annual Incentive

Plan (‘AIP’)

To drive the short-term

strategy and recognise

annual performance

against targets which

are based on business

objectives.

Awards are based on Group annual performance

targets, with performance targets normally set

annually by the Board.

Incentive out-turns are normally assessed by the

Committee at year-end, taking into account performance

against the targets and the underlying performance of

the business.

The Committee has the ability to adjust incentive

payments if it believes that out-turns are not appropriate

in the context of overall performance and wider

stakeholder experience.

The payout at below threshold performance is 0% of

maximum, with 25% of the maximum bonus normally

payable for threshold performance. Payouts between

threshold and maximum (100%) are determined on an

annual basis. Details of the payout schedule will be

disclosed in the relevant Directors’ Remuneration report.

Normally, 50% of any incentive is paid in cash and 50%

deferred into shares which will vest after a period of

three years subject to continued employment.

Malus and clawback provisions apply.

The maximum opportunity in respect

of a financial year is 200% of salary

for each Executive Director.

The annual incentive will be measured against a range of

key Group performance indicators, including both financial

and non-financial measures, with a minimum weighting of

80% of financial measures.

For 2025, the annual incentive will be based on a 70%

matrix of revenue and adjusted operating profit growth,

15% ROIC and 15% ESG, based on Carbon Emissions.

These measures support the Group's strategy for

growth and our purpose of bringing quality, safety and

sustainability to life. The stretch targets, when met,

reward exceptional achievement and contribution. There

is no incentive payout if threshold targets are not met.

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Element of pay Purpose and link to strategy Operation Maximum opportunity Performance measures

Long Term Incentive

Plan (‘LTIP’)

To retain and reward

Executive Directors for

the delivery of long-term

performance.

Enhanced Awards are

specifically designed to

unlock AAA value growth.

To support the continuity

of the leadership of the

business.

To provide long-term

alignment of executives’

interests with

shareholders by linking

rewards to Intertek’s

performance.

Grant of conditional shares which vest after three years,

subject to Company performance and continued

employment.

Awards may be made in other forms (e.g. nil-cost options)

if considered appropriate.

The shares will also normally be subject to a two-year

holding period after vesting.

Performance targets are normally set annually for each

three-year performance cycle by the Board.

Vesting is normally assessed by the Committee

after the end of the performance period, taking

into account performance against the targets

and the underlying performance of the business.

The Committee has the ability to adjust incentive

payments if it believes that out-turns are not

appropriate in the context of overall performance

and shareholder and wider stakeholder experience.

The detailed discretionary framework to be used for

this process is set out on page 2.114.

Malus and clawback provisions apply.

Up to 600% of salary in respect of any

financial year comprising no more than

300% of salary as a Core Award and

no more than 300% of salary as an

Enhanced Award.

Awards are usually subject to an appropriate balance of

earnings, cash and capital efficiency metrics which align

with the Group's strategy for sustainable growth.

For 2025:

• Core Awards will be subject to an equally weighted

balance of EPS, FCF and ROIC performance measures.

• Enhanced Awards will be subject to an EPS performance

measure, aligned with the AAA strategy, as well as FCF

and ROIC ‘qualifiers’.

The Committee retains the discretion to alter the

performance metrics for future LTIP awards but, were the

Committee to do so, it would normally consult in advance

with the Company’s largest institutional shareholders.

As a point of principle, where a metric is used as a

performance measure (rather than a ‘qualifier’) for both

Core and Enhanced Awards, a target range will be used for

Enhanced Awards that is above that used for Core Awards.

No more than 25% of a Core Award and no more than 15%

of an Enhanced Award will vest for achieving a threshold

performance target, increasing (usually on a pro rata basis)

to full vesting for the achievement of the applicable

stretch performance target.

Share ownership

guidelines

To increase alignment

between executives

and shareholders.

Executive Directors are expected to retain any vested

shares (net of tax) under the Group’s share plans until

the guideline is met.

The guideline should normally be met within five years

of the guideline being set.

Further details of the share ownership guidelines and

the post-cessation shareholding guidelines are set out

in the Directors’ Remuneration report.

500% of salary for the CEO.

300% of salary for the CFO.

n/a

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Element of pay Purpose and link to strategy Operation Maximum opportunity Performance measures

Post-cessation of

employment

shareholding

To ensure alignment of

sustainable performance

between executives and

shareholders.

Holding and vesting periods for all share awards

will be adhered to post-employment.

Executive Directors are required, for

two years post-employment, to hold

shares equivalent to the lower of

(i) their share ownership guidelines; or

(ii) their actual shareholding.

n/a

Non-Executive

Directors’ fees

To attract and retain

high-calibre Non-

Executive Directors

through the provision of

market-competitive fees.

A proportion of the fees (at least 50%) are paid in cash,

with the remainder used to purchase shares.

Fees are primarily determined based on the responsibility

and time committed to the Group’s affairs and

appropriate market comparisons.

The Chair receives an all-inclusive fee. Non-Executive

Directors receive a base fee and further fees for

additional Board responsibilities. Additional fees may

be paid in the exceptional event that Non-Executive

Directors are required to commit substantial additional

time above that normally expected for the role.

With the exception of benefits in kind arising from

the performance of duties (and any tax due on those

benefits which is reimbursed by the Company), no other

benefits are provided.

As for the Executive Directors, there is

no prescribed maximum annual increase.

The Committee is guided by the general

increase for the employee population

but on occasions may need to recognise

other factors including, but not limited to,

change in responsibility and/or variance

to market levels of remuneration.

n/a

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Selection of performance metrics

The annual incentive plan is based on performance against a mix

of financial and non-financial measures. The mix of financial

measures is aligned to the Group’s key performance indicators

(‘KPIs’) and is reviewed each year by the Remuneration

Committee to ensure that they remain appropriate to reflect

the priorities for the business in the year ahead. The targets

are set for each KPI to encourage continuous improvement and

challenge the delivery of stretch performance. When setting

the targets, the Committee takes into account a range of

factors, including the business plan, prior-year performance,

market conditions and consensus forecasts.

The 2025 LTIP awards are designed to incentivise senior

executives to deliver the AAA differentiated growth strategy

and to unlock the significant value growth opportunity that will

benefit shareholders. However, the Committee is also conscious

that management should not be incentivised to deliver higher

levels of earnings growth to the detriment of other key financial

metrics that are fundamental to the Company’s historic success.

Accordingly, the LTIP framework retains a balance of three

measures: earnings per share growth, return on invested capital

and adjusted free cash flow. Earnings per share ensures that

there is a clear focus on margin-accretive revenue growth;

adjusted free cash flow ensures focus on strong cash

management; and return on invested capital ensures a focus

on disciplined capital management. The Committee reviews

the choice of performance measures prior to each LTIP grant.

A sliding scale of challenging performance targets is set for

each LTIP measure. When setting targets, the Committee

takes into account a range of factors, including the business

plan, prior-year performance, market conditions and consensus

forecasts. Specifically in respect of Enhanced Awards, the

Committee’s overriding principle is that the targets should only

deliver additional reward if higher levels of performance are

achieved than in respect of Core Awards (i.e. a “more for more”

principle). The Committee reviews the appropriateness of the

performance targets prior to each LTIP grant and reserves the

discretion to set different targets for future awards, without

consulting with shareholders.

Terms of incentive awards

Deferred Share awards and LTIP awards may include the right to

receive (in cash or shares) the value of the dividends that would

have been paid on the shares that vest up to the time of vesting

(or for LTIP awards, up to the end of the relevant holding period).

The Committee’s intention is that such dividends would normally

be settled in shares.

The Committee will operate the annual incentive plan and LTIP

according to the respective rules of the plans. The Committee

will retain flexibility in a number of areas regarding the operation

and administration of these plans, including (but not limited to)

the following:

• how to deal with a change of control or restructuring of the

Group, or a demerger or similar event (including how to assess

performance conditions and whether to time pro-rate awards);

and

• how and whether any award may be adjusted in certain

circumstances (including in the event of a variation of

share capital, demerger, special dividend, or similar event).

The Committee also retains discretion within the Remuneration

Policy to adjust targets and/or set different measures and

weightings if required for the targets or conditions to achieve

their original purpose. Revised targets/measures will be, in the

opinion of the Committee, no less difficult to satisfy than the

original conditions. The Committee may accelerate the vesting

and/or the release of awards if an Executive Director moves

jurisdictions following grant and there would be greater tax

or regulatory burdens on the award in the new jurisdiction.

Malus and clawback

A Group Performance Adjustment Policy has been introduced

which sets out the details of how and when malus and clawback

will be operated and applies to all aspects of compensation

for Executives and wider staff. Please see page 2.123 for

further details.

Remuneration scenarios for Executive Directors

The chart on the next page illustrates how the Executive

Directors’ remuneration packages vary at different levels of

performance under the Policy which will apply in 2025 for

both the Chief Executive Officer and Chief Financial Officer.

Approach to recruitment and promotions

The remuneration package for a new Executive Director –

base salary, benefits, pension, annual incentive and long-term

incentive awards – would be set in accordance with the terms of

the Company’s prevailing approved Remuneration Policy at the

time of appointment. The Committee may set the base salary at

a value to reflect the calibre, experience and earnings potential

of a candidate, subject to the Committee’s judgement that

the level of remuneration is in the Company’s best interests.

The maximum level of variable pay (annual incentive and

long-term incentive awards, or any combination thereof)

which may be awarded to a new Executive Director at or

shortly following recruitment shall be limited to 800% of salary.

These limits exclude buy-out awards and are in line with the

Remuneration Policy for Directors set out previously.

The Committee may offer additional cash and/or share-based

elements to take account of remuneration relinquished when

leaving the former employer when it considers these buy-outs

to be in the best interests of the Company (and therefore

shareholders).

Any such awards would reflect the nature, time horizons and

performance requirements attaching to the remuneration it is

intended to replace. Where appropriate, the Committee retains

the flexibility to utilise Listing Rule UKLR 9.3.2 R for the purpose

of making an award to buy-out remuneration relinquished

when leaving the former employer. For external and internal

appointments, the Committee may agree that the Company

will meet certain relocation expenses and continuing allowances

as appropriate. Additionally, in the case of any Executive Director

being recruited from overseas, or being recruited by the

Company to relocate overseas to perform their duties, the

Committee may offer expatriate benefits on an ongoing basis

subject to their aggregate value to the individual not exceeding

50% of salary per annum.

For an internal Executive Director appointment, any variable

pay element awarded in respect of the prior role may be allowed

to pay out according to its terms, adjusted as relevant to take

into account the appointment. In addition, any other ongoing

remuneration obligations existing prior to appointment may

continue. If a new Chair or Non-Executive Director is appointed,

remuneration arrangements will be in line with those detailed

in the Remuneration Policy for Non-Executive Directors set

out in the Remuneration Policy for Directors.

Service contracts for Executive Directors

The service agreements of the Executive Directors are not fixed

term and are terminable by either the Company or the Director

on 12 months’ notice and make provision, at the Board’s

discretion, for early termination by way of payment of salary and

pension contributions in lieu of 12 months’ notice. In calculating

£’000

8,000

8,500

7,5 0 0

7,000

6,500

6,000

5,500

4,500

5,000

Minimum On-target

A Lacroix, Chief Executive Officer C Deasy, Chief Financial Officer

Maximum 2Maximum Minimum On-target Maximum 2Maximum

4,000

41%

26%

32%

59%

33%

58%

100% 32% 16%

32%

49%

19%

100% 36% 8%

39%

22%

3,500

3,000

2,500

2,000

1,500

1,000

500

£1,302

£4,013

£6,724

£8,351

£563

£1,587

£2,611

£3,123

27 %

LTIP award

Annual incentive

Basic salary, benefits and pension

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Value of remuneration packages at different levels of performance

Points relating to the above table:

1. Salary levels are based on those applying on 1 April 2025.

2. The value of taxable benefits is based on the cost of supplying those benefits (as disclosed) for the year ended 31 December 2024.

3. The value of pension receivable in 2025 by the CEO is taken to be 10% of salary until 1 June 2025 and 5% thereafter, and for the CFO taken to be 5% of salary.

4. The on-target level of annual incentive is taken to be 50% of the maximum opportunity.

5. The on-target level of the LTIP is taken to be 50% of the face value of the Core Award at grant. Given the degree of stretch in the performance targets applying to the Enhanced Awards, none of these awards are

assumed to deliver value in an on-target scenario.

6. Share price movement and dividend accrual have not been incorporated into the first three scenarios. Share price growth of 50% has been assumed on the LTIP in the Maximum 2 scenario.

the amount payable to a Director on termination of employment,

the Board would take into account the commercial interests

of the Company and apply usual common law and contractual

principles. Any payments in lieu of notice may be paid in a lump

sum or may be paid in instalments and reduce if the Director

finds alternative employment. The service contracts are

available for inspection at the Company’s registered office.

The Committee reviews the contractual terms for new

Executive Directors to ensure these reflect best practice.

In summary, the contractual provisions are:

Provision Detailed terms

Notice period 12 months

Common law and

contractual

principles

Common law and contractual principles

apply

Remuneration

entitlements

An incentive may be payable (pro rata

where relevant) and outstanding Share

Awards may vest (see below)

Change of control No Executive Director’s contract contains

provisions or additional payments in

respect of change of control. The

treatment of annual incentive awards and

outstanding Share Awards will be treated

in line with the relevant plan rules

There is no automatic entitlement to an annual incentive award

in the year of cessation of employment. The Committee may,

however, determine that for certain leavers an annual incentive

award may be payable with respect to the period of the financial

year served.

Any share-based entitlements granted to an Executive Director

under the Company’s share plans will be determined based on

the relevant plan rules.

The default treatment under the 2021 LTIP is that any

outstanding awards lapse on cessation of employment.

However, in certain prescribed circumstances, such as death,

ill-health, injury, disability or other circumstances at the

discretion of the Committee, ‘good leaver’ status may be applied.

For good leavers, Deferred Share awards will vest in full on the

original vesting date (as permitted under the plan rules), unless

the Remuneration Committee determines that awards should

vest at an earlier date. LTIP awards will normally vest on the

original vesting date and be subject to any holding period,

and subject to the satisfaction of the relevant performance

conditions at that time and reduced pro rata to reflect the

proportion of the performance period actually served. They will

normally, where appropriate be subject to any holding period.

However, the Committee has discretion to determine that

awards vest at an earlier date and/or to disapply time pro-rating,

although it is envisaged that this would only be applied in

exceptional circumstances (for example, death). Any such

incidents, where discretion is applied by the Committee in

relation to Executive Directors, will be disclosed in the following

Annual Report on Remuneration.

In determining whether an Executive Director should be treated

as a good leaver or not, the Committee will take into account the

reasons for their departure.

The Committee reserves the right to make any other payments

(including appropriate legal fees) in connection with an

Executive Director’s cessation of office or employment where

the payments are made in good faith on discharge of an existing

legal obligation (or by way of damages for breach of their

obligation) or by way of settlement of any claim arising in

contravention with the cessation of an Executive Director’s

office or employment.

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Letters of appointment for Non-Executive Directors

The letter of appointment for each Non-Executive Director

states that they are appointed for an initial period of three years

and all appointments are terminable by one month’s notice on

either side. At the end of the initial period and after rigorous

review, the appointment may be renewed for a further period,

usually three years, if the Company and the Director agree and

subject to annual re-election at the AGM. Each letter of

appointment states that if the Company were to terminate

the appointment, the Director would not be entitled to any

compensation for loss of office.

The table below sets out the terms for all the current

Non-Executive Directors of the Board.

Date of appointment

Notice period/Unexpired term

as at 31 December 2024

Andrew Martin 26 May 2016 becoming Chair on 1 January 2021

Reappointed: 26 May 2022

One month/5 months

Graham Allan 1 October 2017

Reappointed: 1 October 2023

One month/21months

Gurnek Bains 1 July 2017

Reappointed: 1 July 2023

One month/18 months

Lynda Clarizio 1 March 2021

Reappointed: 1 March 2024

One month/26 months

Tamara Ingram 18 December 2020

Reappointed: 18 December 2023

One month/23 months

Jez Maiden 26 May 2022 One month/5 months

Kawal Preet 31 December 2022 One month/12 months

Apurvi Sheth 1 September 2023 One month/20 months

Jean-Michel Valette 1 July 2017

Reappointed: 1 July 2023

One month/18 months

Steve Mogford 1 January 2025 One month/36 months

commenced on appointment

Consideration of employment conditions

elsewhere within the Group

When setting the Remuneration Policy for Executive Directors,

the Remuneration Committee takes into account the pay and

employment conditions elsewhere within the Group. When

considering the remuneration arrangements for the Executive

Directors for the year ahead, the Committee is informed of salary

increases across the wider Group. The Committee also approves

the overall reward strategy in operation across the Group.

The remuneration strategy set out at the beginning of the

Directors’ Remuneration Policy report reflects the strategy

in place across the Group for all employees. Although this

remuneration strategy applies across the Group, given the size

of the Group and the geographic spread of its operations, the

way in which the Remuneration Policy is implemented varies

across the Group. For example, annual incentive deferral applies

at the more senior levels within the Group and participation in

the LTIP is at the Remuneration Committee’s discretion and is

typically limited to senior executives employed within the Group.

Given the geographic spread of the Group’s operations, the

Remuneration Committee does not consider it appropriate to

consult employees on the Remuneration Policy in operation

for Executive Directors.

Consideration of shareholder views

The Committee values the opportunity to engage in meaningful

dialogue with its investors. As outlined in the Remuneration

Committee Chair’s letter, an extensive consultation process

about this Remuneration Policy was undertaken with our top

40 shareholders (covering circa 60% of our shareholder register)

and three proxy advisory bodies.

Legacy arrangements

The approved Directors’ Remuneration Policy provides authority

to the Company to honour any commitments entered into with

current or former Directors such as the vesting of outstanding

share awards (including exercising any discretions available

to it in connection with such commitments) that were agreed:

(i) before the policy set out above, or any previous policy, came

into effect;

(ii) at a time when a previous policy approved by shareholders

was in place provided that the payment is in line with the

terms of that policy; and

(iii) at a time when the relevant individual was not a Director

of the Company and the payment was not in consideration

for the individual becoming a Director of the Company.

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Annual Report on Remuneration

Committee membership and meeting attendance

Committee members Member since

Meetings

attended

Gill Rider (Chair) Chair and member from

July 2015 until May 2024 2/2

Graham Allan (Chair) Member from October

2017. Chair from May

2024 4/4

Gurnek Bains January 2018 4/4

Tamara Ingram July 2021 4/4

Kawal Preet May 2024 2/2

1. The Group Company Secretary acts as Secretary to the Committee.

2. Number of meetings attended out of the number of meetings eligible to attend in the year.

Throughout 2024 and at all times the composition of the

Committee was compliant with the Code. All members are

independent Non-Executive Directors. The Chair Gill Rider stood

down from the Committee on 24 May 2024 and was replaced by

Graham Allan who, prior to becoming Chair, had been a member

of the Remuneration Committee since October 2017. The

Nomination Committee was therefore able to recommend

his appointment as Chair of the Committee which was then

approved by the Board. Kawal Preet was additionally appointed

to the Committee with effect from 24 May 2024.

On appointment, new Committee members receive an appropriate

induction consisting of meetings with senior personnel, advisers

and as appropriate, meetings with shareholders and other

relevant stakeholders. They also review the Terms of Reference,

previous Committee meeting papers and minutes.

The Committee met regularly during the year and invites the

Chair, CEO and the EVP Human Resources to attend meetings

when it deems appropriate, except when their own remuneration

is discussed. In addition to the four scheduled meetings the

Committee met on four additional occasions to discuss the

feedback from shareholders as part of the extensive

consultation on the Remuneration Policy.

No Director is present whilst their own remuneration is

determined. None of the Committee members has had any

personal financial interest, except as shareholders, in the

decisions made by the Committee.

Committee responsibilities and how we met them in the year

We have specific responsibilities reserved to us by the Board and the full Terms of Reference of the Committee, which are reviewed

annually, can be found on our website at intertek.com.

Matters delegated to the Committee

2018 Code

provision

Determines the Company’s policy on remuneration for the Executive Directors and senior executive management. 33, 36–40

Determines the remuneration for the above and the Chair, including any compensation on termination of office. 33

Reviews the remuneration arrangements for the wider employee population and considers issues relating

to remuneration that may have a significant impact on the Group.

Provides advice to, and consults with, the CEO on major policy issues affecting the remuneration of other

executives.

Responsible for establishing the selection criteria, selecting, appointing and setting the terms of reference

for any remuneration consultants who advise the Committee.

Keeps the Remuneration Policy under review in light of regulatory and best practice developments and

shareholder expectations and ensures that the Remuneration Policy is voted on at least every third year. Due

regard is given to the interests of shareholders and the requirements of the Listing Rules and associated guidance.

36–40

Ensures each year that the Annual Directors' Report on Remuneration is put to shareholders for approval at the

AGM and includes a description of the work of the Committee.

Executive Director remuneration

We are responsible for determining the Company’s policy on

the remuneration of the Chair, the Executive Directors and

senior executive management. We also determine their

remuneration packages, including any compensation on

termination of office, and ensure alignment with our culture

and with policies for the workforce as a whole.

In the year, we addressed this by reviewing and agreeing the

remuneration of the Executive Directors as well as the Group

Executive Committee. We received advice from Deloitte LLP

(‘Deloitte’) to inform our discussions.

Wider workforce remuneration and engagement

We also review the remuneration and related policies of the

wider workforce to ensure that incentives and rewards align

to our Purpose, Values and culture. As part of this review,

we receive information on salary increases, on the design of

the bonus and targets and on the 2021 Long Term Incentive

Plan and performance criteria. This is used to inform decisions

when setting the policy for Executive Director remuneration

and for counsel to, the CEO on major policy issues affecting

the remuneration of other executives.

The remuneration framework and the incentive structure that we

have in place cascades down through the wider workforce and

ensures alignment with executive remuneration and the Intertek

AAA differentiated growth strategy. We also took into account

the UK wider workforce salary increase when determining the

2025 salary increase for the Executive Directors.

We ensure that we have effective engagement with the wider

workforce on the Group’s remuneration and related policies

through various escalation processes and communication

forums including townhalls, WhatsIn, emails and leadership

briefings. The regular townhalls that take place across the Group

provide an opportunity for our people to raise questions on

remuneration, with feedback directly fed to senior management

and then upwards.

During the year, we reviewed the salary levels for senior

management and the determination of the annual incentive

payments and long-term incentive outcome for 2024. We

considered a report on the general market trends that could

impact the Group.

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Remuneration Policy and report

It is important that we keep the Remuneration Policy under

review in light of regulatory and best practice developments,

Listing Rules and Governance Code changes as well as

shareholder expectations.

We annually undertake a review of the Directors’ Remuneration

report to ensure compliance with Remuneration Reporting

Regulations. We also discussed the 2024 proxy voting agencies'

reports and their recommendations issued prior to the 2024 AGM.

We received updates on market trends in remuneration from

Deloitte and regular updates on corporate governance and

policy changes.

Incentives

A key task for us each year is to review the outcomes for the

incentive schemes and agree on payment levels taking into

account actual performance and any extraordinary events which

may have impacted on performance. We will consider if there is a

need to apply malus or clawback and, should there be, we would

agree the quantum.

We undertook, with external advice, a thorough review of the

2024 annual incentive targets, performance measures and the

EPS, adjusted free cash flow and ROIC results to determine the

percentage of incentive awards that would vest in 2024, which

was 100%.

We also agreed the performance conditions that should apply

to the LTIP awards granted in the year to vest based on the

performance to the end of 2026. We reviewed the quantum

of awards given and were satisfied that they reflected the

Remuneration Policy and were appropriate.

Committee review

We undertake an annual review of how effectively we are

working as a committee and take steps to develop any areas

identified for improvement.

The Committee review was conducted as part of the external

Board performance review for 2024. The results were discussed

and demonstrated that the Committee operated effectively

during the year.

Advisers

To ensure that the Group’s remuneration practices drive and

support achievement of strategies and are market competitive,

the Committee obtains advice from various independent sources.

We review the appointment of the remuneration consultant and

consider if they remain independent and applicable for the needs

of the Committee. In the event that we decide that they are no

longer appropriate, we would arrange a review and any

subsequent appointment.

In 2024, the Committee received advice from Deloitte, who were

appointed in 2015 for their particular expertise both at a local

and global level, due to the worldwide operations of the Group

and, following review, the Committee remains satisfied that their

advice is objective and independent and has sufficient breadth

of knowledge to support our deliberations across the Group as

a whole. Deloitte are members of the Remuneration Consultants

Group and adhere to the voluntary Code of Conduct in relation

to executive remuneration consulting in the UK.

The fees paid to Deloitte in the year were £126,025 exclusive

of VAT. The charges for services are calculated on the basis of

time spent and the seniority of the personnel performing the

work at their respective rates.

In addition to the services provided to the Committee,

Deloitte provided a range of tax, financial and other advisory

services during the year. Deloitte have no connection with

any Directors of the Company.

External appointments

The Company recognises that, during their employment with

the Company, Executive Directors may be invited to become

Non-Executive Directors of other companies and that such

duties can broaden their experience and knowledge. Executive

Directors may, with the written consent of the Company, accept

such appointments outside the Company, and the policy is that

any fees may be retained by the Director. No Executive Director

currently has an external appointment.

Statement of shareholder voting

At the AGM held on 24 May 2024, a resolution was proposed

to shareholders to approve the Remuneration Policy. This

resolution received the following votes from shareholders:

Votes %

In favour 119,886,675 92.54

Against 9,660,205 7.4 6

Total 129,546,880 80.27

Withheld 223,539

1. Percentage of total issued share capital voted.

At the 2024 AGM, a resolution was proposed to shareholders to

approve the Directors’ Remuneration report for the year ended

31 December 2023. This resolution received the following votes

from shareholders:

Votes %

In favour 121,021,621 93.27

Against 8,727,757 6.73

Total 129,749,378 80.39

Withheld 21,041

1. Percentage of total issued share capital voted.

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Directors’ Remuneration Policy – implementation in 2025

Elements Implementation in 2025

Base salary

Base salary for 2025:

André Lacroix: £1,084,330.

Colm Deasy: £512,000.

The Committee has awarded the CEO and the CFO a 2.4% salary increase, which is in line the wider UK workforce yearly increase of 2.4%.

Benefits

Includes, for example, annual medicals, life assurance cover of up to six times base salary, allowances in lieu of a company car or other benefits, private medical insurance and other benefits typically provided to

senior executives. Executive Directors can participate in any all-employee share plans operated by the Company on the same basis as all other employees.

Pension

For the CEO, reducing from 10% to 5% of base salary from 1 June 2025, in line with the wider UK workforce. 5% of base salary for the CFO.

Annual Incentive

Plan (‘AIP’)

• Maximum opportunity for the CEO and CFO: 200% of base salary.

• 50% of any incentive is paid in cash and 50% is deferred into shares vesting after three years.

• Malus and clawback provisions apply in line with Intertek's Group Performance Adjustment Policy.

• Performance metrics – based on a 70% matrix of revenue and adjusted operating profit growth, 15% ROIC and 15% ESG, based on Carbon Emissions. Targets are not disclosed prospectively due to commercial

sensitivity, however, detailed disclosure of the performance targets and actual out-turns will be provided in the following year.

• Annual incentive will continue to be subject to a quality of earnings review at the end of the year to ensure that payouts are appropriate based on the underlying performance of the Group and to ensure that

any awards are commensurate with the Group’s culture and Values.

Long Term Incentive

Plan (‘LTIP’)

As set out in the table below, the ROIC targets are set taking into account the stretch within the business plan and current ROIC performance. The change in the target range relative to prior years reflects the level of

invested capital at work within the business, which has increased in recent years through the Group’s strategy of making bolt-on acquisitions which complement the Group’s business (including the 2024 acquisition of Base

Met Labs). The Committee believes that the proposed target range for ROIC (and the wider financial metrics in the LTIP) are appropriately stretching relative to the business plan and external forecasts of performance.

• Core Awards maximum opportunity for the CEO and CFO: 300% and 200% of base salary, respectively. Enhanced Awards maximum opportunity for the CEO and CFO: 300% each of base salary.

• Two-year holding period after vesting.

• Malus and clawback provisions apply.

• Performance metrics for awards being granted in 2025:

Core Awards

Measures Definition

Threshold

(25%)

Maximum

(100%) Commentary

Earnings Per Share

(‘EPS’) (1/3)

Annualised fully diluted, adjusted EPS growth.

Measured on a constant currency basis.

Per the definition used for the Group’s KPIs on page 1.31 in

Report 1.

4.0% p.a. 10% p.a. Compound annual growth rate targets.

Adjusted Free

Cash Flow (1/3)

Free cash flow generated from operations less net capital

expenditure, net interest paid and income tax paid. Adjusted

for separately disclosed items.

Measured on a constant currency basis.

Per the definition used on page 1.31 in Report 1.

£1,297m £1,377m Cumulative targets measured over three years.

Targets set taking into account stretch within business plan and expected capital

expenditure over the coming three years.

Return on

Invested Capital

(‘ROIC’) (1/3)

Adjusted operating profits less adjusted tax divided by invested

capital (net assets excluding tax balances, net financial debt

and net pension assets/liabilities).

Measured on a constant currency basis.

Per the definition used for the Group’s KPIs on page 1.31 in

Report 1.

20.3% 24.3% Average of adjusted operating profits divided by cumulative invested capital in each of

the three performance years.

Target set taking into account stretch within business plan, current ROIC performance,

and reflective of the Group’s strategy of making small bolt-on acquisitions which

complement the Group’s business.

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Elements Implementation in 2025

Enhanced Awards – subject to AGM approval

Measures Definition

Threshold

(15%)

Maximum

(100%) Commentary

Earnings Per Share

(‘EPS’)

100% of award

Same definition as per the Core Award table 10.5% p.a. 14.5% p.a. Compound annual growth rate targets.

Targets set above targets for Core Awards.

Any vesting is subject to achieving both Qualifiers Qualifier Targets

Adjusted Free

Cash Flow

Same definition as per the Core Award table £1,397m above maximum

of Core Award

range

Cumulative performance measured over three years.

Target set taking into account stretch within business plan and expected capital

expenditure over the coming three years.

Return on

Invested Capital

(‘ROIC’)

Same definition as per the Core Award table 22.3% midpoint of Core

Award range

Average of adjusted operating profits divided by cumulative invested capital in each of

the three performance years.

Target set taking into account stretch within business plan, current ROIC performance,

and reflective of the Group’s strategy of making small bolt-on acquisitions which

complement the Group’s business.

Share ownership

guidelines

Shareholding guidelines are 500% of salary for the CEO and 300% of salary for the CFO. A post-cessation holding equivalent to the lower of the guideline target or the number of shares held at the date of

departure will be required to be held for a period of two years from the Executive's departure date.

Non-Executive Directors’ fees

Fees for the Chair are determined by the Remuneration Committee and fees for the Non-Executive Directors are determined by the Board (excluding the Non-Executive Directors). In both cases, a range of factors are taken into

account including the responsibilities and time commitment to the Group's affairs associated with individual roles and appropriate market comparisons. Following the most recent review, fees were adjusted for 2025 as set out

in the table below. This is the first increase to the Chair's fee since 2021 and the first increase to the Non-Executive Directors' fees since 2018.

Board membership

From

1 April

2025

£’000

From

1 January

2024

£’000

Chair 420 350

Non-Executive Director 75 62

Senior Independent Non-Executive Director 19 12

Committee membership

Chair Audit Committee 20 20

Chair Remuneration Committee 20 15

Chair Nomination Committee – –

Member Audit Committee 10 10

Member Remuneration Committee 10 10

Member Nomination Committee 5 5

Included in the fees shown in the table above, and pursuant to the policy of aligning Directors’ interests with those of shareholders, £10,000 of the fees paid to the Non-Executive Directors and £35,000 of the fees paid to the

Chair are used each year to purchase shares in the Company.

Intertek Group plc

Annual Report & Accounts 2024

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Remuneration Committee Report Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Illustrative framework for considering if discretion should be applied

Attracts the most external attention – Committee to consider

– Has single-figure increased/decreased year-on-year?

– Does this change mirror the trend in performance?

Starting point – no adjustment in normal circumstances

How has the company performed more widely?

This includes performance against KPIs which

are not in the incentive scorecards

Further reference point, rather than a key

driver for decision making

Committee will want to consider TSR performance in both:

– Relative terms

– Absolute terms

Are there any other events (e.g. reputational, risk related, etc.)

that have occurred that the Committee considers should be

factored in?

Are there any other factors which the Committee should take

into account when making the assessment of performance?

The Committee may also want to reflect on how

the market is likely to respond to the preliminary results

In the context of overall business performance and

the shareholder experience, the Committee needs

to determine an appropriate fair outcome.

This is ultimately a matter of judgement.

What is formulaic

result?

What is the single

figure outcome?

How does the vesting

outcome compare with the

shareholder experience?

How does the vesting

outcome compare with overall

business performance?

Are there any one-off/

exceptional events that

should be factored in?

Are the bonus/LTI

outcomes consistent?

Input from other

Committees?

Consider shareholder

response to results

What would represent

a fair vesting outcome?

Internal documentation

Demonstrate that a robust process is suitably captured

External reporting – Directors' Remuneration Report

Remuneration Committee papers/pre-reading material

Process the Committee followed

Link to other relevant Committee/Board papers

Whether discretion has been applied or not

Minutes of the meeting

Level of adjustment

Reason for adjustment

If discretion has been applied

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Annual Report & Accounts 2024

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Remuneration Committee Report Continued

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Remuneration in context

The following section sets out how the Remuneration Committee has addressed the factors in Provision 40, when determining Executive remuneration as set out in the 2018 UK Corporate Governance Code.

Code requirement Intertek approach

Clarity

Remuneration arrangements should be transparent

and promote effective engagement with

shareholders and the workforce

Variable remuneration arrangements, which are cascaded throughout the workforce, are based on clearly defined performance metrics which are aligned with the

Group’s AAA differentiated growth strategy for sustainable long-term growth.

Simplicity

Remuneration structures should avoid complexity

and their rationale and operation should be easy

to understand

Remuneration arrangements are simple, comprising the following key elements, which are consistent from Executive Directors to front line workforce where

appropriate:

• Fixed element: comprises base salary, benefits and pension, which are aligned to that offered to the majority of the workforce.

• Short-term incentive: annual bonus which incentivises the delivery of financial and non-financial performance metrics linked to ESG. Half of the bonus is paid

in cash with the balance deferred into shares vesting after a period of three years.

• Long-term incentive: LTIP which incentivises financial performance over a three-year period, promoting long-term sustainable value creation for shareholders.

Awards are subject to a two-year holding period post-vesting.

Risk

Remuneration structures should ensure

reputational and other risks from excessive rewards,

and behavioural risks that can arise from target-

based incentive plans, are identified and mitigated

Performance targets are calibrated to be aligned with the Group’s business plan which is set in line with the Group’s risk framework.

The Remuneration Committee retains the flexibility to review formulaic outcomes to ensure that they are appropriate in the context of overall performance of the

Group, including risk.

Predictability

The range of possible values of rewards to individual

Directors and any other limits or discretions should

be identified and explained at the time of approving

the Policy

The remuneration scenario charts, set out on page 2.108, provide estimates on the potential future reward opportunity in a range of scenarios, including below

threshold, target and maximum performance (including share price appreciation).

Proportionality

The link between individual awards, the delivery

of strategy and the long-term performance of the

Company should be clear and outcomes should not

reward poor performance

Variable remuneration is directly aligned to the Group’s strategic priorities (through the selection of key financial performance metrics), with payments calibrated

to ensure that payments are only made where strong performance is delivered.

As noted above, the Remuneration Committee retains the flexibility to review formulaic outcomes to ensure that they are appropriate in the context of the overall

performance of the Group.

Alignment with culture

Incentive schemes should drive behaviours

consistent with the Company’s Purpose, Values

and strategy

As set out on page 2.102, the Remuneration Policy at Intertek has been set to be appropriate for the nature, size and complexity of the Group, encourages our

employees in the development of their careers, is aligned with the Company’s strategy and is in the best interests of the Company and its stakeholders.

It is directed to deliver continued sustainable profitable growth.

Our remuneration strategy is to: align and recognise the individual’s contribution to help us succeed in achieving our AAA differentiated growth strategy; attract,

engage, motivate and retain the best available people by positioning total pay and benefits to be competitive in the relevant market and in line with the ability of the

business to pay; reward people equitably for the size of their responsibilities and performance; and motivate high performers to increase shareholder value and share

in the Group’s success through well designed and appropriately calibrated incentive schemes.

Intertek Group plc

Annual Report & Accounts 2024

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Remuneration Committee Report Continued

3: Financial Report2: Sustainability Report1: Strategic Report

The sections that have been audited are indicated as such on pages 2.116-2.124. The independent auditors’ report can be found on pages 3.57-3.63 in Report 3.

Directors’ remuneration earned in 2024 (audited)

The table below and on the following page summarise Directors’ remuneration received for 2024 and the prior year for comparison. Taken in the context of internal and external comparators, the Committee considered the

Executive Directors' remuneration to be appropriate.

Executive Directors

Base salary or

fees

£’000

Benefits

£’000

Annual incentive

£’000

Long–term

incentives

£’000

Pension

£’000

Total

£’000

Total fixed

£’000

Total variable

£’000

André Lacroix 2024 1,051 138 2,025 3,123

127 6,464 1,316 5,148

2023 1,023 120 1,417 2,940

175 5,675 1,318 4,357

Colm Deasy 2024 481 25 956 – 22 1,484 528 956

2023

338 16 466 – 15 835 369 466

1. Benefits include allowances in lieu of company car, annual medicals, life assurance, private medical insurance, BIK arising from the performance of duties, and the use of a car and driver for the CEO (gross £40,958, net £22,527).

2. This relates to the payment of the annual incentive and Deferred Share Award for the financial year-end. Further details of this payment are set out on the following pages.

3. This relates to the 2022 LTIP award due to vest in March 2025. The value shown is based on the share price of £47.6895 which was the average mid-market share price in the fourth quarter of 2024. Further details on performance are set out on page 2.119. There was no discretion exercised in respect of the awards.

4. This relates to the 2021 LTIP award which vested in 2024 where the performance outcome gave rise to 100% vesting. This figure has been updated to show the actual value of the vested LTIP award based on the share price of £50.08, whilst the 2023 Annual Report included figures based on the share price for

the final quarter of 2023 (£40.11). There was no discretion exercised in respect of the awards.

5. None of the Executive Directors had a prospective entitlement to a defined benefit pension.

6. This relates to the period from 17 March 2023 when Colm Deasy was appointed as a director.

Intertek Group plc

Annual Report & Accounts 2024

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Remuneration Committee Report Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Non-Executive Directors

Base salary or

fees

£’000

Benefits

£’000

Total

£’000

Andrew Martin 2024 350 11 361

2023

350 9 359

Graham Allan 2024 92 – 92

2023 89 – 89

Gurnek Bains 2024 77 – 77

2023 77 – 77

Lynda Clarizio 2024 72 13 85

2023 72 5 77

Tamara Ingram 2024 77 – 77

2023 77 – 77

Jez Maiden 2024 72 9 81

2023 72 2 74

Kawal Preet 2024 68 7 75

2023 62 5 67

Gill Rider 2024

41 2 43

2023 87 1 88

Apurvi Sheth 2024 68 8 76

2023

17 1 18

Jean-Michel Valette 2024 82 13 95

2023 82 4 86

1. Pursuant to the policy of aligning Directors’ interests with those of shareholders, the fees shown as being paid to the Non-Executive Directors include £10,000 used to purchase shares and the fee paid to the Chair includes £35,000 used to purchase shares.

2. Certain expenses relating to ensuring that the Directors were in a position to undertake the performance of their duties such as travel to and from Company meetings, related accommodation and completion of UK tax returns for overseas Directors have been classified as taxable. In such cases, the Company

will ensure that the Director is not out of pocket by settling the related tax via the PSA. In line with current regulations, these taxable benefits have been disclosed and are shown in the Benefits column and the figures shown are the cost of the taxable benefit. With respect to the Non-Executive Directors no

other benefits are provided.

3. The fees shown for Gill Rider relate to the period to 24 May 2024, the date she stepped down from the Board.

4. The fees shown for Apurvi Sheth relate to the period from 01 September 2023, the date she was appointed to the Board.

Intertek Group plc

Annual Report & Accounts 2024

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Remuneration Committee Report Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Annual incentive (audited)

The annual incentive for 2024 was:

• 70% based on a matrix of revenue and adjusted operating profit growth;

• 15% based on return on invested capital (‘ROIC’); and

• 15% based on a Carbon Emissions target.

Overview of the matrix (70% of the award)

Adjusted operating profit performance (£m)

Below threshold Threshold Target Maximum

Revenue performance (£m) Maximum 0% 40% 65% 100%

Target 0% 30% 50% 75%

Threshold 0% 25% 35% 60%

Below threshold 0% 0% 0% 0%

Straight-line payouts occur between each of the points above threshold noted above.

The Company’s performance resulted in a Group annual incentive payout of 95.61% of maximum opportunity. Performance of individual components is shown below.

2024 Company performance against annual incentive targets (at 2023 constant currency)

Financial measures

Weighting

2024

Threshold

2024

Target

2024

Maximum

2024

Actual Achieved

Weighted

achievement

Total external revenue

£3, 377.4 m £3,485.4m £3,593.3m £3,580.5m

Adjusted operating profit

£554.0m £585.7m £617.4 m £611.7m

Revenue/profit matrix 70.0% 93.73% 65.61%

Return on Invested Capital

4,6

15.0% 20.6% 20.8% 21.0% 22.4% 100.00% 15.00%

Carbon Emissions

5,6,7

15.0% 180,410 176,873 173,336 153,807 100.00% 15.00%

Total 100.0% 95.61%

1. Calculated on constant 2023 exchange rates and adjusted to exclude certain non-budgeted non-recurring items and Separately Disclosed Items.

2. Target is equivalent to 50% payout.

3. Percentage achieved against maximum targets.

4. Return on Invested Capital as per definition used for the Group's KPIs on page 1.30 in Report 1.

5. Operational market-based emissions in tonnes of carbon dioxide equivalent (tCO

e) as defined on page 1.31 in Report 1.

6. Performance at threshold levels generates 25% outcome for both ROIC and Carbon Emissions.

7. EY have issued an assurance statement in respect of Carbon Emissions disclosure that can be found on pages 1.74-1.75 in Report 1.

Intertek Group plc

Annual Report & Accounts 2024

2.119

Remuneration Committee Report Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

For 2024, the annual incentive outturn in cash and shares is as follows:

Payable in cash

£’000

Deferred

Share Award

£’000

Percentage

of maximum

André Lacroix 1,012.4 1,012.4 95.6

Colm Deasy 478.1 478.1 95.6

1. These awards vest three years after the date of grant, subject to continued employment or good leaver status. The deferred award is based on 50% of the annual incentive outturn.

Vesting of LTIP Share Awards (audited)

The LTIP Share Awards granted in 2022 are subject to performance for the three-year period ended 31 December 2024.

The performance conditions attached to this award and actual performance against these conditions are as follows:

Metric Performance condition

Threshold

target

Stretch

target

Actual

performance Vesting level

Earnings Per Share (1/3) Annualised fully diluted, adjusted EPS growth. Measured on a constant currency basis. 4.0% 10.0% 11.8% 100%

Adjusted Free Cash Flow (1/3) Free cash flow generated from operations less net capital expenditure, net interest

paid and income tax paid. Adjusted for separately disclosed items. Measured on a

constant currency basis. £899m £979m £1,216m 100%

Return on Invested Capital (1/3) Adjusted operating profits less adjusted tax, divided by invested capital (net assets

excluding tax balances, net financial debt and net pension liabilities). Measured on a

constant currency basis. 16.5% 20.5% 22.0% 100%

Total vesting 100%

1. 25% of the LTIP share awards will vest at the threshold target and 100% will pay out at the stretch target.

2. All LTIP shares that vest are subject to a further two year holding period.

Intertek Group plc

Annual Report & Accounts 2024

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Remuneration Committee Report Continued

3: Financial Report2: Sustainability Report1: Strategic Report

The LTIP Share Awards granted in 2022 to the Executive Directors were as follows:

Executive Director

Number of shares

at grant

Number of shares

based on accrued

dividends

Total number of

Number of shares

to lapse

Number of shares

to vest

Value of vested

£’000

André Lacroix 60,794 4,693 65,487 – 65,487 3,123

Colm Deasy

– – – – – –

Total 60,794 4,693 65,487 – 65,487 3,123

1. The value of shares vested is calculated using the average mid-market share price in the fourth quarter of 2024 which was £47.6895.

2. Appointed as an Executive Director on 17 March 2023.

The Committee considered the LTIP out-turns in the context of the underlying financial performance of the Group and determined it was appropriate not to exercise its discretion. There was no share appreciation on the shares

which vested below their award price.

LTIP Share Awards granted during the year (audited)

The following LTIP Share Awards were granted to the Executive Directors during 2024:

Executive Director Type of award Date of award

Basis of award

granted

Award price

Number of shares

over which award

was granted

Face value

of award

£’000

% of face value

that would vest

at threshold

performance

Vesting

determined by

performance over

André Lacroix LTIP Share Award 13 March 2024 300% of salary 49.808 61,922 3,084 25%

Three years to

31 December

2026

Colm Deasy LTIP Share Award 13 March 2024 200% of salary 49.808 17,0 65 850 25%

LTIP Share Award 5 June 2024 200% of salary 48.048 3,121 150 25%

The LTIP Share Awards granted in 2024 are conditional share awards subject to performance for the three-year period ending 31 December 2026. Shares are granted at the average of the mid-market quotation price for the

five days up to and including the day immediately before grant.

The performance conditions attached to this award and the targets are as follows:

Metric Performance condition Threshold target Maximum target

Earnings Per Share (1/3) Annualised fully diluted, adjusted EPS growth over a three year performance period, calculated on a constant currency basis

and per the EPS definition used for the Group’s KPIs in the 2024 Annual Report & Accounts. 4% 10%

Return on Invested Capital (1/3) Adjusted operating profits less adjusted tax over the three-year period ended 31 December 2026. Invested capital will be the

total of the year end invested capital base in each of the three years of the LTIP calculation period. 18.6% 22.6%

Adjusted Free Cash Flow (1/3) Free cash flow is the cash generated from operations less net capital expenditure, net interest paid and income tax paid.

Adjusted free cash flow adds back the cash outflow associated with SDI’s. This approach is consistent with the definition in

the 2024 Annual Report & Accounts. £1,210m £1,290m

Intertek Group plc

Annual Report & Accounts 2024

2.121

Remuneration Committee Report Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Deferred Share Awards granted during the year (audited)

Executive Director Type of award Date of award

Basis of award

granted

Award price

Number of shares

over which award

was granted

Face value

of award

£’000 Vesting date

André Lacroix Deferred Share

Award 13 March 2024

Deferral of

2023 bonus 49.808 14,229 709 13 March 2027

Colm Deasy Deferred Share

Award 13 March 2024

Deferral of

2023 bonus 49.808 4,961 247 13 March 2027

1. Vesting date subject to continued employment or good leaver status.

Share Plan Awards (audited)

The table below shows the Directors’ interests in the Intertek Share Plans, all of which are restricted stock units (‘RSUs’):

Type of Award

31 December 2023

Number of shares

Granted in 2024

Number of shares

Award price

Dividend accrued

in 2024

Vested in 2024

Number of shares

Lapsed in 2024

Number of shares

31 December 2024

Number of shares Date of vesting

André Lacroix

2021

LTIP Share

3,4

46,296 – 53.36 – (46,296) – – Mar 2024

Dividend

3,286 – – – (3,286) – –

LTIP Share

3,5

8,471 – 58.324 – (8,471) – – May 2024

Dividend

600 – – – (600) – –

2022

LTIP Share

3,6

60,794 – 48.762 – – – 60,794 Mar 2025

Dividend

3,107 – – 1,586 – – 4,693

Deferred Share

17, 225 – 48.762 – – – 17, 225 Mar 2025

Dividend

878 – – 448 – – 1,326

2023

LTIP Share

3,7

72,127 – 41.922 – – – 72,127 Mar 2026

Dividend

1,827 – – 1,883 – – 3,710

Deferred Share

4,947 – 41.922 – – – 4,947 Mar 2026

Dividend

124 – – 128 – – 252

2024

LTIP Share

3,9

– 61,922 49.808 – – – 61,922 Mar 2027

Dividend

– – – 1,616 – – 1,616

Deferred Share

– 14,229 49.808 – – – 14,229 Mar 2027

Dividend

– – – 371 – – 371

Total 219,682 76,151 6,032 (58,653) – 243,212

Intertek Group plc

Annual Report & Accounts 2024

2.122

Remuneration Committee Report Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Type of Award

31 December 2023

Number of shares

Granted in 2024

Number of shares

Award price

Dividend accrued

in 2024

Vested in 2024

Number of shares

Lapsed in 2024

Number of shares

31 December 2024

Number of shares Date of vesting

Colm Deasy

2023

LTIP Share

3,7

4,651 – 41.922 – – – 4,651 Mar 2026

Dividend

117 – – 121 – – 238

Deferred Share

1,581 – 41.922 – – – 1,581 Mar 2026

Dividend

39 – – 40 – – 79

LTIP Share

3,8

15,508 – 42.234 – – – 15,508 Jun 2026

Dividend

392 – – 404 – – 796

2024

LTIP Share

3,9

– 17, 0 65 49.808 – – – 17, 0 65 Mar 2027

Dividend

– – – 445 – – 445

Deferred Share

– 4,961 49.808 – – – 4,961 Mar 2027

Dividend

– – – 128 – – 128

LTIP Share

3,10

– 3,121 48.048 – – – 3,121 Jun 2027

Dividend

– – – 81 – – 81

Total 22,288 25,147 1,219 – – 48,654

1. Awards made are based on a share price obtained by averaging the closing share prices for the five dealing days before the date of grant.

2. The dividend shares are accrued on the date the dividend is paid and determined using the closing market price of the shares on that date. The dividend accruals relate to Share Awards made in lieu of not receiving cash dividends during the vesting period.

3. One-third of the LTIP Share Awards are subject to EPS, one-third on Return on Invested Capital and one-third on Adjusted Free Cash Flow. The LTIP shares will be subject to an additional two-year holding period post-vesting.

4. Awards vested on 12 March 2024, on which date the closing market price of shares was £50.08 , having been granted on 12 March 2021, on which date the closing market price was £53.06. Awards were made at a share price of £53.36 being the share price obtained by averaging the closing share prices for the five

dealing days before the date of grant.

5. Awards vested on 27 May 2024, on which date the closing market price of shares was £50.40 , having been granted on 27 May 2021 on which date the closing market price was £54.82. Awards were made at a share price of £58.324 being the share price obtained by averaging the closing share prices for the five

dealing days before the date of grant.

6. Awards will vest on 11 March 2025, subject to continued employment or good leaver status, having been granted on 11 March 2022 on which date the closing market price was £48.56. Awards were made at a share price of £48.762 being the share price obtained by averaging the closing share prices for the five

dealing days before the date of grant.

7. Awards will vest on 13 March 2026, subject to continued employment or good leaver status, having been granted on 13 March 2023 on which date the closing market price was £40.26. Awards were made at a share price of £41.922 being the share price obtained by averaging the closing share prices for the five

dealing days before the date of grant.

8. Awards will vest on 6 June 2026, subject to continued employment or good leaver status, having been granted on 6 June 2023 on which date the closing market price was £43.69. Awards were made at a share price of £42.234 being the share price obtained by averaging the closing share prices for the five dealing

days before the date of grant.

9. Awards will vest on 13 March 2027, subject to continued employment or good leaver status, having been granted on 13 March 2024 on which date the closing market price was £50.16. Awards were made at a share price of £49.808 being the share price obtained by averaging the closing share prices for the five

dealing days before the date of grant.

10. Awards will vest on 5 June 2027, subject to continued employment or good leaver status, having been granted on 5 June 2024 on which date the closing market price was £49.34. Awards were made at a share price of £48.048 being the share price obtained by averaging the closing share prices for the five dealing

days before the date of grant.

11. Appointed as Director on 17 March 2023.

Intertek Group plc

Annual Report & Accounts 2024

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Remuneration Committee Report Continued

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Malus and clawback (audited)

Malus and clawback will operate, in line with the Intertek Performance Adjustment policy, in respect of the

2021 Long Term Incentive Plan; the Intertek Deferred Share Plan; and Annual Incentive Plan. The reasons for

malus and clawback to be applied cover various circumstances including where there is reasonable evidence

of misbehaviour or material error, conduct considered gross misconduct, breach of any restrictive covenants

by participants, conduct which resulted in (a) significant loss(es) to the Company, failure to meet appropriate

standards of fitness and propriety, a material failure of management in the Company, a discovery of a material

misstatement in the audited consolidated accounts or the behaviour of a Director has a significant detrimental

impact on the reputation of the Group.

Clawback can be applied at any time during the clawback period, which is six years from the date of the

award unless extended by the Remuneration Committee prior to the expiry of the initial clawback period.

The Committee has the discretion to reduce annual incentive payments if it believes that short-term

performance has been achieved at the expense of the Group’s long-term future or vice versa. The Committee

also retains the discretion to reduce or reclaim payments if the performance achievements are subsequently

found to have been significantly misstated.

The committee did not use the malus or clawback provisions in the year under review.

Directors’ interests in ordinary shares (audited)

The interests of the Directors in the shares of the Company as at the year-end, or date of ceasing to be a Director, are set out below. Save as stated in this report, during the course of the year, no Director or any member of his

or her immediate family have any other interest in the ordinary share capital of the Company or any of its subsidiaries. None of the Non-Executive Directors have share options or share awards.

Beneficially

owned at

31 December

2023

Beneficially

owned at

31 December

2024 or on

ceasing to be a

Director

Outstanding

LTIP Share

Awards

Outstanding

Deferred

Shareholding as

a % of salary

Shareholding

Guideline met

André Lacroix

495,044 526,129 194,843 36,401 2,349 Yes

Colm Deasy

6,182 6,343 40,345 6,542 60 No

Andrew Martin 8,615 8,980 – – n/a n/a

Graham Allan 2,719 2,837 – – n/a n/a

Gurnek Bains 712 830 – – n/a n/a

Lynda Clarizio 364 478 – – n/a n/a

Tamara Ingram 355 469 – – n/a n/a

Jez Maiden 390 504 – – n/a n/a

Kawal Preet 140 254 – – n/a n/a

Gill Rider

1,122 1,240 – – n/a n/a

Apurvi Sheth – 118 – – n/a n/a

Jean-Michel Valette 10,730 10,847 – – n/a n/a

1. No changes in the above Directors’ interests have taken place between 31 December 2024 and 28 February 2025.

2. Subject to performance conditions.

3. Subject to continued employment or good leaver status.

4. Calculated as the number of shares beneficially owned at 31 December 2024 based on a share price of £47.28 as at 31 December 2024, being the last trading day, and applied to the annual salary for 2024.

5. Appointed 16 May 2015 with the guideline to hold 200% of base salary in shares by 16 May 2020. With effect from the AGM held on 26 May 2021, this was increased to 500% of base salary, which has been exceeded.

6. Appointed 17 March 2023 with a guideline to hold 300% of base salary.

7. As at 24 May 2024, the date she ceased to be a director of the Company.

Intertek Group plc

Annual Report & Accounts 2024

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Remuneration Committee Report Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Percentage change in remuneration levels

The table below shows the average movement in salary and annual incentive for UK employees between the 2019/20, 2020/2021, the 2021/2022, the 2022/2023 and the 2023/2024 financial year-ends. The UK total

employee population has been chosen as a comparator, as the parent company (Intertek Group plc) does not have any employees apart from the Directors.

Salary % Annual Incentive % Benefits%

2019/

2020

2020/

2021

2021/

2022

2022/

2023

2023/

2024

2019/

2020

2020/

2021

2021/

2022

2022/

2023

2023/

2024

2019/

2020

2020/

2021

2021/

2022

2022/

2023

2023/

2024

CEO (André Lacroix

) 1.0 1.4 1.5 2.0 2.7 (24.2) n/a (75.3) 241.4 42.9 (12.4) (2.3) 8.2 (0.8) 15.0

CFO (from 17 March 2023) (Colm Deasy

) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Average based on Intertek’s UK employees

3.2 n/a 4.1 3.4 0.4 (9.9) n/a n/a 15.8 (39.6) n/a n/a n/a n/a n/a

Chair of the Board (from 1 Jan 2021) (Andrew Martin) – 280.4 – – – n/a n/a n/a n/a n/a n/a – n/a (10.0) 22.2

Graham Allan – – – – 3.4 n/a n/a n/a n/a n/a – – – – –

Gurnek Bains – – – – – n/a n/a n/a n/a n/a (100.0) – – – –

Lynda Clarizio (from 1 March 2021) n/a – 23.1 – – n/a n/a n/a n/a n/a n/a – 350.0 – 160

Tamara Ingram (from 18 Dec 2020) n/a 32.5 11.8 2.8 – n/a n/a n/a n/a n/a n/a – – – –

Jez Maiden (from 26 May 2022) n/a n/a n/a n/a – n/a n/a n/a n/a n/a n/a n/a n/a n/a 350

Kawal Preet (from 31 December 2022) n/a n/a n/a n/a 9.7 n/a n/a n/a n/a n/a n/a n/a n/a n/a 40

Gill Rider (until 24 May 2024) – 11.7 1.2 – n/a n/a n/a n/a n/a n/a (63.5) n/a (100.0) – n/a

Apurvi Sheth (from 1 September 2023) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Jean-Michel Valette – 13.9 – – – n/a n/a n/a n/a n/a (48.9) (25.0) 180.0 – 225

1. The percentage change for incentive and benefits for André Lacroix are based on actual amounts earned from 2019, 2020, 2021, 2022, 2023 and 2024. The overnight increase in April 2024 was 3.0%.

2. Colm Deasy was appointed on 17 March 2023 as a director.

3. The Intertek UK employee group has been selected as the most appropriate comparator group, due to the diverse nature of the Group’s global employee population.

Non-Executive Director fees are set in advance for all Non-Executive Directors and any changes in salary percentages reflect that one comparator year was not a full year, or the Non-Executive Director changed Committee roles and there was an adjustment to their fees to reflect this, or a general

increase in fees which would be reflected in the table on page 2.113. Any changes in the Benefits % column would reflect the benefits in kind occurred in the performance of their duties (e.g. expenses for accommodation, travel or meals) – whether there is a claim depends on where the meetings

are held in relation to where the Director's place of work is considered to be or where n/a is shown this indicates that the director was not in role for the full period and the preceding period.

Jonathan Timmis ceased to be a director on 17 March 2023. In line with the previously disclosed arrangements

agreed with Jonathan Timmis, he had pro-rated deferred shares vest in the year of 8,894 at a share price of

£49.48 of which tax was retained at the rate of 47% leaving 4,713 shares which were sold with proceeds from

sale amounting to £232,848.44. In addition he had 12,802 LTIP shares vest of which 6,017 were retained to

cover tax and 6,785 were transferred to the nominee account as they are subject to a further two year post

vest holding period. The vesting price of these shares was £49.48. The Remuneration Committee determined

a 2023 bonus pro-rated to 17 March 2023 of £153,733.63. Half the amount was paid in cash in March 2024

and 50% deferred into shares (which will vest after a period of three years). All deferred share awards are

subject to malus and clawback provisions.

Payments for loss of office (audited)

There were no payments for loss of office other than the payments described above.

Post-employment share ownership requirements

In line with best practice on the post-cessation of employment shareholding guidelines, Executive Directors

are required to retain shares equivalent to the lower of their actual shareholding and in-employment

shareholding requirement for two years after ceasing employment with Intertek. These will be held in the

Company Nominee account with the date that the holding restriction falls away annotated on the account.

Payments to past Directors (audited)

Gill Rider stepped down from the Board on 24 May 2024. She received no compensation for loss of office

but received directors fee applicable for the period to 24 May 2024 when she was a director of the company.

Intertek Group plc

Annual Report & Accounts 2024

2.125

Remuneration Committee Report Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

CEO pay ratio

The following table sets out the CEO’s pay ratio, comparing

the CEO’s total remuneration against that of UK employees.

The table below shows the required information from 2019

through to 2024.

Method

25th

percentile

pay ratio

Median

pay ratio

75th

percentile

pay ratio

2024

CEO Option B 214:1 168:1 113:1

2023

CEO

Option B 195:1 139:1 98:1

2022

CEO Option B 112:1 89:1 57:1

2021

CEO Option B 117:1 90:1 56:1

2020

CEO Option B 94:1 72:1 50:1

2019

CEO Option B 205:1 152:1 107:1

1. These ratios have been updated to reflect actual LTI vesting value in the single pay

figure.

The regulations also require the total pay and benefits and

the salary component of total pay to be set out as follows:

Base

salary

Total pay

and

benefits

CEO remuneration 1,051,206 6,463,649

UK employee 25th percentile 27, 36 4 30,211

UK employee median 36,224 38,541

UK employee 75th percentile 48,922 56,983

In terms of reporting options, the Company chose option B, using

the most recent gender pay gap information to determine the

relevant employees at the 25th, 50th and 75th percentile to

compare to CEO pay, as that data was already available and is

used for other reporting purposes. It refers to gender pay data

as of 1 April 2024 and uses the single total figure methodology

for the identified individuals. The pay and benefits for the

employees at the quartiles are their total actual annual pay

and benefits as of 31 December 2024.

With regards to representativeness of the ratios, Intertek is a

very diverse employer and has employees in many UK locations.

Our employees have many different qualifications and are

working in and serving almost all major industries. As a

consequence, it is unlikely that there is any one single individual

whose pay and benefits are representative of Intertek UK as a

whole. Intertek has therefore also looked at the total pay of the

individuals immediately above and below the 25th, 50th and

75th percentile. Looking at the spread of resulting ratios, it was

decided that the ‘best equivalent’ would be the arithmetic mean

of the total pay of three individuals around each reporting point:

• For the three employees around the 25th percentile: Ratios

ranged from 202:1 to 240:1, with an arithmetic mean of 214:1.

• For the three employees around the 50th percentile: Ratios

ranged from 165:1 to 171:1, with an arithmetic mean of 168:1.

• For the three employees around the 75th percentile: Ratios

ranged from 99:1 to 128:1, with an arithmetic mean of 113:1.

When calculating total pay and rewards, no pay components

were omitted. The Company used the calculation methodology

as set out in the relevant regulations (The Companies

(Miscellaneous Reporting) Regulations 2018). For part-time

employees, their relevant pay and benefit components have

been adjusted to the equivalent full-time figure for the relevant

business. Full-time equivalent hours can vary across locations

and legal entities.

The pay ratio reflects how remuneration arrangements differ as

responsibility increases for more senior roles in the organisation,

including reflecting that an increased proportion is based on

performance-related variable pay and short-term based

incentives for more senior executives. The Committee is

therefore comfortable that the pay ratio reflects the pay

and progression policies at Intertek.

Relative importance of the spend on pay

The table below shows the movement in spend on staff

costs between the 2023 and 2024 financial years, compared

to dividends.

2024

£m

2023

£m

change

Staff costs

1,492.4 1,450.2 2.9%

Dividends 206.1 176.3 16.9%

1. Staff costs are shown at actual rates. At constant currency, staff costs increased by

7.5%, reflecting a 4.6% foreign exchange impact.

Performance graph

Consistent with prior years, the graph alongside shows the

TSR in respect of the Company over the last ten financial

years, compared with the TSR for the full FTSE 100 Index.

The FTSE 100 is selected as the comparator group as it is a

good representation of peer group companies and Intertek is

a constituent of the FTSE 100. TSR, reflecting the change in

the value of a share and dividends paid, can be represented

by the value of a notional £100 invested at the beginning of

a period and its change over that period.

100

150

200

250

300

350

Intertek Group

FTSE 100

2014 2015 2017 2018 2021 2022 2023 2024202020192016

Intertek Group plc

Annual Report & Accounts 2024

2.126

Remuneration Committee Report Continued

3: Financial Report2: Sustainability Report1: Strategic Report

CEO total remuneration

The total remuneration figures for the CEO during each of the past ten financial years are shown in the table below. Consistent with the calculation methodology for the single figure for total remuneration, the total

remuneration figure includes the total annual incentive and Deferred Share Award based on that year’s performance and LTIP share awards based on the three-year performance period ending in the relevant year.

The annual incentive payout and LTIP award vesting level as a percentage of the maximum opportunity are also shown for each of these years.

W Hauser

2015

A Lacroix

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Total remuneration £’000 876 1,824 5,452

11,417

6,223 4,986 2,470 3,048 3,080 5,675

6,464

Annual incentive (%) 90.6 96.6 70.2 100.0 75.5 52.3 0.0 85.0 20.6 68.9 95.6

LTIP award vesting (%) – – – 90.9 98.3 89.4 41.5 0.0 66.7 100.0 100.0

1. As reported in previous years, at the time of joining, the Company had bought out André’s existing share awards with his previous employer in two tranches of 91,575 and 91,574 shares vesting in 2016 and 2017, each at an award price of £28. The tranche that vested in 2017 vested at a share price of £42.95,

which represents an increase in our Company share price over the two years of over 53%. These awards were one-off awards and not part of his ongoing remuneration.

2. This figure has been updated to show the actual value of the vested LTIP award based on the share price of £50.08, whilst the 2023 Annual Report included figures based on the share price for the final quarter of 2023 (£40.11). There was no discretion exercised in respect of the awards.

The graph below shows the total remuneration of the Intertek CEO over the ten-year period from 2015 to 2024.

2015 (WH)

2015 (AL)

2016 2017 2018 20202019 2021 2022 2023 2024

2,000

4,000

6,000

8,000

10,000

12,000

£’000

Mirror awards

LTIP (share price increase)

LTIP (award share price)

Annual incentive

Pension

Benefits

Salary

1. Shows W Hauser remuneration based on period to 15 May 15

2. Shows A Lacroix remuneration for the period from appointment as CEO on 6 May 15

3. LTIP (award share price) shows the proportion of the LTIP value received which resulted from the share price on award date

4. LTIP (share price increase) shows the proportion of the LTIP value received which resulted from increase in the share price over the vesting period

Approval of the Directors’ Remuneration report

The Directors’ Remuneration report, including both the Directors’ Remuneration Policy and the Annual report on remuneration, was approved by the Board on 3 March 2025.

Graham Allan

Chair of the Remuneration Committee

Intertek Group plc

Annual Report & Accounts 2024

2.127

3: Financial Report1: Strategic Report 2: Sustainability Report

Other Disclosures

In accordance with the requirements of the Companies Act 2006

(‘Act’) and the Disclosure Guidance and Transparency Rules

(‘DTR’) of the Financial Conduct Authority (‘FCA’), the following

section describes the matters that are required for inclusion

in the Directors’ report and which have been approved by the

Board. Further details of matters required to be included in the

Directors’ report are incorporated by reference into this report

and set out below.

Annual Report & Accounts and compliance with UK Listing

Rule (‘UKLR’) UKLR 6.6.1 R

The Annual Report & Accounts is in a three report format:

Strategic Report – Report 1; Sustainability Report/Directors'

report – Report 2; and Financial Report – Report 3. The Board

has prepared a Strategic Report in Report 1 which provides

an overview of the development and performance of the

Company’s business together with any research and

development activities during the year ended 31 December

2024 and its position at the end of that year. The Strategic

Report additionally outlines any important events since the

end of the financial year and likely future developments in the

business of the Company and Group.

For the purposes of compliance with DTR 4.1.5 R (2) and DTR

4.1.8 R, the required content of the management report can be

found in the Strategic Report and this Directors’ report in Report 2,

including the sections of the Annual Report & Accounts, being

Reports 1, 2 and 3, incorporated by reference.

For the purposes of UKLR 6.6.4 R, the information required to be disclosed by UKLR 6.6.1 R can be found in the table below.

Topic Location and page

1. Amount of interest capitalised Not applicable

2. Any information required by UKLR 6.2.23 R (Publication of

unaudited financial information)

Not applicable

3. Details of long-term incentive schemes Directors’ Remuneration Committee

report (pages 2.94-2.126)

4. Waiver of emoluments by a Director Not applicable

5. Waiver of future emoluments by a Director Not applicable

6. Non pre-emptive issues of equity for cash Not applicable

7. Information required by Topic 6 above for any unlisted major

subsidiary undertaking of the Company

Not applicable

8. Company participation in a placing by a listed subsidiary Not applicable

9. Any contracts of significance Other Disclosures (page 2.129)

10. Any contracts for the provision of services by a controlling shareholder Not applicable

11. Shareholder waivers of dividends Other Disclosures (page 2.128)

12. Shareholder waivers of future dividends Other Disclosures (page 2.128)

13. Agreements with controlling shareholders Not applicable

Intertek Group plc

Annual Report & Accounts 2024

2.128

Other Disclosures Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Directors

The names of the members of the Board, as at the date of

this report, and their biographical details are set out on

pages 2.66-2.68.

Articles of Association

The Company’s Articles of Association contain provisions

relating to the retirement, election and re-election of Directors

but, in accordance with best practice, all Directors who wish to

continue to serve will stand for election and re-election at the

Annual General Meeting (‘AGM’).

The Articles of Association set out the internal regulation of the

Company and cover such matters as the rights of shareholders,

the appointment or removal of Directors and the conduct of the

Board and general meetings. Copies are available upon request

from the Group Company Secretary and are available at the

Company’s AGM. Further powers are granted by members in

general meetings and those currently in place are set out in

detail on the next page.

Directors’ indemnities

The Board believes that it is in the best interests of the Group to

attract and retain the services of the most able and experienced

Directors by offering competitive terms of engagement,

including the granting of indemnities on terms consistent with

the applicable statutory provisions. In accordance with the

Articles of Association, the Company has executed deed polls

of indemnity for the benefit of the Directors of the Company.

These provisions, which are deemed to be qualifying third-party

indemnity provisions (as defined by section 234 of the Act),

were in force during the financial year ended 31 December 2024

for the benefit of the Directors and, at the date of this report,

remain in force in relation to certain losses and liabilities which

they may incur (or have incurred) in connection with their duties,

powers or office.

Directors’ interests

Other than the Directors’ service agreements or letters of

appointment, none of the Directors of the Company had a

personal interest in any business transactions of the Company or

its subsidiaries. The terms of the Directors’ service agreements or

letters of appointment and the Directors’ interests in shares and

share awards of the Company, in respect of which transactions

are notifiable to the Company and the FCA under Article 19 of

the UK Market Abuse Regulation, are disclosed in the Directors’

Remuneration report.

Directors’ powers

The Directors are responsible for the strategic management of

the Company and their powers to do so are determined by the

provisions of the Act and the Company’s Articles of Association.

Dividend

The Directors are recommending a final dividend of 102.6p per

ordinary share (2023: 74.0p) making a full-year dividend of

156.5p per ordinary share (2023: 111.7p) which will, if approved

at the AGM, be paid on 20 June 2025 to shareholders on the

Share capital

The issued share capital of the Company and the details of the

movements in the Company’s share capital during the year are

shown in note 15 in Report 3.

The holders of ordinary shares are entitled to receive

dividends when declared, receive the Company’s Annual

Report & Accounts, attend and speak at general meetings

of the Company, appoint proxies and exercise voting rights.

A waiver of dividend exists in respect of the 409,467 shares

held by the Intertek Group Employee Share Ownership Trust

(‘Trust’) as of 31 December 2024 and with respect to future

dividends. Details of the shares purchased by the Trust during

the year are outlined in note 15 in Report 3. There are no

restrictions on the transfer of ordinary shares in the Company.

The rights attached to shares in the Company are provided by

the Articles of Association, which may be amended or replaced

by means of a special resolution of the Company in a general

meeting. The Directors’ powers are conferred on them by UK

legislation and by the Company’s Articles of Association.

No ordinary shares carry any special rights with regard to the

control of the Company and there are no restrictions on voting

rights except that a shareholder has no right to vote in respect

of a share unless all sums due in respect of that share are fully

paid. There are no arrangements known to the Company by

which financial rights carried by any shares in the Company are

held by a person other than the holder of the shares, nor are

there any arrangements between holders of securities that may

result in restrictions on the transfer of securities or on voting

rights known to the Company. All issued shares are fully paid.

Shares are admitted to trading on the London Stock Exchange

and may be traded through the CREST system.

Intertek Group plc

Annual Report & Accounts 2024

2.129

Other Disclosures Continued

3: Financial Report1: Strategic Report 2: Sustainability Report

Allotment of shares

At the AGM held in 2024, the shareholders generally and

unconditionally authorised the Directors to allot relevant

securities up to approximately two-thirds of the nominal

amount of issued share capital.

It is the Directors’ intention to seek renewal of this authority

in line with guidance issued by the Investment Association.

The resolution will be set out in the Notice of AGM.

At the AGM held in 2024, the Directors were also empowered

by the shareholders to allot equity securities, up to 5% of the

Company’s issued share capital, for cash under section 570 of

the Act. It is intended that this authority be renewed at the

forthcoming AGM.

It is the Board’s intention to also propose the renewal of the

additional special resolution to allow the Company to allot

equity securities up to a further 5% of the Company’s issued

share capital. This is applicable when the Board determines a

transaction to be an acquisition or other capital investment and

is announced contemporaneously with the allotment or has

taken place in the preceding six-month period and is disclosed

in the announcement of the allotment.

Purchase of own shares

Shareholders also approved the authority for the Company

to buy back up to 10% of its own ordinary shares by market

purchase until the conclusion of the AGM to be held this year.

The Directors will seek to renew this authority for up to 10%

of the Company’s issued share capital at the forthcoming AGM.

This power will only be exercised if the Directors are satisfied

that any purchase will increase the earnings per share of

the ordinary share capital in issue after the purchase, and

accordingly, that the purchase is in the interests of shareholders.

The Directors will also give careful consideration to gearing

levels of the Company and its general financial position. Any

shares purchased in this way may be held in treasury which, the

Directors believe, will provide the Company with flexibility in the

management of its share capital. Where treasury shares are used

to satisfy Share Awards, they will be classed as new issue shares

for the purpose of the 10% limit on the number of shares that

may be issued over a ten-year period under the relevant share

plan rules. The Company currently holds no shares in treasury.

Significant agreements

The Company is not a party to significant agreements

which take effect, alter or terminate upon a change of control

following a takeover bid apart from a number of credit facilities

with banks together with certain senior notes issued by the

Company. The total amount owing under such credit facilities

and senior note agreements as of 31 December 2024 is shown

in note 14 to the financial statements on page 3.28 in Report 3.

These agreements contain clauses such that, in the event of a

change of control, the Company can offer to or must repay all

such borrowings together with accrued interest, fees and other

sums owing as required by the individual agreements.

The rules of the Company’s incentive plans contain clauses

relating to a change of control resulting from a takeover and, in

such an event, awards would vest subject to the satisfaction of

any associated performance criteria. The Company is not aware

of any other agreements with change of control provisions that

are considered to be significant in terms of their potential impact

to the business.

There are no significant agreements or contracts in place

with any Group Company and a Director of the Company or

a major shareholder.

Our people

Information about the Group’s employees, employment of

disabled persons policies and employment practices is contained

within this report on pages 2.13-2.26. Information on the

employee share schemes is in the Directors’ Remuneration

report and note 17, on pages 3.38-3.39 in Report 3. The steps

by the Company taken to inform, engage and consult with

employees is outlined on page 2.16 and in the Section 172

statement on page 2.72.

Material interests in shares

Up to 3 March 2025, being the latest practicable date before

the publication of this report, the following disclosures of

major holdings of voting rights have been made (and have

not been amended or withdrawn) to the Company pursuant

to the requirements of DTR 5. The Company is not aware of

any changes in the interests disclosed under DTR 5 since the

year end.

At date of notification

Shareholder

Direct voting

rights

Indirect voting

rights

Percentage of

voting rights

attached to

Voting rights

through financial

instruments

Percentage of

voting rights

through financial

instruments

Total voting

rights

Percentage of

total voting

rights

BlackRock Inc. – 10,473,019 6.49% 1,392,394 0.85% 11,865,413 7.34%

Massachusetts Financial Services Company – 8,068,287 4.99% – – 8,068,287 4.99%

Fiera Capital Corporation

– 8,010,553 4.96% – – 8,010,553 4.96%

These holdings are published on a Regulatory Information Service and on the Company’s website.

Intertek Group plc

Annual Report & Accounts 2024

2.130

Other Disclosures Continued

3: Financial Report2: Sustainability Report1: Strategic Report

Stakeholders

Information on the steps taken by the Company to inform,

engage and consult with our stakeholders is outlined on pages

2.27 and in the Section 172 statement on pages 2.76 and 2.77.

Energy Use and Greenhouse Gas (‘GHG’) emissions

Information about the Group’s energy use, GHG emissions and

methodologies used for their calculation are given in this report

on pages 2.38-2.41.

Task Force on Climate-Related Financial Disclosures

('TCFD')

The climate-related financial disclosures consistent with TCFD

recommendations are on pages 1.65-1.73 in Report 1.

Political donations

At the AGM in 2024, shareholders passed an ordinary resolution,

on a precautionary basis, to authorise the Company to make

donations to UK political organisations and to incur UK political

expenditure (as such items are defined in the Act) not exceeding

£90,000.

During the year the Group did not make any such political

donations (2023: £nil). It is the Company’s policy not to, directly

or through any subsidiary, make what are commonly regarded as

donations to any political party.

At the forthcoming AGM of the Company, shareholders’ approval

will again be sought to authorise the Group to make political

donations and/or incur political expenditure (as such terms are

defined in section 362 to 379 of the Act). Further information is

contained in the Notice of AGM.

Branches

The Company, through various subsidiaries, has established

branches in a number of different countries in which the

business operates. The list of related undertakings is available

in note 23 in Report 3.

Independent auditors

The auditor, PricewaterhouseCoopers LLP, have expressed their

willingness to continue in office. Upon the recommendation of

the Audit Committee, a resolution to reappoint them as auditors

and to determine their remuneration will be proposed at the

forthcoming AGM.

Financial instruments

Details about the Group’s use of financial instruments are

outlined in note 14 in Report 3.

Annual General Meeting

The Notice of AGM, which is to be held on 22 May 2025,

is available for download from the Company’s website at

intertek.com/investors. The Notice details the business to be

conducted at the meeting and includes information concerning

the deadlines for submitting proxy forms and in relation to

voting rights.

Statement of disclosure of information to auditors

The Directors who held office at the date of approval of this

Directors’ report confirm that, so far as they are aware, there is

no relevant audit information of which the Company’s auditors

are unaware and each Director has taken all reasonable steps

that he or she ought to have taken as a Director of the Company

to make themselves aware of any relevant audit information and

to establish and ensure that the Company’s auditors are aware

of that information.

Intertek Group plc

Annual Report & Accounts 2024

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3: Financial Report1: Strategic Report 2: Sustainability Report

The Directors are responsible for preparing the Annual Report

& Accounts, including 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.

André Lacroix

Chief Executive Officer

3 March 2025

Registered Office:

33 Cavendish Square, London W1G 0PS

Registered Number: 04267576

in respect of the financial statements

Statement of Directors Responsibilities

Intertek Group plc

Annual Report & Accounts 2024

2.132

Notes

3: Financial Report2: Sustainability Report1: Strategic Report

Printed by a CarbonNeutral® Company certified to

ISO 14001 environmental management system.

Printed on material from well-managed, FSC®

certified forests and other controlled sources.

100% of the inks used are HP Indigo ElectroInk

which complies with RoHS legislation and meets

the chemical requirements of the Nordic Ecolabel

(Nordic Swan) for printing companies, 95% of press

chemicals are recycled for further use and, on

average 99% of any waste associated with this

production will be recycled and the remaining 1%

used to generate energy.

The paper is Carbon Balanced with World Land

Trust, an international conservation charity, who

offset carbon emissions through the purchase and

preservation of high conservation value land.

Through protecting standing forests, under threat

of clearance, carbon is locked-in, that would

otherwise be released.

CBP00019082504183028

Intertek Group plc

33 Cavendish Square,

London, W1G 0PS

United Kingdom

Tel +44 20 7396 3400

info@intertek.com

intertek.com

VISIT: INTERTEK.COM/INVESTORS

Annual Report &

Accounts 2024

Financial Report

the power of

amazing

the power of

amazing

3.01 Consolidated income statement

3.02 Consolidated statement

ofcomprehensive income

3.03 Consolidated statement

offinancialposition

3.04 Consolidated statement

ofchangesinequity

3.06 Consolidated statement ofcashflows

3.07 Notes to the financial statements

3.51 Intertek Group plc – Company

balancesheet

3.52 Intertek Group plc – Company statement

of changes inequity

3.53 Notes to the Company

financialstatements

3.57 Independent Auditors’ Report

3.64 Glossary – Alternative

performance measures

3.67 Shareholder and corporate information

Contents

VISIT: INTERTEK.COM/INVESTORS

The power of amazing lies in the energy and passion

of our incredible colleagues and the work they do

every day. At Intertek, we constantly strive to be

ever better. For over 130 years, we have been

pioneers, lighting the way with ingenious solutions

that touch every partof modern life. Our culture

empowers our people and creates sustainable

growth and value for all ourstakeholders.

Our caring and trusted people live by our Values,

workingwith passion and integrity to make a real

difference. Their energy and commitment ensure our

customers become ever more resilient, and that we all

thrive and work together to make the world better, safer

andmore sustainable.

We are pleased to share with

you our Annual Report & Accounts

in a unique, three-report format:

Report 1: Strategic Report

Where we discuss our growth

opportunities and strategic performance.

Report 2: Sustainability Report

Where we discuss our environmental,

social and governance progress.

Report 3: Financial Report

Where we record our financial

activities, performance and position.

These separate, but connected reports, withtheir

interconnected themes and narratives, allow us to

present what we achieved in 2024 in a systemic,

end-to-end architecture. They have been designed to

make it easier for our stakeholders to fully understand

our business, how we bring quality, safety and

sustainability to life, what we offer our clients and

society, and the opportunities we have ahead of us.

Intertek Group plc

Annual Report & Accounts 2024

3.01

Consolidated income statement

2: Sustainability Report1: Strategic Report 3: Financial Report

			Separately			Separately
		Adjusted	Disclosed	Total	Adjusted	Disclosed	Total
		results*	Items*	2024	results*	Items*	2023
For the year ended 31 December	Notes	£m	£m	£m	£m	£m	£m
Revenue	2	3 ,3 93. 2	–	3,3 93. 2	3, 3 2 8 .7	–	3,3 2 8 .7
Operating costs	4	(2 , 8 03. 1)	(5 4.4)	( 2 , 8 5 7. 5)	(2,777 .6)	(6 4.9)	(2, 842.5)
Group operating profit/(loss)	2	59 0 .1	(5 4. 4)	535 .7	551 . 1	(64. 9)	4 86. 2
Finance income	14	2.5	–	2.5	3.8	–	3.8
Finance expense	14	(4 4. 8)	(3.4)	(4 8. 2)	(4 7. 7 )	(20.0)	(6 7. 7 )
Net financing costs		(42.3)	(3.4)	(45.7)	(43 . 9)	(20.0)	(63.9)
Profit/(loss) before income tax		5 4 7. 8	(5 7. 8)	49 0 .0	5 0 7. 2	(8 4.9)	4 22.3
Income tax (expense)/credit	6	(1 35. 2)	12 .4	(122 .8)	(1 24 . 8)	20.6	(104. 2)
Profit/(loss) for the year	2	41 2 . 6	(45.4)	3 6 7. 2	38 2.4	(6 4. 3)	318 . 1
Attributable to:
Equity holders of the Company		390.8	(45 .4)	3 45. 4	3 6 1.7	(6 4.3)	297.4
Non-controlling interest	20	21 . 8	–	21 . 8	20.7	–	20. 7
Profit/(loss) for the year		412 . 6	(45. 4)	3 6 7. 2	3 82 .4	(6 4.3)	318 .1
Earnings per share**
Basic	7			214. 4p			184 .4p
Diluted	7			212 .7p			183 .4p

* See note 3.

** Earnings per share on the adjusted results is disclosed in note 7.

Intertek Group plc

Annual Report & Accounts 2024

3.02

Consolidated statement of comprehensive income

2: Sustainability Report1: Strategic Report 3: Financial Report

		2024	2023
For the year ended 31 December	Notes	£m	£m
Profit for the year	2	3 6 7. 2	318 . 1
Other comprehensive income/(expense)
Remeasurements on defined benefit pension schemes	16	3.7	(2.6)
Tax on comprehensive income items	6	6.0	3. 0
Items that will never be reclassified to profit or loss		9.7	0 .4
Foreign exchange translation differences of foreign operations		(6 4. 8)	( 14 7. 1)
Net exchange gain/(loss) on hedges of net investments in foreign operations		1 .7	58.8
Gain/(loss) on fair value of cash flow hedges		–	(0 . 1)
Items that are or may be reclassified subsequently to profit or loss		(63. 1)	(8 8 .4)
Total other comprehensive income/(expense) for the year		(53. 4)	(8 8. 0)
Total comprehensive income for the year		313 .8	230 .1
Total comprehensive income for the year attributable to:
Equity holders of the Company		291 . 4	211. 6
Non-controlling interest	20	22 .4	18 . 5
Total comprehensive income for the year		313 .8	230 .1

Intertek Group plc

Annual Report & Accounts 2024

3.03

Consolidated statement of financial position

2: Sustainability Report1: Strategic Report 3: Financial Report

		2024	2023
As at 31 December	Notes	£m	£m
Assets
Property, plant and equipment	8	692 .8	6 69. 6
Goodwill	9	1,365.9	1,385.8
Other intangible assets	9	30 4.2	330 . 9
Trade and other receivables	11	15 .4	21. 8
Defined benefit pension asset	16	2 7. 2	21.8
Deferred tax assets	6	34.5	3 6.4
Total non-current assets		2,4 4 0.0	2,4 66 .3
Inventories*		19.0	17. 2
Trade and other receivables*	11	754.9	725. 1
Cash and cash equivalents	14	343 .0	29 9.3
Current tax receivable		42.4	30.0
Total current assets		1 ,159. 3	1, 07 1 .6
Total assets		3,59 9 . 3	3 , 5 3 7. 9
Liabilities
Interest-bearing loans and borrowings	14	(101 .3)	(9 7. 5)
Current taxes payable		(6 7. 2)	(6 0.5)
Lease liabilities	14	(70 .1)	(69 .9)
Trade and other payables*	12	(7 5 7. 6)	(735. 6)
Provisions*	13	(53 . 9)	(18 . 0)
Total current liabilities		(1, 050.1)	(981. 5)
Interest-bearing loans and borrowings	14	(74 1 . 5)	(8 12.4)
Lease liabilities	14	(22 9. 5)	( 2 3 7. 9)
Deferred tax liabilities	6	(69. 9)	(75.3)
Defined benefit pension liabilities	16	(5.2)	(4. 8)
Trade and other payables*	12	(49 . 8)	(3 0 . 1)
Provisions*	13	(8 .4)	(35 . 8)
Total non-current liabilities		(1 ,10 4. 3)	(1 , 19 6. 3)
Total liabilities		(2,1 54.4)	(2 , 1 7 7. 8 )
Net assets		1,4 4 4.9	1,360.1

		2024	2023
As at 31 December	Notes	£m	£m
Equity
Share capital	15	1.6	1.6
Share premium		2 5 7. 8	2 5 7. 8
Other reserves		(191 . 2)	( 1 2 7. 5 )
Retained earnings		1,333 .7	1, 191. 5
Total equity attributable to equity holders of the Company		1, 4 01 .9	1,323. 4
Non-controlling interest	20	43. 0	3 6 .7
Total equity		1,4 4 4.9	1,360.1

* Working capital of negative £95. 9m (2023: negative £78 . 8m) comprises the asterisked items in the above statement of financial position

less the IFRS 16 lease receivable of £0 .1m (2023: £1.6m).

The financial statements on pages 3.01 to 3.50 were approved by the Board on 3 March 2025 and were signed

on its behalf by:

André Lacroix

Chief Executive Officer

Colm Deasy

Chief Financial Officer

Intertek Group plc

Annual Report & Accounts 2024

3.04

Consolidated statement of changes in equity

2: Sustainability Report1: Strategic Report 3: Financial Report

							Attributable to equity holders of the Company
						Other reserves
							Total before
							non-	Non-
			Share	Translation		Retained	controlling	controlling	Total
		Share capital	premium	reserve	Other	earnings	interest	interest	equity
For the year ended 31 December	Notes	£m	£m	£m	£m	£m	£m	£m	£m
At 1 January 2023		1.6	2 5 7. 8	(4 7. 7 )	6 .4	1,065.9	1, 28 4.0	3 4.0	1,318.0
Total comprehensive income for the year
Profit		–	–	–	–	297.4	297.4	20.7	318 . 1
Other comprehensive income/(expense)		–	–	(8 6. 1)	(0 . 1)	0 .4	(85.8)	(2. 2)	(8 8.0)
Total comprehensive income for the year		–	–	(8 6. 1)	(0 . 1)	2 9 7. 8	211.6	18 . 5	23 0. 1
Transactions with owners of the Company recognised directly in equity
Contributions by and distributions to the owners of the Company
Dividends paid	15	–	–	–	–	(17 6 . 3)	(17 6 . 3)	(15 . 1)	(191 .4)
Changes in non-controlling interest	20	–	–	–	–	–	–	(0 .7)	(0 .7)
Purchase of own shares	15	–	–	–	–	(11.6)	(11.6)	–	(11.6)
Tax paid on Share Awards vested*	17	–	–	–	–	(5.6)	(5.6)	–	(5.6)
Equity-settled transactions	17	–	–	–	–	21.2	21. 2	–	21. 2
Income tax on equity-settled transactions	6	–	–	–	–	0.1	0.1	–	0.1
Total contributions by and distributions to the owners of the Company		–	–	–	–	(17 2 . 2)	(17 2 . 2)	(15.8)	(18 8 .0)
At 31 December 2023		1.6	2 5 7. 8	(133. 8)	6.3	1,19 1.5	1,323. 4	3 6 .7	1,360.1

* The tax paid on Share Awards vested is related to settlement of the tax obligation on behalf of employees by the Group via the sale of a portion of the equity-settled shares.

Intertek Group plc

Annual Report & Accounts 2024

3.05

Consolidated statement of changes in equity Continued

2: Sustainability Report1: Strategic Report 3: Financial Report

							Attributable to equity holders of the Company
						Other reserves
							Total before
							non-	Non-
			Share	Translation		Retained	controlling	controlling	Total
		Share capital	premium	reserve	Other	earnings	interest	interest	equity
For the year ended 31 December	Notes	£m	£m	£m	£m	£m	£m	£m	£m
At 1 January 2024		1.6	2 5 7. 8	(133 .8)	6.3	1 ,191 . 5	1, 323. 4	36 .7	1,36 0.1
Total comprehensive income for the year
Profit		–	–	–	–	345 .4	3 45. 4	21 . 8	3 6 7. 2
Other comprehensive income/(expense)		–	–	(6 3.7)	–	9 .7	(5 4.0)	0.6	(53 .4)
Total comprehensive income for the year		–	–	(6 3.7)	–	355.1	2 91 .4	22 .4	31 3. 8
Transactions with owners of the Company recognised directly in equity
Contributions by and distributions to the owners of the Company
Dividends paid	15	–	–	–	–	(20 6 .1)	(2 0 6 .1)	(16. 1)	(222. 2)
Changes in non-controlling interest	20	–	–	–	–	–	–	–	–
Purchase of own shares	15	–	–	–	–	(24 .7)	(24 .7)	–	(24 .7)
Tax paid on Share Awards vested*	17	–	–	–	–	(7. 4)	( 7. 4)	–	( 7. 4)
Equity-settled transactions	17	–	–	–	–	24. 4	24 . 4	–	24 . 4
Income tax on equity-settled transactions	6	–	–	–	–	0.9	0. 9	–	0.9
Total contributions by and distributions to the owners of the Company		–	–	–	–	(21 2. 9)	(212 . 9)	(16 .1)	(22 9.0)
At 31 December 2024		1.6	2 5 7. 8	(1 9 7. 5 )	6.3	1 , 333.7	1 , 4 01 .9	43.0	1,4 4 4.9

* The tax paid on Share Awards vested is related to settlement of the tax obligation on behalf of employees by the Group via the sale of a portion of the equity-settled shares.

Intertek Group plc

Annual Report & Accounts 2024

3.06

Consolidated statement of cash flows

2: Sustainability Report1: Strategic Report 3: Financial Report

		2024	2023
For the year ended 31 December	Notes	£m	£m
Cash flows from operating activities
Profit for the year	2	3 6 7. 2	318 . 1
Adjustments for:
Depreciation charge	8	14 4 .4	156.0
Amortisation of software	9	1 7. 3	19.3
Amortisation of acquisition intangibles	9	32.3	34. 2
Impairment of goodwill and other assets	8,9	6.9	2. 6
Equity-settled transactions	17	24. 4	21. 2
Net financing costs	14	45.7	63.9
Income tax expense	6	122 .8	10 4 . 2
Profit on disposal of property, plant, equipment and software		(3.9)	(3.2)
Operating cash flows before changes in working capital
andoperating provisions		7 5 7. 1	7 16 . 3
Change in inventories		(2. 2)	(1. 2)
Change in trade and other receivables		(45.6)	(41 . 2)
Change in trade and other payables		69. 8	4 7. 7
Change in provisions		(3. 3)	4. 3
Cash generated from operations		775.8	725.9
Interest and other finance expense paid		(52. 2)	(71.9)
Income taxes paid		(126. 5)	(119 .0)
Net cash flows generated from operating activities*		5 9 7. 1	535. 0
Cash flows from investing activities
Proceeds from sale of property, plant, equipment and software*		5.0	11.5
Interest received*		2.7	3.5
Acquisition of subsidiaries, net of cash acquired	10	(1 4.9)	(4 0 . 5)
Consideration paid in respect of prior year acquisitions		–	(2 .7)
Acquisition of property, plant, equipment and software*		(135. 0)	(116.9)
Net cash flows used in investing activities		(142 . 2)	(145 . 1)

		2024	2023
For the year ended 31 December	Notes	£m	£m
Cash flows from financing activities
Purchase of own shares	15	(24.7)	(11.6)
Tax paid on Share Awards vested	17	(7. 4)	(5.6)
Drawdown of borrowings		24.7	16 0 . 5
Repayment of borrowings		(98 .4)	(24 9 . 6)
Repayment of lease liabilities*		(74 . 4)	(7 7. 8 )
Purchase of non-controlling interest		–	(0.7)
Dividends paid to non-controlling interest	20	(16 .1)	(1 5. 1)
Equity dividends paid		(2 0 6 .1)	(17 6 . 3)
Net cash flow used in financing activities		(402 . 4)	(376 . 2)
Net increase in cash and cash equivalents	14	52.5	13 .7
Cash and cash equivalents at 1 January	14	2 98.6	320.7
Exchange adjustments	14	(14. 6)	(35. 8)
Cash and cash equivalents at 31 December	14	336. 5	298.6

The notes on pages 3.07 to 3.50 are an integral part of these consolidated financial statements.

Cash outflow relating to Separately Disclosed Items was £13.4m for year ended 31 December 2024

(2023: £23. 1m).

* Free cash flow of £3 95.4m (2023: £355. 3m) comprises the asterisked items in the above consolidated statement of cash flows.

Intertek Group plc

Annual Report & Accounts 2024

3.07

Notes to the financial statements

2: Sustainability Report1: Strategic Report 3: Financial Report

1 Material accounting policies

Basis of preparation

Accounting policies applicable to more than one section of the financial statements are shown below. Where

accounting policies relate to a specific note in the financial statements, they are set out within that note, to

provide readers of the financial statements with a more useful layout to the financial information presented.

Statement of compliance

Intertek Group plc is a public company incorporated in England & Wales and domiciled in the UK, limited

by shares.

The Group financial statements as at and for the year ended 31 December 2024 consolidate those of

the Company and its subsidiaries (together referred to as the ‘Group’) and include the Group’s interests

in associates. Intertek Group plc transitioned to UK-adopted international accounting standards in its

consolidated financial statements on 1 January 2021. There was no impact or change in accounting policies

from the transition. The Group financial statements have been prepared by the Directors in accordance with

these accounting standards in conformity with the requirements of the Companies Act 2006. The Company

financial statements present information about the Company as a separate entity and not about its Group.

The Company has elected to prepare its Company financial statements in accordance with UK GAAP,

comprising FRS 101 and applicable law; these are presented on pages 3.51 to 3.56.

Significant new accounting policies and standards

There are no significant new accounting standards or amendments to accounting standards that are effective

for annual periods beginning on or after 1 January 2024 that have a material effect on the results of the Group.

Changes in accounting policies

The accounting policies set out in these financial statements have been applied consistently to all years

presented, apart from those disclosed below. There are no new accounting standards that are effective for

annual periods beginning on or after 1 January 2024 that have a material effect on the consolidated financial

statements of the Group. There are no accounting standards that are issued but not yet effective that are

expected to have a material effect on the consolidated financial statements of the Group.

Measurement convention

The financial statements are prepared on the historical cost basis except as discussed in the relevant

accounting policies.

Functional and presentation currency

These consolidated financial statements are presented in sterling, which is the Company’s functional currency.

All information presented in sterling has been rounded to the nearest £0.1m.

Going concern

The Group has a broad customer base across its multiple business lines and in its different geographic regions

and is supported by a robust balance sheet and strong operational cash flows.

The Board has reviewed the Group’s financial forecasts up to 31 December 2026 to assess both liquidity

requirements and debt covenants.

In addition, the Group’s financial forecasts for 2025 and 2026, and the related liquidity position and forecast

compliance with debt covenants, have been sensitised for a severe yet plausible decline in economic conditions

(including an illustrative sensitivity scenario of a reduction of 30% to the base profit forecasts and the

corresponding impact to cash flow forecasts in each of these years). In addition, reverse stress testing has

also been applied to the model which represents a significant decline in cash flows compared with the 30%

downside sensitivity. Such a scenario is considered to be remote. The Board remains satisfied with the Group’s

funding and liquidity position, with the Group forecast to remain within its committed facilities and compliant

with debt covenants even following the 30% downside sensitivity. The sensitivity modelling excludes

additional mitigating actions (e.g. dividend cash payments, non-essential overheads and non-committed

capital expenditure) that are within management control and could be initiated if deemed required.

The undrawn headroom on the Group’s committed borrowing facilities at 31 December 2024 was £655.7m

(2023: £664.3m). The maturity of our borrowing facilities is disclosed in note 14 of the financial statements,

with repayment of two senior notes totalling US$120m required by 31 December 2025. Our models forecast

these to be repaid using existing facilities. Full details of the Group’s borrowing facilities and maturity profile

are outlined in note 14.

On the basis of its forecasts to 31 December 2026, both base case and the severe but plausible downside,

and available facilities, the Board has concluded that there are no material uncertainties over going concern,

including no anticipated breach of covenants, and therefore the going concern basis of preparation continues

to be appropriate.

Consideration of climate change

In preparing the financial statements, we have considered the impact of climate change (refer to Report 1,

page 1.65 for further information). There is no material impact on the financial reporting judgements and

estimates arising from our considerations, which is consistent with the assertion that risks associated with

climate change are not expected to have a material impact on the viability of the Group in the short, medium

and long term. Specifically we note the following:

• The Group continues to invest in on-site renewable energy generation at our locations.

• We have specifically considered the impact of climate change on the carrying value of fixed assets

(see note 8).

Government grants

Government grants are recognised in the income statement so as to match them with the related expenses

that they are intended to compensate. Where grants are received in advance of the related expenses, they are

initially recognised in the balance sheet and released to match the related expenditure. Non-monetary grants

are recognised at fair value. The related cash flow is classified in accordance with the nature of the activity.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.08

2: Sustainability Report1: Strategic Report 3: Financial Report

1 Material accounting policies Continued

Basis of consolidation

Subsidiaries

Subsidiaries are those entities controlled by the Group. Control exists when the Group has power to direct the

relevant activities, exposure to variable returns from the investee and the ability to use its power over the

investee to affect the amount of investor returns. The financial statements of subsidiaries are included in the

consolidated financial statements from the date that control commences until the date that control ceases.

For purchases of non-controlling interest in subsidiaries, the difference between the cost of the additional

interest in the subsidiary and the non-controlling interest’s share of the assets and liabilities reflected in the

consolidated statement of financial position at the date of acquisition is reflected directly in shareholders’ equity.

Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised gains and losses or income and expenses arising from

intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised losses are

eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

Foreign currency

Foreign currency transactions

Transactions in foreign currencies are translated to the respective functional currencies of Group entities at

the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities (for example,

cash, trade receivables, trade payables) denominated in foreign currencies at the reporting date are translated

at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are

generally recognised in the income statement. Non-monetary assets and liabilities that are measured in terms

of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

For the policy on hedging of foreign currency transactions see note 14.

Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on

acquisition, are translated to sterling at foreign exchange rates ruling at the reporting date.

The income and expenses of foreign operations are translated into sterling at cumulative average rates

of exchange during the year. Exchange differences arising from the translation of foreign operations are

taken directly to equity in the translation reserve. They are released to the income statement upon disposal.

For the policy on net investment hedging see note 14.

The most significant currencies for the Group were translated at the following exchange rates:

		Assets and liabilities		Income and expenses
		Actual rates		Cumulative average rates
	31 December	31 December
Value of £1	2024	2023	2024	2023
US dollar	1.26	1.28	1.28	1.24
Euro	1.21	1.15	1.18	1.15
Chinese renminbi	9.18	9.14	9.21	8.81
Hong Kong dollar	9.76	10.00	9.99	9.71
Australian dollar	2.02	1.87	1.94	1.87

Key estimations and uncertainties

The preparation of financial statements in conformity with IFRSs (‘International Financial Reporting Standards’)

requires management to make judgements and estimates that affect the application of accounting policies

and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these

estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the year in which the estimates are revised and in any future years affected.

Discussed below are key assumptions concerning the future, and other key sources of estimation at the

reporting date, that could have a significant risk of causing a material adjustment to the carrying amount

of assets and liabilities within the next financial year.

Impairment of goodwill

Following recognition of goodwill as a result of acquisitions, the Group determines, as a minimum on an annual

basis and including current year acquisitions, whether goodwill is impaired, which requires an estimation of the

future cash flows of the cash generating units to which the goodwill is allocated, as well as assumptions on

growth rates and discount rates – see note 9. There is no significant risk of material impairment within the

next financial year.

Employee post-retirement benefit obligations

For material defined benefit plans, the actuarial valuation includes assumptions such as discount rates,

return on assets, salary progression and mortality rates. Further details and sensitivity analysis are included

in note 16.

There are no critical accounting judgements.

Other accounting policies

Accounting policies relating to a specific note in the financial statements are set out within that note

as follows:

	Note
Revenue	2
Separately Disclosed Items	3
Taxation	6
Property, plant and equipment	8
Goodwill and other intangible assets	9
Trade and other receivables	11
Trade and other payables	12
Provisions	13
Borrowings and financial instruments	14
Capital and reserves	15
Employee benefits	16
Share schemes	17
Non-controlling interest	20

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.09

2: Sustainability Report1: Strategic Report 3: Financial Report

2 Operating segments and presentation of results

Accounting policy

Revenue

Revenue represents the total amount receivable for services rendered when there is transfer of control to

the customer, excluding sales-related taxes and intra-group transactions.

Revenue from services rendered on short-term projects is generally recognised in the income statement when

the relevant service is completed, usually when the report of findings or test/inspection certificate is issued.

Short-term projects are considered to be those of less than two months’ duration.

In line with IFRS 15, rebates and customer discounts are considered to be variable consideration and have

been deducted from recognised revenue.

Revenue is recognised using the five steps for revenue recognition. The majority of contracts are for

less than one year. The Group records transactions as revenue on the basis of value of work done, with the

corresponding amount being included in trade receivables if the customer has been invoiced, or in contract

assets if billing has yet to be completed. Performance obligations vary across business lines and regions, and

on a contract-by-contract basis. There may be more than one performance obligation per contract, for example

Alchemy Training Solutions contracts have multiple elements which are split between recognising revenue at

a point in time for services such as right-of-use software licences, and over time for other services delivered

under the same contract.

Long-term projects consist of two main types:

• time incurred, which is billed at agreed rates on a periodic basis, such as monthly; or

• staged payment invoicing, requiring an assessment of percentage of completion, based on services provided

and revenue accrued accordingly.

Expenses are recharged to clients where permitted by the contract. Payments received in advance from customers

are recognised in contract liabilities to the extent that performance obligations have not been satisfied.

The Group does not expect to have any material contracts where the period between the transfer of promised

goods or services to the customer and payment by the customer exceeds one year. As a consequence, the

Group does not adjust any of the transaction prices for the time value of money.

The Group has applied practical expedients in: i) recognising assets from the costs incurred to obtain or fulfil

a contract; and ii) disclosing unsatisfied performance obligations in contracts as contracts have an expected

duration of less than a year. The economic factors affecting revenue for both short- and long-term contracts

are consistent within each.

Operating segments

The Group is organised into business lines, which are the Group’s operating segments and are reported to the

CEO, the chief operating decision maker.

These operating segments are aggregated into five segments, which are the Group’s reportable segments,

based on the similar nature of products and services and the mid- to long-term structural growth drivers.

When aggregating operating segments into the five reportable segments we have applied judgement over the

similarities of the services provided, the wider economic impacts of the markets served within the segments,

the customer base and the mid- to long-term structural growth drivers. Certain business lines within those

former segments have also been reallocated to better align with the structural growth drivers of each segment.

The costs of the corporate head office and other costs which are not controlled by the five segments are

allocated appropriately.

Inter-segment pricing is determined on an arm’s length basis. There is no significant seasonality in the Group’s

operations. Segment results include items directly attributable to a segment as well as those that can be

allocated on a reasonable basis.

The performance of the segments is assessed based on adjusted operating profit which is stated before

Separately Disclosed Items. The operating segment revenue disclosures provided under IFRS 8 are consistent

with the disaggregated revenue disclosure and recognition and measurement requirements of IFRS 15.

A reconciliation to operating profit by segment and Group profit for the year is included overleaf.

The principal activities of the reportable segments, and the customers they serve, are as follows:

Consumer products – Our Consumer Products segment focuses on the ATIC solutions we offer to our clients

to develop and sell better, safer, and more sustainable products to their own clients. This segment includes the

following business lines: Softlines, Hardlines, Electricals & Connected World and Government & Trade Services.

As a trusted partner to the world’s leading retailers, manufacturers and distributors, the segment supports a

wide range of industries including textiles, footwear, toys, hardlines, home appliances, consumer electronics,

information and communication technology, automotive, aerospace, lighting, building products, industrial and

renewable energy products, and healthcare.

Across these industries we provide a wide range of Assurance, Testing, Inspection and Certification (‘ATIC’)

services including laboratory safety, quality and performance testing, and third-party certification. Our

Government & Trade Services business provides inspection services to governments and regulatory bodies

to support trade activities that help the flow of consumer products across borders, predominantly in the

Middle East, Africa and South America.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.10

2: Sustainability Report1: Strategic Report 3: Financial Report

World of Energy – Our World of Energy segment focuses on the ATIC solutions we offer to our clients to

develop better and greener fuels as well as renewables. This segment includes Caleb Brett, Transportation

Technologies (‘TT’) and Clean Energy Associates (‘CEA’).

This segment consists of three global business lines with similar global growth drivers which are intrinsically

linked to the wider economic factors, regulation over traditional hydrocarbons and sustainability of energy supply

which impact the energy market. These business lines provide specialist cargo inspection, analytical assessment,

calibration and related research and technical services to the world’s petroleum and biofuels industries.

Our Caleb Brett business provides cargo and inventory inspection, analytical assessment, calibration and

related research and technical services to the world’s petroleum and biofuels industries.

TTs global network of laboratories provides diverse, rapid testing and validation services to the transportation

market, evaluating to industry standards and international regulations, and delivers testing for new and

emerging markets such as autonomous and connected vehicles, electric/hybrid vehicles, charging components,

automotive telematics and aftermarket components.

CEA is a provider of quality assurance, supply-chain traceability and technical services to the solar energy,

energy storage and green hydrogen sectors.

Following the IFRIC agenda decision on segment reporting issued in July 2024, the segmental disclosures have

been aligned to the cost categorization in Note 4 to include Employee costs, considered to be a material item

of expense for the Group. Consequently, the comparative figures have been updated to reflect this

information.

The results of these segments for the year ended 31 December are shown below:

	Revenue
	from
	contracts		Depreciation	Adjusted	Separately
	with	Employee	and software	operating	Disclosed	Operating
	customers	costs	amortisation	profit	Items	profit
Year ended 31 December 2024	£m	£m	£m	£m	£m	£m
Consumer Products	958.8	( 3 87.1)	(49.9)	268.7	(11.7)	257.0
Corporate Assurance	496.3	(192.2)	(12.0)	117. 2	(20.7)	96.5
Health and Safety	337.2	(147.4)	(19.4)	46.0	(6.3)	39.7
Industry and Infrastructure	843.6	(416.9)	(31.4)	80.7	(12.8)	67. 9
World of Energy	757. 3	(348.8)	(49.0)	77.5	(2.9)	74.6
Total	3,393.2	(1,492.4)	(161.7)	590.1	(54.4)	535.7
Group operating profit				590.1	(54.4)	535.7
Net financing costs				(42.3)	(3.4)	(45.7)
Profit before income tax				547.8	(57.8)	490.0
Income tax (expense)/credit				(135.2)	12.4	(122.8)
Profit for the year				412.6	(45.4)	367. 2

2 Operating segments and presentation of results Continued

Corporate Assurance – Our Corporate Assurance segment focuses on the industry-agnostic assurance

solutions we offer to our clients to make their value chains more sustainable and more resilient end-to-end.

This segment includes Business Assurance and Assuris.

Intertek Business Assurance provides a full range of business process audit and support services, including

accredited third-party management systems auditing and certification, second-party supplier auditing and

supply chain solutions, sustainability data verification, process performance analysis and training. Assuris’ global

network of scientists, engineers and regulatory specialists provide clients with support to navigate complex

scientific, regulatory, environmental, health, safety and quality challenges throughout their value chain.

Health and Safety – Our Health and Safety segment focuses on the ATIC solutions we offer to our clients

to make sure we all enjoy a healthier and safer life. This segment includes AgriWorld, Food and Chemicals &

Pharma business lines. The division provides differing services which reflect the breadth of our ATIC offering,

but the services provided are similar in nature and include analytical assessment, inspection and technical

services that are delivered to the customers through issuing certificates or reports.

Our AgriWorld business provides assurance, testing, inspection and certification services across the entire

agricultural supply chain.

Our Food business provides food safety testing, hygiene and safety audits, inspection, certification and

advisory services to food companies.

Our Chemicals & Pharma business enables clients to mitigate risks associated with product quality and safety

and processes, supporting them with their product development, regulatory authorisation, chemical testing

and production.

Industry and Infrastructure – Our Industry and Infrastructure segment focuses on the ATIC solutions our

clients need to develop and build better, safer and greener infrastructure. This segment includes Industry

Services, Minerals and Building & Construction. The nature of the products and services offered across the

segment are similar, with services including technical inspections, asset integrity management and sample

testing. These service lines interact through the customer type they service – ATIC services to Industry or

Infrastructure-related products and the inputs into these industries.

Our Industry Services business line uses its in-depth knowledge of industries such as renewable energy, oil

and gas, and petrochemicals to provide customers with a diverse range of Total Quality Assurance solutions.

The services we offer include technical inspection, non-destructive and materials testing and asset

performance management.

Our Minerals business offers expert inspection, analytical testing and advisory services to the minerals,

exploration, ore and mining industries. We cover each step of the supply chain from exploration, production,

sampling and inspection, to commercial trade settlement analysis.

Our Building & Construction business provides testing, inspection, certification and engineering services

to the building and construction industries, offering product-related testing and certification capabilities,

project-related assurance, testing, inspection and consulting services.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.11

2: Sustainability Report1: Strategic Report 3: Financial Report

3 Separately Disclosed Items

Accounting policy

Adjusted results

In order to present the performance of the Group in a clear, consistent and comparable format, certain items

are disclosed separately on the face of the income statement. Separately Disclosed Items (‘SDI’) are items

which by their nature or size, in the opinion of the Directors, should be excluded from the adjusted results to

provide readers with a clear and consistent view of the business performance of the Group and its operating

segments on a year-on-year basis. A full glossary and definitions of adjusted performance metrics used by the

Group is included on page 3.64.

When applicable, these items include: amortisation of acquisition intangibles; impairment of goodwill

and other assets; the profit or loss on disposals of businesses or other significant non-current assets;

the costs of acquiring and integrating acquisitions; the cost of any fundamental restructuring; the costs

of any significant strategic projects; significant claims and settlements; and unrealised market or fair value

gains or losses on financial assets or liabilities, including contingent consideration.

Adjusted operating profit, which is a non-GAAP measure, excludes the amortisation of acquired intangible

assets, primarily customer relationships, as we do not believe that the amortisation charge in the income

statement provides useful information about the cash costs of running our business as these assets will be

supported and maintained by ongoing marketing and promotional expenditure, which is already reflected

in operating costs. Amortisation of software, however, is included in adjusted operating profit as it is similar

in nature to other capital expenditure.

The costs associated with our cost reduction programme are excluded from adjusted operating profit where

they represent changes associated with operational streamlining and technology upgrades and are costs

that are not expected to reoccur. The restructuring programme, which began in 2022, is expected to last

up to five years.

The treatment as SDI is consistent with the disclosure of costs for similar restructuring and strategic

programmes previously undertaken.

The impairment of goodwill and other assets that by their nature or size are not expected to recur, the profit

and loss on disposals of businesses or other significant assets, and the costs associated with successful,

active or aborted acquisitions are excluded from adjusted operating profit to provide useful information

regarding the year-on-year performance of the Group’s operations.

As adjusted results include the benefits of the items detailed above, but exclude significant costs related to

those items, they should not be regarded as a complete picture of the Group’s financial performance, which is

presented on the face of the income statement under total results. The exclusion of these items may result

in adjusted operating profit being materially higher or lower than total operating profit. In particular, where

significant impairments, restructuring charges and legal costs are excluded in any year, adjusted operating

profit will be higher than total operating profit.

2 Operating segments and presentation of results Continued

	Revenue
	from
	contracts		Depreciation	Adjusted	Separately
	with	Employee	and software	operating	Disclosed	Operating
	customers	costs	amortisation	profit	Items	profit
Year ended 31 December 2023	£m	£m	£m	£m	£m	£m
Consumer Products	935.8	(380.8)	(55.4)	246.8	(15.1)	231.7
Corporate Assurance	477.5	(185.0)	(14.0)	109.4	(26.2)	83.2
Health and Safety	326.3	(141.8)	(21.7)	43.2	(4.9)	38.3
Industry and Infrastructure	860.5	(405.6)	(32.3)	86.1	(9.5)	76.6
World of Energy	728.6	( 337.0)	(51.9)	65.6	(9.2)	56.4
Total	3,328.7	(1,450.2)	(175.3)	551.1	(64.9)	486.2
Group operating profit				551.1	(64.9)	486.2
Net financing costs				(43.9)	(20.0)	(63.9)
Profit before income tax				5 07.2	(84.9)	422.3
Income tax (expense)/credit				(124.8)	20.6	(104.2)
Profit for the year				382.4	(64.3)	318.1

Geographic segments

Although the Group is managed through a divisional structure, which operates on a global basis, under the

requirements of IFRS 8 the Group must disclose any specific countries that are important to the Group’s

performance. The Group considers the following to be the material countries in which it operates: the United

States, China (including Hong Kong), the United Kingdom and Australia.

In presenting information on the basis of geographic segments, segment revenue is based on the location of

the entity recognising that revenue. Segment assets are based on the geographical location of the assets.

		Revenue from external
		customers		Non-current assets
	2024	2023	2024	2023
	£m	£m	£m	£m
United States	1,025.7	1,022.5	1,093.4	1,083.3
China (including Hong Kong)	605.7	592.1	80.3	83.9
United Kingdom	227.9	217.0	251.5	247.4
Australia	171.4	176.1	473.0	528.9
Other countries and unallocated	1,362.5	1,321.0	464.7	442.8
Total	3,393.2	3,328.7	2,362.9	2,386.3

Major customers

No revenue from any individual customer exceeded 10% of total Group revenue in 2024 or 2023.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.12

2: Sustainability Report1: Strategic Report 3: Financial Report

	2024	2023
	£m	£m
Included in profit for the year are the following expenses/(gains):
Property rentals	6.6	6.8
Lease and hire charges – fixtures, fittings and equipment	16.6	14.5
Government grants related to employee costs	(4.8)	(3.6)
Profit on disposal of property, plant, equipment and software	(3.9)	(3.2)
Auditors’ remuneration:
Audit of these financial statements	1.6	1.6
Amounts receivable by the auditors and their associates in respect of:
Audit of financial statements of subsidiaries pursuant to legislation	4.3	4.2
Total audit fees payable pursuant to legislation	5.9	5.8
Audit-related services	0.2	0.2
Total	6.1	6.0

5 Employees

Total employee costs are shown below:

	2024	2023
Employee costs	£m	£m
Wages and salaries	1,262.0	1,228.5
Equity-settled transactions	24.4	21.2
Social security costs	143.5	139.5
Pension costs (note16)	62.5	61.0
Total employee costs	1,492.4	1,450.2

Details of pension arrangements and equity-settled transactions are set out in notes 16 and 17 respectively.

Average number of employees by division	2024	2023
Consumer Products	13,821	13,936
Corporate Assurance	4,165	3,946
Health and Safety	5,531	5,227
Industry and Infrastructure	10,273	9,966
World of Energy	8,717	8,530
Central	2,062	2,033
Total average number for the year ended 31 December	4 4,5 69	43,638
Total actual number at 31 December	45,000	43,908

3 Separately Disclosed Items Continued

Separately Disclosed Items

The Separately Disclosed Items are described in the table below:

		2024	2023
		£m	£m
Operating costs:
Amortisation of acquisition intangibles	(a)	(32.3)	(34.2)
Acquisition and integration costs	(b)	(2.5)	(8.3)
Restructuring costs	(c)	(15.8)	(22.4)
Significant claims and settlements	(d)	(3.8)	–
Total operating costs		(54.4)	(64.9)
Net financing costs	(e)	(3.4)	(20.0)
Total before income tax		(57.8)	(84.9)
Income tax credit on Separately Disclosed Items	(f)	12.4	20.6
Total		(45.4)	(64.3)

(a) Of the amortisation of acquisition intangibles in the current period, £0.6m relates to the customer relationships and trade names acquired

with the purchase of Base Metallurgical Laboratories Ltd (‘Base Met Labs’) in 2024.

(b) Acquisition and integration costs comprise £1.3m (2023: £4.7m) for transaction and integration costs in respect of successful, active and

aborted acquisitions in the current year, and £1.2m in respect of prior years’ acquisitions (2023: £3.6m).

(c) During 2022, the Group initiated the first year of a cost reduction programme. In 2024, costs of £15.8m (2023: £22.4m) included

consolidating sites and offices, streamlining headcount and related asset write-offs.

(d) Significant claims and settlements relate to commercial claims that are separately disclosable due to their size and nature.

(e) Net financing costs of £3.4m (2023: £20.0m) relate to the unwinding of discount and changes in fair value of contingent consideration

related to acquisitions.

(f) Income tax credit on SDIs totalled £12.4m (2023: £20.6m) mainly relating to deferred tax impact of the movement in amortisation

of intangibles.

4 Expenses and auditors’ remuneration

An analysis of operating costs by nature is outlined below:

	2024	2023
	£m	£m
Employee costs	1,492.4	1,450.2
Depreciation and software amortisation (notes 8 and 9)	161.7	175.3
Other expenses	1,203.4	1, 217.0
Total	2,857.5	2,842.5

Certain expenses/(gains) are outlined in the table below, including fees paid to the auditors of the Group.

Mazars acts as external auditors of certain material and non-material entities within the Group. The total

remuneration for the audit of these entities, included in the table below, was £0.6m (2023: £0.6m).

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.13

2: Sustainability Report1: Strategic Report 3: Financial Report

The amount of deferred tax provided is based on the expected manner of realisation or settlement of the

carrying amount of assets and liabilities, using tax rates that have been enacted or substantively enacted at

the balance sheet date, for the periods when the asset is realised or the liability is settled. Deferred tax assets

and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they

relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable

entities which intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities

will be realised simultaneously.

Deferred tax assets are recognised to the extent that there are taxable temporary differences relating to

the same taxation authority, the same taxable company or different taxable companies part of the same

tax group, which are expected to reverse in the same period, or to the extent that it is probable that future

taxable profits will be available against which the temporary difference can be utilised. The carrying amount

of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer

probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be

utilised. In calculating future taxable profits, the future forecasts considered were consistent with those

used for the purposes of the Group’s going concern and viability assessments.

The Group does not currently expect the climate-related risks discussed on pages 57 to 73 in Report 1 to

have an impact on the availability to recover the deferred tax assets identified below. Any additional income

taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the

related dividend.

Tax expense

The Group operates across many different tax jurisdictions. Income and profits are earned and taxed in the

individual countries in which they occur.

The statutory tax charge, including the impact of SDIs, of £122.8m (2023: £104.2m), equates to an effective

rate of 25.1% (2023: 24.7%) and the cash tax on adjusted results is 23.1% (2023: 23.5%). The income tax

expense for the adjusted profit before tax for the 12 months ended 31 December 2024 is £135.2m

(2023: £124.8m). The Group’s adjusted effective tax rate for the 12 months ended 31 December 2024

is 24.7% (2023: 24.6%).

Net differences between the consolidated effective tax rate of 25.1% and the statutory UK rate of 25.0%

include but are not limited to: the mix of profits; the effect of tax rates in foreign jurisdictions; non-deductible

expenses; the effect of movement in unrecognised deferred tax assets; movements in the provision for

uncertain tax positions; withholding tax on intra-group dividends; tax-exempt income; and under/over

provisions in previous periods.

The Group receives tax incentives in certain jurisdictions, resulting in a lower tax charge to the income statement.

These tax incentives mainly relate to China’s High and New Technology Enterprise and Technology Advanced

Service Enterprise incentives. Without these incentives the adjusted effective tax rate would be 26.8% (2023:

26.9%). The tax on SDIs primarily relates to intangibles, financing costs, restructuring and integration.

5 Employees Continued

The total remuneration of the Directors is shown below:

	2024	2023
Directors’ emoluments	£m	£m
Directors’ remuneration	5.9	4.9
Amounts charged under the long-term incentive scheme	3.1	2.9
Total Directors’ emoluments	9.0	7.8

6 Taxation

Accounting policy

Income tax for the year comprises current and deferred tax. Income tax is recognised in the same primary

statement as the accounting transaction to which it relates.

Current tax

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or

substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has

been identified and it is probable that the Group will be required to settle that tax liability. Measurement is

dependent on management’s expectation of the outcome of decisions by tax authorities in the various tax

jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts,

professional firms and previous experience. Where the outcome of discussions with tax authorities is different

from the amount initially recorded, this difference will impact the tax expense in the period in which the

determination is made.

Deferred tax

Deferred tax is provided using the balance sheet liability method, providing for temporary differences

between the carrying amount of assets and liabilities for financial reporting purposes and the amounts

used for taxation purposes, except for:

• recognition of consolidated goodwill;

• the initial recognition of assets or liabilities in a transaction that is not a business combination and

that affects neither accounting nor taxable profit; and

• differences relating to investments in subsidiaries, branches, associates and interest in joint ventures,

the reversal of which is under the control of the Group and where it is probable that the difference will

not reverse in the foreseeable future.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.14

2: Sustainability Report1: Strategic Report 3: Financial Report

On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum

effective tax rate of 15%. Legislation implementing a domestic top-up tax and a multinational top-up tax

applies to Intertek from the financial year ending 31 December 2024 onwards. Based on the results for the

year, all but four jurisdictions qualify for one of the safe harbour exemptions. The top-up tax liability included

in the current tax of £127.8m above is £0.6m (2023: £nil). Intertek has applied the exception under IAS 12 to

recognising and disclosing information about deferred tax assets and liabilities related to top-up income taxes.

Income tax recognised in other comprehensive income (‘OCI’)

As noted in the accounting policy, tax is recognised in the same place as the relevant accounting charge.

The income tax recognised on items recorded in other comprehensive income is shown below:

	Before tax	Tax charge	Net of tax	Before tax	Tax charge	Net of tax
	2024	2024	2024	2023	2023	2023
	£m	£m	£m	£m	£m	£m
Foreign exchange
translation differences
of foreign operations	(64.8)	2.5	(62.3)	( 147. 1)	4.9	(142.2)
Net exchange gain/(loss) on hedges of net investments
in foreign operations	1.7	4.6	6.3	58.8	(2.0)	56.8
(Loss)/Gain on fair value of cash flow hedges	–	–	–	(0.1)	–	(0.1)
Remeasurements on defined
benefit pension schemes	3.7	(1.1)	2.6	(2.6)	0.1	(2.5)
Tax on other items that will never be reclassified to profit or loss	–	–	–	–	–	–
Total other comprehensive
(expense)/income
for the year	(59.4)	6.0	(53.4)	(91.0)	3.0	(88.0)

6 Taxation Continued

Tax charge

The total income tax charge, comprising the current tax charge and the movement in deferred tax, recognised

in the income statement is analysed as follows:

	2024	2023
	£m	£m
Current tax charge for the period	132.9	116.7
Adjustments relating to prior year liabilities	(5.1)	(0.7)
Current tax	127.8	116.0
Deferred tax movement related to current year	(5.0)	(11.6)
Deferred tax movement related to prior year	–	(0.2)
Deferred tax movement	(5.0)	(11.8)
Total tax in income statement	122.8	104.2
Tax on adjusted result	135.2	124.8
Tax on Separately Disclosed Items	(12.4)	(20.6)
Total tax in income statement	122.8	104.2

Reconciliation of effective tax rate

The following table provides a reconciliation of the UK statutory corporation tax rate to the effective tax rate

of the Group on profit before taxation.

	2024	2023
	£m	£m
Profit before taxation	490.0	422.3
Notional tax charge at UK standard rate 25.0% (2023: 23.5%)	122.5	99.3
Differences in overseas tax rates	(7.0)	(1.0)
Withholding tax on intercompany dividends	7.4	6.9
Non-deductible expenses	10.4	13.4
Tax exempt income	(6.8)	( 7.4)
Change in tax rate impact	(0.1)	(0.9)
Movement in unrecognised deferred tax	2.0	(0.4)
Adjustments in respect of prior years 1	(5.1)	(0.9)
Other 2	(0.5)	(4.8)
Total tax in income statement	122.8	104.2

1. Adjustments in respect of prior years mainly relate to current and deferred tax adjustments for the UK, the US, Australia and Mexico.

2. The Other category contains R&D tax incentives of £3.3m (2023: £4.0m), a net £0.8m charge on provisions (2023: £3.3m credit) following

a review of uncertain tax positions across multiple territories, and other local taxes.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.15

2: Sustainability Report1: Strategic Report 3: Financial Report

Movements in deferred tax temporary differences during the year

The movement in the year in deferred tax assets and liabilities is shown below:

				Recognised	Recognised
	1 January	Exchange		in income	in equity	31 December
	2024	adjustments	Acquisitions	statement	and OCI	2024
	£m	£m	£m	£m	£m	£m
Intangible assets	(80.2)	(0.3)	(1.5)	3.1	1.5	(77. 4)
Property, fixtures, fittings
and equipment	(13.5)	(0.4)	–	(1.6)	(0.1)	(15.6)
Pensions	(4.1)	–	–	(0.3)	(1.1)	(5.5)
Equity-settled transactions	5.8	–	–	1.4	0.9	8.1
Provisions and other temporary differences	42.8	(1.7)	–	4.8	(0.3)	45.6
Tax value of losses	10.3	(1.1)	1.6	(2.4)	1.0	9.4
Total	(38.9)	(3.5)	0.1	5.0	1.9	(35.4)

				Recognised	Recognised
	1 January	Exchange		in income	in equity	31 December
	2023	adjustments	Acquisitions	statement	and OCI	2023
	£m	£m	£m	£m	£m	£m
Intangible assets	(93.8)	3.8	(4.9)	11.7	3.0	(80.2)
Property, fixtures, fittings
and equipment	(13.1)	0.8	(0.5)	(1.0)	0.3	(13.5)
Pensions	(4.1)	–	–	(0.1)	0.1	(4.1)
Equity-settled transactions	5.3	–	–	0.4	0.1	5.8
Provisions and other temporary differences	37. 8	(1.7)	(0.4)	4.5	2.6	42.8
Tax value of losses	13.7	(0.7)	–	(3.7)	1.0	10.3
Total	(54.2)	2.2	(5.8)	11.8	7. 1	(38.9)

6 Taxation Continued

Income tax recognised directly in equity

As noted in the accounting policy, tax is recognised in the same place as the relevant accounting charge.

The income tax on items recognised in equity is shown below:

	Before tax	Tax charge	Net of tax	Before tax	Tax charge	Net of tax
	2024	2024	2024	2023	2023	2023
	£m	£m	£m	£m	£m	£m
Equity-settled
transactions	24.4	0.9	25.3	21.2	0.1	21.3

Deferred tax

Recognised deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:

	Assets	Assets	Liabilities	Liabilities	Net	Net
	2024	2023	2024	2023	2024	2023
	£m	£m	£m	£m	£m	£m
Intangible assets	0.7	1.0	(78.1)	(81.2)	( 77.4 )	(80.2)
Property, plant
and equipment	73.5	71.5	(89.1)	(85.0)	(15.6)	(13.5)
Pensions	1.0	1.0	(6.5)	(5.1)	(5.5)	(4.1)
Equity-settled transactions	8.1	5.8	–	–	8.1	5.8
Provisions and other temporary differences	56.6	56.5	(11.0)	(13.7)	45.6	42.8
Tax value of losses	9.4	10.3	–	–	9.4	10.3
Total	149.3	146.1	(184.7)	(185.0)	(35.4)	(38.9)
As shown on balance sheet:
Deferred tax assets*					34.5	36.4
Deferred tax liabilities*					(69.9)	(75.3)
Total					(35.4)	(38.9)

* The deferred tax analysed by category shown before considering whether balances are required to be offset against other deferred tax

balances. The balance sheet shows the net deferred tax position taking account of offsetting within companies or jurisdictions required by

accounting standards. The difference between the two asset and liability totals is £114.8m, but the net liability of £35.4m is the same in

both cases. Included within Property, fixtures, fittings and equipment is a deferred tax asset of £70.6m (2023: £68.6m) and a deferred tax

liability of £65.0m (2023: £63.3m) in respect of leasing transactions. Deferred tax assets totalling £6.3m have been recognised primarily

in respect of Brazil and Argentina that have taxable losses either in the current or prior period. In evaluating whether it is probable that

taxable profits will be earned in future accounting periods, all available evidence was considered, including approved budgets and forecasts.

Following this evaluation, it is considered more likely than not that there will be sufficient future taxable profits to realise these deferred tax

assets, the majority of which can be carried forward indefinitely excluding £0.9m losses which are due to expire within five years and £0.4m

losses which are due to expire after five years. Of the £149.3m of deferred tax assets displayed above, £16.3m are expected to be recovered

within 12 months of the date of this Annual Report and Accounts.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.16

2: Sustainability Report1: Strategic Report 3: Financial Report

Expiry of unrecognised deferred tax assets – tax losses and tax credits

	2024	2023
	£m	£m
Tax losses expiring:
Within 10 years	29.0	37.6
More than 10 years	69.2	76.5
Available indefinitely	48.8	51.3
Total	147.0	165.4
Tax credits expiring:
Within 10 years	1.2	9.9
More than 10 years	–	–
Available indefinitely	–	–
Total	1.2	9.9

In addition to the above, no specified time expiry is anticipated in respect of the other unrecognised deferred

tax assets.

6 Taxation Continued

Unrecognised deferred tax assets

Deferred tax assets have not been recognised in respect of the items shown below. The numbers shown are

the gross temporary differences, and to calculate the potential deferred tax asset it is necessary to multiply

these by the tax rates in each case:

	2024	2023
	£m	£m
Intangibles	26.6	33.9
Pensions	1.5	1.5
Provisions and other temporary differences	4.0	3.6
Tax losses	147.0	165.4
Foreign tax credits 1	1.2	9.9
Property, fixtures, fittings and equipment	(0.1)	(0.1)
Total	180.2	214.2

1. The total unrecognised foreign tax credits is £0.4m, the grossed-up equivalent amount of which is £1.2m as stated above.

Deferred tax assets have not been recognised in respect of these items because it is not probable that

future taxable profits will be available in certain jurisdictions against which the Group can utilise the

benefits from them.

Of the unrecognised tax losses above, £97.9m (2023: £103.9m) of these relate to US state tax losses

due to insufficient taxable profits expected in the relevant states. In addition, £7.6m (2023: £7.2m) of these

unrecognised losses relate to a dormant companies resident in South Africa with no probable future profits.

A further £10.3m (2023: £13.8m) of these unrecognised losses relate to entities based in the UK, however

these mainly relate to (i) non-trade deficits in entities where there is no probable prospect of future non-trade

profits and (ii) capital losses where there is uncertainty on their utilisation in future periods.

There is a temporary difference of £401.4m (2023: £332.5m) which relates to unremitted post-acquisition

overseas earnings. No deferred tax is provided on this amount as the distribution of these retained earnings

is under the control of the Group and there is no intention to either repatriate from, or sell, the associated

subsidiaries in the foreseeable future.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.17

2: Sustainability Report1: Strategic Report 3: Financial Report

7 Earnings per ordinary share

The calculation of earnings per ordinary share is based on profit attributable to ordinary shareholders of the

Company and the weighted average number of ordinary shares in issue during the year. Diluted earnings per

share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of

conversion of all potentially dilutive ordinary shares. Potential ordinary shares shall be treated as dilutive when,

and only when, their conversion to ordinary shares would decrease earnings per share or increase loss per

share from continuing operations.

In addition to the earnings per share required by IAS 33 Earnings Per Share, an adjusted earnings per share has

also been calculated and is based on earnings excluding the effect of amortisation of acquisition intangibles,

goodwill impairment and other Separately Disclosed Items. It has been calculated to allow shareholders a

better understanding of the trading performance of the Group. Details of the adjusted earnings per share

are set out below:

	2024	2023
	£m	£m
Profit attributable to ordinary shareholders	345.4	297.4
Separately Disclosed Items after tax (note3)	45.4	64.3
Adjusted earnings	390.8	361.7
Number of shares (millions)
Basic weighted average number of ordinary shares	161.1	161.3
Potentially dilutive share awards	1.3	0.9
Diluted weighted average number of shares	162.4	162.2
Basic earnings per share	214.4p	184.4p
Impact of potentially dilutive share awards	(1.7)p	(1.0)p
Diluted earnings per share	212.7p	183.4p
Adjusted basic earnings per share	242.6p	224.2p
Impact of potentially dilutive share awards	(2.0)p	(1.2)p
Adjusted diluted earnings per share	240.6p	223.0p

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.18

2: Sustainability Report1: Strategic Report 3: Financial Report

8 Property, plant and equipment

Accounting policy

Property, plant and equipment

Owned assets

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated

impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.

Leased assets

All leases where the Group is the lessee (with the exception of short-term and low-value leases) are recognised

in the statement of financial position. A lease liability is recognised based on the present value of the future

lease payments, and a corresponding right-of-use asset is recognised. The right-of-use asset is depreciated

over the shorter of the lease term or the useful life of the asset. Lease payments are apportioned between

finance charges and a reduction of the lease liability.

Low-value items, usually below £4,000, and short-term leases with a term of 12 months or less are not

required to be recognised on the balance sheet and payments made in relation to these leases are recognised

on a straight-line basis in the income statement. The Group leases various properties, principally offices and

testing laboratories, which have varying terms and renewal rights that are typical to the territory in which they

are located. Non-property includes all other leases, such as cars and printers. Normally the lease term is the

contractual start to end date, except when a break or extension option is reasonably certain to be taken, which

is considered on a lease-by-lease basis.

Depreciation

Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives

of items of property, plant and equipment. Leased assets are depreciated over the shorter of the expected

lease term and their useful lives. Freehold land is not depreciated.

The estimated useful lives are as follows:

Freehold buildings	50 years
Leasehold buildings	Term of lease
Fixtures, fittings, plant and equipment	3 to 10 years

Depreciation methods, residual values and the useful lives of assets are reassessed at each reporting date.

Impairment

Non-financial assets

The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets,

are reviewed at each reporting date to determine whether there is any indication of impairment. If any such

indication exists, then the asset’s recoverable amount is estimated to determine the level of any impairment.

Property, plant and equipment

The property, plant and equipment employed by the business is analysed below:

		Fixtures,
		fittings,
	Land and	plant and
	buildings	equipment	Total
	£m	£m	£m
Cost
At 1 January 2023	645.3	1,299.2	1,944.5
Exchange adjustments	(29.0)	(78.3)	( 107.3)
Additions	65.4	116.1	181.5
Disposals	(48.1)	(64.1)	(112.2)
Businesses acquired (note10)	0.8	1.4	2.2
At 31 December 2023	634.4	1,274.3	1,908.7
Accumulated depreciation
At 1 January 2023	315.8	934.3	1,250.1
Exchange adjustments	(15.0)	(59.5)	(74.5)
Charge for the year	65.6	90.4	156.0
Impairments	–	2.6	2.6
Disposals	(34.6)	(60.5)	(95.1)
At 31 December 2023	331.8	9 07. 3	1,239.1
Net book value at 31 December 2023	302.6	36 7.0	669.6

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.19

2: Sustainability Report1: Strategic Report 3: Financial Report

8 Property, plant and equipment Continued

		Fixtures,
		fittings,
	Land and	plant and
	buildings	equipment	Total
	£m	£m	£m
Cost
At 1 January 2024	634.4	1,274.3	1,908.7
Exchange adjustments	(9.8)	(27.1)	(36.9)
Additions	7 7.2	124.8	202.0
Disposals	(45.8)	(67.7)	(113.5)
Businesses acquired (note10)	1.8	1.3	3.1
At 31 December 2024	657. 8	1,305.6	1,963.4
Accumulated depreciation
At 1 January 2024	331.8	907. 3	1,239.1
Exchange adjustments	(3.5)	(17. 9)	(21.4)
Charge for the year	64.3	80.1	144.4
Impairments	–	5.2	5.2
Disposals	(33.0)	(63.7)	(96.7)
At 31 December 2024	359.6	911.0	1,270.6
Net book value at 31 December 2024	298.2	394.6	692.8

Fixtures, fittings, plant and equipment include assets in the course of construction of £55.8m at 31 December

2024 (2023: £41.7m), mainly comprising laboratories under construction. These assets will not be depreciated

until they are available for use.

The net book value of land and buildings comprised:

	2024	2023
	£m	£m
Freehold	49.6	47.7
Leasehold	248.6	254.9
Total	298.2	302.6

Contracts for capital expenditure which are not provided in the financial statements amounted to £19.1m

(2023 : £7. 2m) .

We have specifically reviewed our portfolio of freehold properties (total 2024 net book value of £49.6m

(2023: £47.7m)) to consider whether there are indications of material impairment arising from the potential

physical risks arising from climate change. We have not impaired any assets this year as a result of this exercise.

As a result of the Group’s cost reduction programme initiated in 2022, there were individual fixtures, fittings,

plant and equipment assets no longer in use which resulted in an impairment of £6.9m (2023: £2.6m), with the

cost recognised in SDI as a restructuring cost (see note 3).

The net book value of the right-of-use asset for leases comprised:

	Land and
	buildings	Other	Total
	£m	£m	£m
At 1 January 2023	269.5	28.1	297.6
Cost movement in year	(0.1)	4.7	4.6
Depreciation movement in year	(18.1)	2.5	(15.6)
Net book value at 31 December 2023	251.3	35.3	286.6

	Land and
	buildings	Other	Total
	£m	£m	£m
At 1 January 2024	251.3	35.3	286.6
Cost movement in year	23.4	(1.0)	22.4
Depreciation movement in year	(27. 5)	(1.0)	(28.5)
Net book value at 31 December 2024	247. 2	33.3	280.5

For lease liabilities, interest expenses on lease liabilities and cash outflows for leases, refer to note 14;

for expense relating to short-term leases and leases of low-value assets, refer to note 4.

Other leases include motor vehicles, office equipment and fixtures and fittings.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.20

2: Sustainability Report1: Strategic Report 3: Financial Report

Impairment

Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate

that the carrying value may be impaired. Goodwill is also tested for impairment in the year of any acquisition.

Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or

changes in circumstances indicate that the amount carried in the statement of financial position may be less

than its recoverable amount.

Any impairment is recognised in the income statement within operating costs. Impairment is determined

for goodwill by assessing the recoverable amount of each asset or group of assets, i.e. CGU, to which the

goodwill relates. A CGU represents an asset grouping at the lowest level for which there are separately

identifiable cash flows.

The recoverable amount of an asset or a CGU is the greater of its fair value less costs to sell and value in use.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax

discount rate that reflects current market assessments of the time value of money and the risks specific to the

asset. The estimation process is complex due to the inherent risks and uncertainties and if different estimates

were used this could materially change the projected value of the cash flows. An impairment loss in respect of

goodwill is not reversed.

9 Goodwill and other intangible assets

Accounting policy

Goodwill

Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost

of acquisition and the Group’s interest in the fair value of the identifiable assets and liabilities acquired.

Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating

units (‘CGUs’) and is not amortised but is tested annually for impairment.

Business combinations are accounted for using the acquisition method at the acquisition date, which is the

date on which control is obtained.

The Group measures goodwill as the fair value of the consideration transferred less the net recognised

amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of

the acquisition date.

Costs related to the acquisition, other than those associated with the issue of debt or equity securities,

are expensed as incurred. Costs relating to acquisitions are shown in note 3.

Any contingent consideration payable is recognised at fair value at the acquisition date with subsequent

changes recognised in profit or loss.

If at the reporting date the fair values of the acquiree’s identifiable assets, liabilities and contingent liabilities

can only be established provisionally, then these values are used. Adjustments to the fair values can be made

within 12 months of the acquisition date and are taken as adjustments to goodwill.

Other intangible assets

When the Group makes an acquisition, management reviews the business and assets acquired to determine

whether any intangible assets should be recognised separately from goodwill. If, based on management’s

judgement, such an asset is identified, then it is valued by discounting the probable future cash flows expected

to be generated by the asset, over the estimated life of the asset. Where there is uncertainty over the amount

of economic benefit and the useful life, this is factored into the calculation.

Intangible assets arising on acquisitions and computer software are stated at cost less accumulated

amortisation and accumulated impairment losses. Identifiable intangibles are those which can be sold

separately or which arise from legal rights regardless of whether those rights are separable, and which

have finite useful lives.

Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives.

The estimated useful lives are as follows:

Computer software Up to 7 years

Customer relationships Up to 20 years

Technology and know-how Up to 15 years

Trade names Up to 18 years

Licences Contractual life

Covenants not to compete Contractual life

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.21

2: Sustainability Report1: Strategic Report 3: Financial Report

			Other intangible assets
			Technology/
			Know-how	Other		Total other
		Customer	and trade	acquisition	Computer	intangible
	Goodwill	relationships	names	intangibles	software	assets
	£m	£m	£m	£m	£m	£m
Cost
At 1 January 2024	1,922.9	533.4	115.3	30.2	284.7	963.6
Exchange adjustments	(30.3)	(6.1)	(2.6)	(0.2)	0.8	(8.1)
Additions	–	–	–	–	21.7	21.7
Transfers	(2.1)	–	–	–	–	–
Disposal	–	–	–	–	(6.3)	(6.3)
Businesses acquired (note10)	15.4	6.9	0.8	–	–	7.7
At 31 December 2024	1,905.9	534.2	113.5	30.0	300.9	978.6
Accumulated amortisation
At 1 January 2024	537.1	381.3	49.2	28.8	173.4	632.7
Exchange adjustments	2.9	(1.8)	(0.7)	(0.1)	(0.7)	(3.3)
Charge for the year	–	20.4	11.6	0.3	17.3	49.6
Disposal	–	–	–	–	(6.3)	(6.3)
Impairment	–	–	–	–	1.7	1.7
At 31 December 2024	540.0	399.9	60.1	29.0	185.4	674.4
Net book value at 31 December 2024	1,365.9	134.3	53.4	1.0	115.5	304.2

Other intangible assets

Computer software additions of £21.7m (2023: £23.9m) relates to separately acquired computer software

of £10.7m (2023: £9.9m) and internally developed intangible assets of £11.0m (2023: £14.0m).

The other acquisition intangibles net book value of £1.0m (2023: £1.4m) consists of guaranteed income,

order backlog, licences and non-compete covenants.

The average remaining amortisation period for customer relationships is nine years (2023: seven years).

Computer software net book value of £115.5m (2023: £111.3m) includes software in construction of

£44.4m (2023: £41.5m). Research and development expenditure of £42.6m (2023: £38.7m) was recognised

as an expense in the year.

9 Goodwill and other intangible assets Continued

Intangibles

The intangibles employed by the business are analysed below:

				Other intangible assets
			Technology/
			Know-how	Other		Total other
		Customer	and trade	acquisition	Computer	intangible
	Goodwill	relationships	names	intangibles	software	assets
	£m	£m	£m	£m	£m	£m
Cost
At 1 January 2023	1,975.5	5 47. 2	112.2	31.2	282.5	973.1
Exchange adjustments	(83.1)	(21.8)	(5.5)	(1.0)	(15.2)	(43.5)
Additions	–	–	–	–	23.9	23.9
Transfers	0.3	–	–	–	–	–
Disposal	–	–	–	–	(6.5)	(6.5)
Businesses acquired (note10)	30.2	8.0	8.6	–	–	16.6
At 31 December 2023	1,922.9	533.4	115.3	30.2	284.7	963.6
Accumulated amortisation
At 1 January 2023	557.1	372.9	39.9	28.9	168.5	610.2
Exchange adjustments	(20.0)	(13.5)	(2.2)	(0.9)	(8.1)	(24.7)
Charge for the year	–	21.9	11.5	0.8	19.3	53.5
Disposal	–	–	–	–	(6.3)	(6.3)
Impairment	–	–	–	–	–	–
At 31 December 2023	537.1	381.3	49.2	28.8	173.4	632.7
Net book value at 31 December 2023	1,385.8	152.1	66.1	1.4	111.3	330.9

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.22

2: Sustainability Report1: Strategic Report 3: Financial Report

Impairment review

In order to determine whether impairments are required, the Group estimates the recoverable amount of

each CGU. The calculation is based on projecting future cash flows over a five-year period and using a terminal

value to incorporate expectations of growth thereafter. The long-term growth rate is used in the perpetuity

calculations. A discount factor is applied to obtain a value in use which is the recoverable amount. Goodwill

arising in year from acquisitions is assessed for impairment separately from the above CGUs and on an

acquisition-by-acquisition basis. There was no impairment of goodwill for Base Met Labs from the date of

acquisition to 31 December 2024. There would be no impact on the impairment review through the inclusion

of Base Met Labs within the CGU review. No impairments were required on goodwill arising in 2024 (2023:

no impairments).

The calculation of the value in use includes assessment of long-term growth rates and discount rates.

Long-term growth rates predict growth beyond the Group’s planning cycle, and range from 2.3% to 3.0%

(2023: 2.3% to 3.0%). The discount rate for each CGU is based on the Group’s weighted average cost of

capital adjusted for the risks specific to the CGU. Pre-tax discount rates ranged from 9.3% to 10.6%

(2023: 11.4% to 13.4%). The underlying cash flows include consideration of the potential impact of inflation.

Key assumptions

The key assumptions include the rate of revenue and profit growth within each of the territories and business

lines in which the Group operates. These are based on the Group’s approved budget and five-year strategic

plan. Finally, the discount rate used to bring the cash flow back to a present value varies depending on the

location of the operation and the nature of the operations. The estimated future cash flows are discounted to

their present value using a discount rate that reflects current market assessments of the time value of money

and the risks specific to the asset.

Sensitivity analysis

None of the reasonable downside sensitivity scenarios on key assumptions would cause the carrying amount

of each CGU to exceed its recoverable amount. The sensitivities modelled by management include:

(i) Assuming revenues decline each year by 1% in 2025 to 2029 from the 2025 budgeted revenues, with

margins increasing with base assumptions.

(ii) Assuming zero growth in operating profit margins in 2025 to 2029 with revenues increasing per base

assumptions.

(iii) Assuming an increase in the discount rates used by 1%.

Management considers that the likelihood of any or all of the above scenarios occurring is low.

9 Goodwill and other intangible assets Continued

Goodwill

Goodwill arising from acquisitions in the current and prior year has been allocated to reportable segments

as follows:

	2024	2023
	£m	£m
Consumer Products	–	–
Corporate Assurance	–	17. 0
Health and Safety	–	13.2
Industry and Infrastructure	15.4	–
World of Energy	–	–
At 31 December	15.4	30.2

In performing our annual impairment testing, the recoverable amount of each CGU has been calculated based

on its value in use, estimated as the present value of projected future cash flows.

The goodwill held in the CGUs and aggregated groups of CGUs shown below is considered significant within the

total carrying amount of goodwill at 31 December 2024:

	2024 pre-tax	2024	2023
	discount rate	£m	£m
Consumer Products 1	9.3–9.4%	103.1	104.0
Corporate Assurance 2	9.4–9.5%	681.9	705.1
Health and Safety 3	9.4–9.5%	125.9	150.2
Industry and Infrastructure 4	9.5–10.6%	286.2	271.5
World of Energy 5	9.4–9.7%	168.8	155.0
At 31 December 6		1,365.9	1,385.8

1 Within Consumer Products, goodwill allocated to the Electrical & Connected World CGU was £88.1m (2023: £88.5m) and the pre-tax discount

rate was 9.4%.

2 Within Corporate Assurance, goodwill allocated to the Business Assurance CGU was £676.7m (2023: £699.7m), and the pre-tax discount

rate was 9.4%.

3 Within Health and Safety, goodwill allocated to the Food CGU is £35.4m (2023: £40.8m), and goodwill allocated to the Chemicals & Pharma

CGU is £76.7m (2023: £76.6m). Pre-tax discount rates were 9.4% and 9.5% respectively.

4 Within Industry and Infrastructure, goodwill allocated to the Minerals CGU is £47.7m (2023: £36.9m) and goodwill allocated to the Building

& Construction CGU is £227.5m (2023: £223.7m). Pre-tax discount rates were 10.6% and 9.5% respectively.

5 Within World of Energy, goodwill allocated to the Caleb Brett CGU is £55.1m (2023: £42.5m), goodwill allocated to the Transportation

Technologies CGU is £44.7m (2023: £44.5m) and goodwill allocated to the CEA CGU is £65.1m (2023: £63.6m). Pre-tax discount rates were

9.7%, 9.4% and 9.5% respectively.

6 All goodwill is recorded in local currency. Additions during the year are converted at the exchange rate on the date of the transaction and

the goodwill at the end of the year is stated at closing exchange rates.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.23

2: Sustainability Report1: Strategic Report 3: Financial Report

Goodwill and intangible assets

The total goodwill arising on acquisition made during 2024 was £15.4m, of which £nil is expected to be

deductible for tax purposes. The goodwill arising represents the value of the assembled workforce and the

benefits the Group expects to gain from increasing its presence in the relevant sectors in which the acquired

businesses operate. The intangible assets of £7.7m primarily represent the value of customer relationships and

trade names. The final values will be calculated within 12 months following the date of acquisition. The

deferred tax liability thereon was £2.1m.

Consideration paid

The total cash consideration for the acquisitions in the year was £14.9m (2023: £43.6m), with further deferred

and contingent considerations payable of £8.4m as at 31 December 2024 (2023: £5.5m) that comprises £8.7m

purchase consideration and £0.3m revaluation of contingent consideration recognised during the year, which is

disclosed in note 13. Cash consideration includes cash acquired of £0.3m (2023: £3.1m). The estimated

purchase price net of cash was £23.6m (2023: £40.5m).

Contribution of acquisitions to revenue and profits

In total, acquisition made during 2024 contributed revenues of £5.7m (2023: £9.1m) and a statutory net profit

after tax of £2.0m (2023: £1.4m) from the date of acquisition to year-end. The Group revenue and statutory

profit after tax for the year ended 31 December 2024 would have been £3,394.3m and £367.5m respectively

if the acquisitions were assumed to have been made on 1 January 2024.

Acquisition-related costs

Acquisition-related costs of £1.3m related to current year acquisitions are included in operating costs in

the consolidated income statement as an SDI (see note 3) and in operating cash flows in the consolidated

statement of cash flows.

10 Acquisitions

Acquisitions in 2024

On 1 March 2024, the Group acquired Base Metallurgical Laboratories Ltd. and Base Met Labs US Ltd. (jointly

‘Base Met Labs’), a leading provider of metallurgical testing services for the Minerals sector based in North

America, for a purchase price of £23.9m. Purchase consideration net of cash acquired was £23.6m. The

purchase price includes cash consideration of £14.9m, further contingent consideration payable of £7.8m and

deferred consideration of £0.9m. The cash outflow in the period associated with this acquisition was £14.9m.

The acquisition of Base Met Labs will expand Intertek’s industry leading ATIC offering in the Minerals industry,

growing its geographic footprint into North America. Base Met Labs metallurgy capabilities are complementary

to Intertek’s existing strengths in geochemistry, mine site laboratories and trade inspection, creating synergies

across the Intertek ATIC Minerals project cycle.

Provisional details of the net assets acquired and fair value adjustments are set out in the following tables.

These analyses are provisional and amendments may be made to these figures in the 12 months following

the date of acquisition.

	2024
	Provisional
	fair value to
	Group on
Base Met Labs	acquisition
Total	£m
Property, plant and equipment	3.1
Goodwill	15.4
Other intangible assets	7.7
Trade and other receivables	1.3
Trade and other payables	(1.8)
Deferred tax liabilities	(2.1)
Net assets acquired (net of cash acquired)	23.6

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.24

2: Sustainability Report1: Strategic Report 3: Financial Report

Key assumptions

The key assumptions in deriving the contingent consideration to be recognised include the weighted

probability of making a payout and the discount rate used to bring the cash flow back to present values.

The discount rates used for the calculation are aligned with the discount rates used for impairment purposes

as set out in note 9.

Sensitivity analysis

It is estimated that an increase of 1% in the discount rate used to calculate the contingent consideration would

have decreased the financial liability by £0.2m, and a 1% decrease in the discount rate would have increased

the financial liability by £0.2m. It has also been estimated that an increase of 10% in the probability used to

calculate the contingent consideration would have increased the financial liability by £4.6m, whilst a decrease

of 10% in the probability used would have decreased the financial liability by £4.6m.

11 Trade and other receivables

Accounting policy

Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently

at the amounts considered recoverable (amortised cost). Estimates are used in determining the level of

receivables that will not, in the opinion of the Directors, be collected. The Group applies the simplified approach

permitted by IFRS 9, which requires the use of the lifetime expected loss provision for all receivables, including

contract assets. The provision calculations are based on historical credit losses and forward-looking data,

namely specific country risk classifications with higher default rates applied to older balances. This approach

is followed for all receivables unless there are specific circumstances, such as the bankruptcy of a customer

or emerging market risks, which would render the receivable irrecoverable and therefore require a specific

provision. A provision is made against trade receivables and contract assets until such time as the Group believes

the amount to be irrecoverable, after which the trade receivable or contract assets balance is written off.

Trade and other receivables

Trade and other receivables are analysed below:

	Current	Current	Non-current	Non-current
	2024	2023	2024	2023
	£m	£m	£m	£m
Trade receivables	521.9	512.7	7. 5	13.9
Contract assets	112.3	107.2	–	–
Other receivables	60.3	52.0	7.9	7.9
Prepayments	60.4	53.2	–	–
Total trade and other receivables	754.9	725.1	15.4	21.8

Trade receivables and contract assets are shown net of allowance for impairment losses of £10.3m

(2023: £11.2m) and £2.1m (2023: £1.6m) respectively. Net impairment on trade receivables and contract assets

charged as part of operating costs was £3.2m (2023: £2.3m charge) and £0.6m (2023: £nil ) respectively.

There is no material difference between the above amounts for trade and other receivables and their fair value,

due to their short-term duration. There is no concentration of credit risk with respect to trade receivables as

the Group has a large number of customers who are internationally dispersed. Non-current receivables are

discounted to the present value using an appropriate discount rate.

10 Acquisitions Continued

Acquisitions in 2023

On 31 March 2023, the Group acquired Controle Analítico Análises Técnicas Ltda (‘Controle Analítico’), a

leading provider of environmental analysis, with a focus on water testing, based in Brazil, for a purchase

price of £18.8m. Purchase consideration net of cash acquired was £18.3m. The purchase price includes cash

consideration of £15.1m and a further contingent consideration payable of £3.7m. The net cash outflow in

the period associated with this acquisition was £14.6m.

On 9 August 2023, the Group acquired PlayerLync Holdings, Inc. (‘PlayerLync’), a leading SaaS-based platform

which combines mobile learning, operational support and compliance, content management and people

engagement in a single application, based in the USA, for a purchase price of £28.5m. Purchase consideration net

of cash acquired was £25.9m. The net cash outflow in the period associated with this acquisition was £25.9m.

The net assets acquired and fair value adjustments are set out in the following tables:

	2023
	Fair value to
	Group on
Controle Analítico Análises Técnicas Ltda	acquisition
Total	£m
Property, plant and equipment	2.2
Goodwill	13.2
Other intangible assets	5.4
Trade and other receivables	0.6
Trade and other payables	(0.8)
Deferred tax liabilities	(2.3)
Net assets acquired (net of cash acquired)	18.3

	2023
	Fair value to
	Group on
PlayerLync Holdings, Inc	acquisition
Total	£m
Goodwill	17.0
Other intangible assets	11.2
Trade and other receivables	3.0
Trade and other payables	(1.9)
Deferred tax liabilities	(3.4)
Net assets acquired (net of cash acquired)	25.9

The provisional fair values disclosed in 2023 have been updated for PlayerLync, resulting in a reduction in

goodwill of £2.1m and recognition of deferred tax asset on net operating losses. These fair value adjustments

were made in the 12 months following the acquisition and are now final.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.25

2: Sustainability Report1: Strategic Report 3: Financial Report

12 Trade and other payables

Accounting policy

Trade payables

Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of trade

payables is considered approximate to fair value.

Trade and other payables

Trade and other payables are analysed below:

	Current	Current	Non-current	Non-current
	2024	2023	2024	2023
	£m	£m	£m	£m
Trade payables	223.0	204.8	0.5	0.5
Other payables	79.0	76.8	20.2	19.5
Accruals	318.9	305.5	7.1	3.7
Contract liabilities	136.7	148.5	22.0	6.4
Total trade and other payables	757.6	735.6	49.8	30.1

The Group’s exposure to liquidity risk related to trade payables is disclosed in note 14. £128.1m of contract

liabilities at the end of 2023 was recognised in revenue in 2024 (2023: £133.3m).

Other payables include revenue taxes, interest payable and retirement liabilities.

Contract liabilities consist of consideration received in advance of the Group transferring the related good

or service to the client.

In one part of the Group an arrangement is available that allows payment terms to suppliers to be extended

by up to 65 days. At 31 December 2024, this arrangement was applicable to trade payables totalling £2.5m

(2023: £2.3m).

11 Trade and other receivables Continued

The ageing of trade receivables and contract assets at the reporting date was as follows:

	2024	2023
	£m	£m
Under 3 months	543.4	528.1
Between 3 and 6 months	54.9	57.3
Between 6 and 12 months	21.4	25.7
Over 12 months	34.4	35.5
Gross trade receivables and contract assets	654.1	646.6
Allowance for impairment	(12.4)	(12.8)
Trade receivables and contract assets, net of allowance	641.7	633.8

Included in trade receivables under three months of £437.7m (2023: £424.8m) are trade receivables of

£386.2m (2023: £374.4m) that are not yet due for payment.

The movement in the allowance for impairment in respect of trade receivables and contract assets during

the year was as follows:

	2024	2023
Impairment allowance for doubtful trade receivables and contract assets	£m	£m
At 1 January	12.8	15.6
Exchange differences	(1.3)	(2.3)
Acquisitions	0.1	0.1
Net impairment loss recognised	3.8	2.3
Receivables written off	(3.0)	(2.9)
At 31 December	12.4	12.8

Sensitivity analysis

Trade receivables and contract assets are assessed for impairment using a calculated credit loss assumption.

A 0.25% variance in the assumed credit risk factor would impact impairment by £2.1m. There were no material

individual impairments of trade receivables or contract assets.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.26

2: Sustainability Report1: Strategic Report 3: Financial Report

13 Provisions

Accounting policy

A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation

that can be estimated reliably as a result of a past event, and it is probable that an outflow of economic

benefits will be required to settle the obligation.

Provisions

	Contingent
	consideration	Claims	Other	Total
	£m	£m	£m	£m
At 1 January 2024	35.6	5.4	12.8	53.8
Exchange adjustments	(0.9)	(0.4)	(0.3)	(1.6)
Provided in the year:	–	6.8	16.5	23.3
in respect of current year acquisitions	8.4	–	–	8.4
in respect of prior year acquisitions	5.2	–	–	5.2
Released during the year	(1.5)	(0.7)	(0.7)	(2.9)
Utilised during the year	–	(7.9)	(16.0)	(23.9)
At 31 December 2024	46.8	3.2	12.3	62.3
Included in:
Current liabilities	38.8	3.2	11.9	53.9
Non-current liabilities	8.0	–	0.4	8.4
At 31 December 2024	46.8	3.2	12.3	62.3

The maximum contingent consideration, on a discounted basis, that could be paid in relation to acquisitions is

£208.7m. Further detail on the timing of the cash flow can be found in note 14. The contingent consideration

is a financial liability discounted to the present value of the redemption amount held at fair value through profit

and loss with the measurement basis disclosed in note 14.

The Group is involved in various claims and lawsuits incidental to the ordinary course of its business. The

outcome of such litigation and the timing of any potential liability cannot be readily foreseen, as it is often

subject to legal proceedings. Based on information currently available, the Directors consider that the cost

to the Group of an unfavourable outcome arising from such litigation is unlikely to have a materially adverse

effect on the financial position of the Group in the foreseeable future.

The provision for claims of £3.2m (2023: £5.4m) represents an estimate of the amounts payable in connection

with identified claims from customers, former employees and other plaintiffs and associated legal costs. The

timing of the cash outflow relating to the provisions is uncertain but is likely to be within one year. Details of

contingent liabilities in respect of claims are set out in note 22.

The other provision of £12.3m (2023: £12.8m) includes restructuring provisions. The timing of the cash

outflow is uncertain, but is likely to be within one year.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.27

2: Sustainability Report1: Strategic Report 3: Financial Report

14 Borrowings and financial instruments

Accounting policy

Net financing costs

Net financing costs comprise: interest expense on borrowings; interest expense on tax balances; facility

fees; interest receivable on funds invested; interest income and expense relating to pension assets and

liabilities and lease interest expense under IFRS 16; net foreign exchange gains or losses on financial assets

or liabilities; unrealised market or fair value gains or losses on financial assets or liabilities, including contingent

consideration; and gains and losses on hedging instruments that are recognised in the income statement.

Interest income and interest expense are recognised as they accrue using the effective interest rate method.

As permitted by IAS 7, interest paid is classified within operating cash flows and interest received is classified

within investing cash flows.

Trade and other receivables

Trade and other receivables are recognised initially at fair value and subsequently at amortised cost less

impairment losses (including bad debt provision).

Cash and cash equivalents and net debt

Cash and cash equivalents on the balance sheet comprise cash at bank and in hand and short-term deposits

with original maturities of less than 90 days which are subject to an insignificant risk of changes in value.

Current assets include deposits with maturities exceeding 90 days. In the consolidated statement of

cash flows, net cash and cash equivalents comprise cash and cash equivalents, as defined above, net of bank

overdrafts. Net financial debt comprises borrowings less cash and cash equivalents and total net debt is net

financial debt plus the IFRS 16 lease liability.

Non-derivative financial liabilities

Trade and other payables are recognised initially at fair value and subsequently at their amortised cost.

Interest-bearing borrowings are initially recognised at fair value less transaction costs. Subsequent to initial

recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and

redemption value being recognised in the income statement over the period of the borrowings on an effective

interest basis.

Put options held by non-controlling interests that arise on acquisition are recognised initially at the present

value of the redemption amount. They are subsequently measured at amortised cost using the effective

interest method. The discount is unwound through SDIs as a finance charge.

Derivative financial instruments

The Group uses derivative financial instruments, including cross currency interest rate swaps and foreign

currency forwards, to hedge economically its exposure to foreign exchange risks. In accordance with its

treasury policy, the Group does not hold or issue derivative financial instruments for speculative purposes.

Derivative financial instruments are recognised initially and subsequently at fair value; attributable

transaction costs are recognised in profit or loss when incurred. The gain or loss on remeasurement to

fair value at each period end is recognised immediately in the income statement except where derivatives

qualify for hedge accounting.

The fair value of cross currency interest rate swaps is estimated using the present value of the estimated

future cash flows based on observable yield curves.

The fair value of foreign currency forwards is estimated using present value of future cash flows based on

the foreign exchange rates at the balance sheet date.

Hedging

Hedge of monetary assets and liabilities

Where a derivative financial instrument is used economically to hedge the foreign exchange exposure

of a recognised monetary asset or liability, no hedge accounting is applied and any gain or loss on the

hedging instrument is recognised in the income statement in the same caption as the foreign exchange

on the related item.

Hedge of net investment in foreign operations

The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency

operations and net assets. To the extent that the Group has debt, it is held in currencies that hedge the foreign

exchange risks from the Group’s net investments, or cross currency interest rate swaps are used to achieve the

same objective.

The portion of the gain or loss on an instrument designated as a hedge of a net investment in a foreign

operation that is determined to be an effective hedge is recognised directly in equity in the translation reserve.

The value in relation to the hedge instrument that is held within the cumulative foreign currency translation

reserve is recycled through the income statement when the hedged subsidiary is disposed of. If the instrument

is no longer deemed effective, then future movements in fair value are posted to the income statement.

Cash flow hedges

Cash flow hedges comprise derivative financial instruments designated in a hedging relationship to

manage interest rate risk and foreign exchange risk to which the cash flows of certain assets and liabilities

are exposed. The Group is exposed to the variability in cash flows arising from the foreign exchange risk

exposures. In accordance with the Group’s hedging strategy, the Group has cross currency interest rate

swaps designated as cash flow hedges.

The effective portion of changes in the fair value of a derivative that is designated and qualifies for hedge

accounting is recognised in other comprehensive income. The value in relation to the hedge instrument that

is held within the cumulative cash flow hedge reserve (disclosed within other reserves) is recycled through

the income statement when the hedged item impacts the income statement. If the instrument is no longer

deemed effective, then future movements in fair value are posted to the income statement.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.28

2: Sustainability Report1: Strategic Report 3: Financial Report

14 Borrowings and financial instruments Continued

Impairment

A financial asset is assessed for impairment at each reporting date by application of an expected loss model

in line with IFRS 9 requirements.

Net financing costs

Net financing costs are shown below:

	2024	2023
Recognised in income statement	£m	£m
Finance income
Interest on bank balances	2.5	3.8
Total finance income	2.5	3.8
Finance expense
Interest on borrowings	(30.5)	(33.6)
Net pension interest income/(cost) (note 16)	1.0	1.0
Foreign exchange differences on revaluation of net monetary assets and liabilities	(2.4)	(2.5)
Leases – IFRS 16	(10.8)	(10.8)
Facility fees and other*	(5.5)	(21.8)
Total finance expense*	(48.2)	(67.7 )
Net financing costs*	(45.7)	(63.9)

* Includes £3.4m cost (2023: £20.0m cost) relating to SDIs.

Analysis of net debt

	2024	2023
	£m	£m
Cash and cash equivalents per the statement of financial position	343.0	299.3
Overdrafts	(6.5)	(0.7)
Cash per the statement of cash flows	336.5	298.6

The components of net debt are outlined below:

	1 January		Non-cash	Exchange	31 December
	2024	Cash flow	movements	adjustments	2024
	£m	£m	£m	£m	£m
Cash	298.6	52.5	–	(14.6)	336.5
Borrowings:
Revolving credit facility US$850m 2027	–	(24.7)	–	4.7	(20.0)
Senior notes US$125m 2024	(97.7 )	98.4	–	(0.7)	–
Senior notes US$120m 2025	(93.8)	–	–	(1.6)	(95.4)
Senior notes US$75m 2026	(58.6)	–	–	(1.0)	(59.6)
Senior notes US$150m 2027	( 117. 2)	–	–	(2.0)	(119.2)
Senior notes US$165m 2028	(129.0)	–	–	(2.2)	(131.2)
Senior notes US$165m 2029	(129.0)	–	–	(2.2)	(131.2)
Senior notes US$160m 2030	(125.0)	–	–	(2.1)	(127.1)
Senior notes EUR€120m 2026	(104.1)	–	–	4.6	(99.5)
Senior notes EUR€25m 2027	(21.7)	–	–	1.0	(20.7)
Senior notes EUR€40m 2028	(34.7)	–	–	1.5	(33.2)
Other*	1.6	–	(0.9)	0.1	0.8
Total borrowings	(909.2)	73.7	(0.9)	0.1	(836.3)
Total net financial debt	(610.6)	126.2	(0.9)	(14.5)	(499.8)
Lease liabilities	(307.8)	74.4	(72.9)	6.7	(299.6)
Total net debt	(918.4)	200.6	(73.8)	(7.8 )	(799.4)

* Includes other uncommitted borrowings of £0.7m (2023: £0.8m) and facility fees of £1.5m (2023: £2.4m).

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.29

2: Sustainability Report1: Strategic Report 3: Financial Report

Borrowings

Borrowings are split into current and non-current as outlined below:

	Current	Current	Non-current	Non-current
	2024	2023	2024	2023
	£m	£m	£m	£m
Senior term loans and notes	95.4	97. 8	741.7	813.0
Other borrowings	(0.6)	(1.0)	(0.2)	(0.6)
Total borrowings	94.8	96.8	741.5	812.4

	2024	2023
Analysis of debt	£m	£m
Debt falling due:
In one year or less	94.8	96.8
Between one and two years	158.6	93.2
Between two and five years	455.1	464.6
Over five years	127. 8	254.6
Total borrowings	836.3	909.2

Description of borrowings

Total undrawn committed borrowing facilities as at 31 December 2024 were £655.7m (2023: £664.3m).

US$850m revolving credit facility

The Group has a US$850m multi-currency revolving credit facility, which is the Group’s principal facility and in

December 2021 its maturity was extended from 2026 to 2027. Advances under the facility bear interest at a

rate equal to a risk-free rate, or their local currency equivalent, plus a margin, depending on the Group’s financial

leverage. Drawings under this facility at 31 December 2024 were £20.0m (2023: £nil).

14 Borrowings and financial instruments Continued

	1 January		Non-cash	Exchange	31 December
	2023	Cash flow	movements	adjustments	2023
	£m	£m	£m	£m	£m
Cash	320.7	13.7	–	(35.8)	298.6
Borrowings:
Revolving credit facility US$850m 2027	–	2.2	–	(2.2)	–
Senior notes US$160m 2023	(133.1)	125.2	–	8.0	–
Acquisition facility ‘A’ AU$88.0m 2023	(49.4)	44.9	–	4.5	–
Acquisition facility ‘A’ US$96.9m 2023	(80.6)	75.1	–	5.5	–
Senior notes US$125m 2024	(104.0)	–	–	6.3	(97.7 )
Senior notes US$120m 2025	(99.8)	2.2	–	3.8	(93.8)
Senior notes US$75m 2026	(62.4)	–	–	3.8	(58.6)
Senior notes US$150m 2027	(124.8)	–	–	7.6	(117.2)
Senior notes US$165m 2028	(137.3)	–	–	8.2	(129.1)
Senior notes US$165m 2029	(137.3)	–	–	8.3	(129.0)
Senior notes US$160m 2030	(133.1)	–	–	8.1	(125.0)
Senior notes EUR€120m 2026	–	(104.1)	–	–	(104.1)
Senior notes EUR€25m 2027	–	(21.7)	–	–	(21.7)
Senior notes EUR€40m 2028	–	(34.7)	–	–	(34.7)
Other*	3.2	–	(1.6)	–	1.6
Total borrowings	(1,058.6)	89.1	(1.6)	61.9	(909.2)
Total net financial debt	( 7 37.9)	102.8	(1.6)	26.1	(610.6)
Lease liabilities	(322.2)	77. 8	(78.3)	14.9	( 3 07. 8 )
Total net debt	(1,060.1)	180.6	(79.9)	41.0	(918.4)

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.30

2: Sustainability Report1: Strategic Report 3: Financial Report

Credit risk

Exposure to credit risk

Credit risks arise mainly from the possibility that customers may not be able to settle their obligations as

agreed. The Group monitors the creditworthiness of customers on an ongoing basis. The Group’s credit risk is

diversified due to the large number of entities, industries and regions that make up the Group’s customer base.

The carrying amount of financial assets represents the maximum credit exposure. At the reporting date this

was as follows:

	2024	2023
	£m	£m
Trade receivables, net of allowance (note11)	529.4	526.6
Cash and cash equivalents	336.5	298.6
Total	865.9	825.2

The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was

as follows:

	2024	2023
	£m	£m
Asia Pacific	140.3	135.2
Americas	206.8	208.2
Europe, Middle East and Africa	182.3	183.2
Total	529.4	526.6

Counterparty risk

Cash and cash equivalents and available borrowing facilities are at risk in the event that the counterparty is not

able to meet its obligations in regard to the cash held or facilities available to the Group. The Group also enters

into transactions with counterparties in relation to derivative financial instruments. If the counterparty was

not able to meet its obligations, the Group may be exposed to additional foreign currency or interest rate risk.

Counterparty credit risk inherent in all hedge relationships is monitored throughout the period of the hedge

but this risk is not expected to be significant.

The Group, wherever possible, enters into arrangements with counterparties who have a robust credit

standing, which the Group defines as a financial institution with a credit rating of at least investment grade.

The Group has existing relationships with a number of banks that meet this criterion, and seeks to use their

services wherever possible while avoiding excessive concentration of credit risk. Given the diverse geographic

nature of the Group’s activities, it is not always possible to use a relationship bank. Therefore the Group has set

limits on the level of deposits to be held at non-relationship banks to minimise the risk to the Group. It is also

Group policy to remit any excess funds from local entities back to Intertek Group Treasury in the UK. Given

the controls in place and based on a current assessment of our banking relationships, management does not

expect any counterparty to fail to meet its obligations.

14 Borrowings and financial instruments Continued

Private placement bonds

In October 2011 the Group issued US$140m of senior notes repaid on 18 January 2022 at a fixed annual

interest rate of 3.75% and US$105m repaid on 18 January 2024 at a fixed annual interest rate of 3.85%,

funded from the existing revolving credit facility.

In February 2013 the Group issued US$80m of senior notes. These notes were issued in two tranches, with

US$40m repaid on 14 February 2023 at a fixed annual interest rate of 3.10% and US$40m repaid on

14 February 2025 at a fixed annual interest rate of 3.25%.

In July 2014 the Group issued US$110m of senior notes. These notes were issued in four tranches with

US$15m repaid on 31 July 2021 at a fixed annual interest rate of 3.37%, US$20m repaid on 02 July 2024 at a

fixed annual interest rate of 3.86%, US$60m repayable on 31 October 2026 at a fixed annual interest rate of

4.05% and US$15m repayable on 31 December 2026 at a fixed annual interest rate of 4.10%.

In December 2020 the Group issued US$200m of senior notes. These notes were issued in two tranches

with US$120m repaid on 2 December 2023 at a fixed annual interest rate of 1.97% and US$80m repayable

on 2 December 2025 at a fixed annual interest rate of 2.08%.

In December 2021 the Group issued US$640m of senior notes. These notes were issued in four tranches

with US$150m repayable on 13 January 2027 at a fixed annual interest rate of 2.24%, US$165m repayable

on 15 March 2028 at a fixed annual interest rate of 2.33%, US$165m repayable on 15 March 2029 at a

fixed annual interest rate of 2.47% and US$160m repayable on 15 March 2030 at a fixed annual interest

rate of 2.54%.

In December 2023 the Group issued EUR€185m of senior notes. These notes were issued in three tranches

with EUR€120m repayable on 21 December 2026 at a fixed annual interest rate of 3.94%, EUR€25m

repayable on 21 December 2027 at a fixed annual interest rate of 3.89% and EUR€40m repayable on

21 December 2028 at a fixed annual interest rate of 3.88%.

Lease liabilities

Undiscounted lease liabilities are split into current and non-current as outlined below:

	2024	2023
	£m	£m
Analysis of lease liabilities falling due:
Current:
Repayable in less than 1 year	78.5	79.9
Non-current:
Repayable in 1–2 years	57.6	62.2
Repayable in 2–5 years	103.1	104.4
Repayable in more than 5 years	137.5	145.6
Total lease liabilities	376.7	392.1

Financial risks

Details of the Group’s treasury controls, exposures and the policies and processes for managing capital

and credit, liquidity, interest rate and currency risk are set out below and in the Financial review in Report 1 on

pages 1.34 to 1.39.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.31

2: Sustainability Report1: Strategic Report 3: Financial Report

		Carrying	Contractual	6 months	6–12			More than
		amount	cash flows	or less	months	1–2 years	2–5 years	5 years
2023		£m	£m	£m	£m	£m	£m	£m
Non-derivative financial
liabilities/(assets)
Senior term loans and notes		910.8	1,000.7	94.8	28.4	113.2	505.8	258.5
Other loans		(1.6)	0.8	–	–	–	0.1	0.7
Trade payables (note12)		205.3	205.3	199.3	5.5	0.5	–	–
Lease liabilities		307. 8	392.1	41.6	38.3	62.2	104.4	145.6
Contingent consideration
(note13)		35.6	35.6	–	–	35.6	–	–
	1	,45 7.9	1,634.5	335.7	72.2	211.5	610.3	404.8
Derivative financial
liabilities/(assets)
Foreign currency forwards
Outflow		0.7	776.7	776.7	–	–	–	–
Inflow		(0.3)	(776.3)	(776.3)	–	–	–	–
		0.4	0.4	0.4	–	–	–	–
Cross currency interest
rate swaps
Outflow		1.7	96.4	0.2	0.2	96.0	–	–
Inflow		–	(97. 8 )	(1.0)	(1.2)	(95.6)	–	–
		1.7	(1.4)	(0.8)	(1.0)	0.4	–	–
Total		1,460.0	1,633.5	335.3	71.2	211.9	610.3	404.8

Interest rate risk

The Group’s objective is to manage the risk to the business from movements in interest rates, and to provide

stability and predictability of the near-term (12-month horizon) interest expense. To achieve this, the Group

uses floating rate bank debt facilities, fixed US private placements and cross currency interest rate swaps.

Sensitivity

At 31 December 2024, it is estimated that the impact on variable rate net debt of a general increase of 3% in

interest rates would be a decrease in the Group’s profit before tax of approximately £7.6m (2023: £8.9m). This

analysis assumes all other variables remain constant.

14 Borrowings and financial instruments Continued

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its obligations as and when they fall due.

The Group’s policy is to:

• ensure sufficient liquidity is available to Group companies in the amounts, currencies and locations required

to support the Group’s operations; and

• ensure the Group has adequate available sources of funding to protect against unforeseen internal and

external events.

To ensure this policy is met, the Group monitors cash balances daily, projects cash requirements on a rolling

basis and funds itself using debt instruments with a range of maturities.

The undiscounted contractual cash flows for the following financial liabilities/(assets) including interest

(for floating rate instruments, interest payments are based on the interest rate at 31 December) are:

	Carrying	Contractual	6 months	6–12			More than
	amount	cash flows	or less	months	1–2 years	2–5 years	5 years
2024	£m	£m	£m	£m	£m	£m	£m
Non-derivative financial
liabilities/(assets)
Senior term loans and notes	837.1	904.5	42.8	74.7	179.3	479.8	127. 9
Other loans	(0.8)	0.7	–	–	–	0.1	0.6
Trade payables (note12)	223.5	223.5	204.7	18.3	0.3	0.2	–
Lease liabilities	299.6	376.7	41.4	37.1	57.6	103.1	137.5
Contingent consideration
(note13)	46.8	46.8	38.8	–	–	8.0	–
	1,406.2	1,552.2	327.7	130.1	237. 2	591.2	266.0
Derivative financial
liabilities/(assets)
Foreign currency forwards
Outflow	2.3	635.0	635.0	–	–	–	–
Inflow	(2.8)	(635.5)	(635.5)	–	–	–	–
	(0.5)	(0.5)	(0.5)	–	–	–	–
Cross currency interest
rate swaps
Outflow	(2.1)	134.7	33.3	65.0	36.4	–	–
Inflow	1.7	(137.0 )	(35.6)	(65.6)	(35.8)	–	–
	(0.4)	(2.3)	(2.3)	(0.6)	0.6	–	–
Total	1,405.3	1,549.4	324.9	129.5	237. 8	591.2	266.0

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.32

2: Sustainability Report1: Strategic Report 3: Financial Report

The cross currency interest rate swaps were bifurcated into two relationships: 1) A cash flow hedge of foreign

currency risk on US$120m borrowings; and 2) A net investment hedge of CNH 876.4m net assets of the Group.

The weighted average exchange rates for the cross currency interest rates swaps were GBP/USD 1.2300 and

GBP/CNH 8.9790.

The timings of the cash flows on both the hedging instrument and the borrowings are expected to match since

the maturity profile and coupon profile for bond and hedge matches. In 2024, £1.9m gain (2023: £3.3m loss)

of the cash flow hedge reserve was recycled through to the income statement to offset the impact of the

hedged US$40m and US$80m bond. The remaining balance of the cash flow hedge reserve is expected to

be recycled through to the income statement up to the expiry of the bonds in February 2025 and December

2025 respectively.

The Group holds a EUR€120m fixed interest rate EUR private placement bond maturing in December 2026.

The nominal amount of the loan as at 31 December 2024 was £99.5m (2023: £104.1m).

A EUR€40m portion of the bond is hedged using EUR€40m EUR/CNH fixed-to-fixed cross currency swaps

maturing in December 2026.

The cross currency interest rate swaps were bifurcated into two relationships: 1) A cash flow hedge of foreign

currency risk on EUR€40m borrowings; and 2) A net investment hedge of CNH 310.2m net assets of the Group.

The weighted average exchange rates for the cross currency interest rates swaps were GBP/EUR 1.19 and

GBP/CNH 9.26.

The timings of the cash flows on both the hedging instrument and the borrowings are expected to match

since the maturity profile and coupon profile for bond and hedge matches. In 2024, £0.2m loss of the cash

flow hedge reserve was recycled through to the income statement to offset the impact of the hedged portion

of the EUR€120m bond. The remaining balance of the cash flow hedge reserve is expected to be recycled

through to the income statement up to the expiry of the bond in December 2026.

Hedge of net investment in foreign operations

The Group’s foreign currency denominated loans are designated as a hedge to protect the same amount

of net investment in the Group’s foreign currency operations and net assets, against adverse changes in

exchange rates.

The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency

operations and net assets. The Group uses a combination of debt and cross currency interest rate swaps to

hedge foreign exchange risks. The Group’s foreign currency denominated loans are designated as a hedge to

protect the same amount of net investment in the Group’s foreign currency operations and net assets, against

adverse changes in exchange rates. The nominal amount of these loans as at 31 December 2024 was

£688.5m (2023: £817.0m).

The Group’s cross currency interest rate swaps are designated as hedge to protect the same amount of net

investment in the Group’s CNY net assets, against adverse changes in exchange rates. The nominal amount

of these cross currency interest rates as at 31 December 2024 was £129.3m (2023: £93.8m).

14 Borrowings and financial instruments Continued

Foreign currency risk

The Group’s objective in managing foreign currency risk is to safeguard the Group’s financial assets from

economic loss due to fluctuations in foreign currencies, and to protect margins on cross currency contracts and

operations. To achieve this, the Group’s policy is to hedge its foreign currency exposures where appropriate.

The net assets of foreign subsidiaries represent a significant portion of the Group’s shareholders’ funds, and

a substantial percentage of the Group’s revenue and operating costs are incurred in currencies other than

sterling. Due to the high proportion of international activity, the Group’s profit is exposed to exchange rate

fluctuations. Two types of risk arise as a result: (i) translation risk, that is, the risk of adverse currency

fluctuations in the translation of foreign currency operations and foreign assets and liabilities into sterling;

and (ii) transaction risk, that is, the risk that currency fluctuations will have a negative effect on the value of

the Group’s commercial cash flows in various currencies.

The foreign currency profiles of cash, trade receivables and payables subject to translation risk and transaction

risk, at the reporting date, were as follows:

	Carrying			Chinese	Hong Kong	Other
	amount	Sterling	US dollar	renminbi	dollar	currencies
2024	£m	£m	£m	£m	£m	£m
Cash	336.5	3.7	64.9	67. 8	0.8	199.3
Trade receivables (note11)	529.4	36.7	238.4	37.3	6.5	210.5
Trade payables (note12)	223.5	25.3	74.0	31.5	2.6	90.1

	Carrying			Chinese	Hong Kong	Other
	amount	Sterling	US dollar	renminbi	dollar	currencies
2023	£m	£m	£m	£m	£m	£m
Cash	298.6	24.6	97.1	46.7	2.4	127. 8
Trade receivables (note11)	526.6	41.4	258.9	36.1	6.1	184.1
Trade payables (note12)	205.3	22.3	75.5	22.4	2.4	82.7

Recognised assets and liabilities

Changes in the fair value of foreign currency forwards that economically hedge monetary assets and liabilities

in foreign currencies, and for which no hedge accounting is applied, are recognised in the income statement.

Cash flow hedge

The Group held a US$40m fixed interest rate USD private placement bond which matured in February 2025

and holds a US$80m fixed interest rate USD private placement bond maturing in December 2025. The nominal

amount of these loans as at 31 December 2024 was £95.4m (2023: £93.8m).

The bonds were hedged using US$40m USD/CNH fixed-to-fixed cross currency swaps which matured in

February 2025, and holds a US$80m USD/CNH fixed-to-fixed cross currency swaps maturing in December 2025.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.33

2: Sustainability Report1: Strategic Report 3: Financial Report

					Other comprehensive income
					FX (gain)/
					loss
				Fair value	recycled
				gain/(loss)	to the	Hedges	31
	Nominal	Carrying	1 January	deferred	income	closed in	December
	amounts in	value	2023	to OCI	statement	year 2023
2023	local currency	£m	£m	£m	£m	£m	£m
Cash flow hedges –
foreign exchange and interest rate risk
Cross currency interest rate
swaps – continuing	–	–	–	(3.4)	3.3	–	(0.1)
Hedges of net investment
in a foreign operation –
foreign exchange risk
Foreign currency forward
– continuing	–	–	1.2	–	–	–	1.2
Forward currency forward
– discontinued	–	–	–	1.7	–	–	1.7
Cross currency interest rate
swaps – discontinued	–	–	(19.0)	–	–	–	(19.0)
Foreign currency borrowings
– continuing	£910.8m	910.8	(145.5)	57.1	–	(3.7)	(92.1)
Foreign currency borrowings
– discontinued	–	–	(195.3)	–	–	3.7	(191.6)
		910.8	(358.6)	55.4	3.3	–	(299.9)

The foreign currency forwards previously designated in discontinued hedge relationships were disclosed

within other receivables in the statement of financial position. The cross currency interest rate swaps

designated in hedge relationships are disclosed within other payables in the statement of financial position.

Foreign currency denominated loans and their corresponding hedged items are matched and the Group

expects highly effective hedging relationships. The change in value of the hedged item is used as the basis

for recognising hedge ineffectiveness for the period. Net ineffectiveness on the net investment hedges

recognised in the income statement was £0.5m (2023: £nil).

Hedge ineffectiveness may occur if there are insufficient net assets in foreign currency to match hedging

instruments in the relevant currency.

The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument

and the quantity of the hedged item to determine their relative weighting; for all of the Group’s existing hedge

relationships the hedge ratio has been determined as 1:1.

14 Borrowings and financial instruments Continued

A foreign exchange gain of £1.7m (2023: £58.8m foreign exchange gain) was recognised in the translation

reserve in equity, reflecting the translation of the Group’s foreign currency denominated loans to sterling

and the impact of changes in fair value of the foreign currency forwards. The weighted average exchange

rates of the borrowings designated as net investment hedge was GBP/USD 1.3690 and GBP/EUR 1.1525.

The Group has the following hedging instruments:

					Other comprehensive income
					FX (gain)/
					loss
				Fair value	recycled
				gain/(loss)	to the	Hedges	31
	Nominal	Carrying	1 January	deferred	income	closed in	December
	amounts in	value	2024	to OCI	statement	year 2024
2024	local currency	£m	£m	£m	£m	£m	£m
Cash flow hedges –
foreign exchange and interest rate risk
Cross currency interest rate
swaps- continuing	–	–	(0.1)	1.7	(1.7)	–	(0.1)
Hedges of net investment
in a foreign operation –
foreign exchange risk
Foreign currency forward
– continuing	–	–	1.2	–	–	–	1.2
Forward currency forward
– discontinued	–	–	1.7	0.4	–	–	2.1
Cross currency interest rate
swaps – discontinued	–	–	(19.0)	–	–	–	(19.0)
Foreign currency borrowings
– continuing	£837.1m	837.1	(92.1)	1.8	(0.5)	34.2	(56.6)
Foreign currency borrowings
– discontinued	–	–	(191.6)	–	–	(34.2)	(225.8)
		837.1	(299.9)	3.9	(2.2)	–	(298.2)

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.34

2: Sustainability Report1: Strategic Report 3: Financial Report

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,

either directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3: Inputs for the asset or liability that are not based on observable market data (that is,

unobservable inputs).

15 Capital and reserves

Accounting policy

Dividends

Interim dividends are recognised as a movement in equity when they are paid. Final dividends are reported

as a movement in equity in the year in which they are approved by the shareholders.

Own shares held by the Employee Share Ownership Trust (‘ESOT’)

Transactions of the Group-sponsored ESOT are included in the Group financial statements. In particular,

the Trust’s purchases of shares in the Company are debited directly in equity to retained earnings .

Share capital

	2024	2024	2023
Group and Company	number	£m	£m
Allotted, called up and fully paid:
Ordinary shares of 1p each at start of year	161,393,127	1.6	1.6
Share Awards	–	–	–
Ordinary shares of 1p each at end of year	161,393,127	1.6	1.6
Shares classified in shareholders’ funds		1.6	1.6

The holders of ordinary shares are entitled to receive dividends and are entitled to vote at general meetings

of the Company.

During the year, the Company issued nil (2023: nil) ordinary shares in respect of all share plans.

Purchase of own shares for trust

During the year ended 31 December 2024, the Company financed the purchase of 518,500 (2023: 278,751) of

its own shares with an aggregate nominal value of £5,185 (2023: £2,788) for £24.7m (2023: £11.6m) which

was charged to retained earnings in equity and was held by the ESOT. This trust is managed by an independent

offshore trustee. During the year, 258,832 shares were utilised to satisfy the vesting of share awards (note 17).

At 31 December 2024, the ESOT held 409,467 shares (2023: 149,799 shares) with an aggregate nominal value

of £4,095 (2023: £1,498). The associated cash outflow of £24.7m (2023: £11.6m) has been presented as a

financing cash flow.

14 Borrowings and financial instruments Continued

The carrying values of the hedging instruments; US$835.0m senior notes and EUR€185.0m senior notes are

included within borrowings within the statement of financial position.

Fair value gains and losses on the hedging instruments designated in the cash flow and net investment hedges

have been presented as ‘fair value on cash flow hedges’ and ‘net exchange on hedges of net investments in

foreign operations’ respectively within the statement of other comprehensive income.

Foreign exchange gains of £1.7m (2023: £3.3m loss) recycled from the cash flow hedge reserve are presented

in interest on borrowings within finance expenses in the income statement.

Sensitivity

It is estimated that an increase of 10% in the value of sterling against the US dollar and Chinese renminbi

(the main currencies impacting the Group) would have decreased the Group’s profit before tax for 2024

by approximately £26.0m (2023: £22.6m decrease). This analysis assumes all other variables remain constant.

It is estimated that an increase of 10% in the value of sterling against the currencies of the hedging

instruments would have increased OCI by approximately £73.2m (2023: £83.0m) which would be offset

by the retranslation of the Group’s investment in foreign operations in the same currencies. This analysis

assumes all other variables remain constant.

Fair values

The table below provides a comparison of book values and corresponding fair values of the following Group’s

financial instruments by class.

	Book value	Fair value	Book value	Fair value
	2024	2024	2023	2023
	£m	£m	£m	£m
Financial assets
Cash and cash equivalents	336.5	336.5	298.6	298.6
Trade receivables (note11)	529.4	529.4	526.6	526.6
Foreign currency forwards*	2.8	2.8	0.3	0.3
Cross currency interest rate swaps	0.4	0.4	–	–
Total financial assets	869.1	869.1	825.5	825.5
Financial liabilities
Interest-bearing loans and borrowings	836.3	814.7	909.2	817.3
Trade payables (note12)	223.5	223.5	205.3	205.3
Foreign currency forwards*	2.3	2.3	0.7	0.7
Cross currency interest rate swaps*	–	–	1.7	1.7
Contingent consideration**	46.8	46.8	35.6	35.6
Total financial liabilities	1,108.9	1 , 0 87.3	1,152.5	1,060.6

* Cross currency interest rate swaps and foreign currency forwards are categorised as Level 2, under which the fair value is measured using

inputs other than quoted prices observable for the asset or liability, either directly or indirectly.

** Contingent consideration is categorised as Level 3 under which the fair value is measured using unobservable inputs – being the EBITDA

performance of the acquired companies.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.35

2: Sustainability Report1: Strategic Report 3: Financial Report

15 Capital and reserves Continued

		2024		2023
	2024	Pence per	2023	Pence per
Dividends	£m	share	£m	share
Amounts recognised as distributions to equity holders:
Final dividend for the year ended 31 December 2022	–	–	115.5	71.6
Interim dividend for the year ended 31 December 2023	–	–	60.8	37.7
Final dividend for the year ended 31 December 2023	119.3	74.0	–	–
Interim dividend for the year ended 31 December 2024	86.8	53.9	–	–
Dividends paid	206.1	12 7.9	176.3	109.3

After the reporting date, the Directors proposed a final dividend of 1 02.6p per share in respect of the year

ended 31 December 2024, which is expected to amount to £166.6m and approved a share buyback of £350m.

The dividend is subject to approval by shareholders at the Annual General Meeting and therefore, in accordance

with IAS 10 Events After the Reporting Date, it has not been included as a liability in these financial

statements. If approved, the final dividend will be paid to shareholders on 20 June 2025.

Reserves

Translation reserve

The translation reserve comprises foreign currency differences arising from the translation of the financial

statements of foreign operations as well as the translation of liabilities that hedge the Group’s net investment

in foreign operations.

Other

This reserve includes a merger difference that arose in 2002 on the conversion of share warrants into share

capital, as well as the cash flow hedge reserve.

16 Employee benefits

Accounting policy

Pension schemes

Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions

into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations

for contributions to defined contribution pension plans are recognised as an employee benefit expense in the

income statement as incurred.

Defined benefit plans

A defined benefit plan is a post-employment benefit plan other than a defined contribution plan.

The Group’s net obligation in respect of material defined benefit pension plans is calculated separately for each

plan by estimating the amount of future benefit that employees have earned in return for their service in the

current and prior years; that benefit is discounted to determine its present value. The fair value of any plan

assets is deducted.

In calculating the defined benefit surplus or deficit, the discount rate is the yield at the reporting date on

AA credit-rated bonds that have maturity dates approximating the terms of the Group’s obligations and

that are denominated in the same currency in which the benefits are expected to be paid. The calculation

is performed annually by a qualified actuary using the projected unit credit method.

The increase in the present value of the liabilities expected to arise from the employees’ services in the

accounting period is charged to the operating profit in the income statement. The expected return on the

schemes’ assets and the interest on the present value of the schemes’ liabilities, during the accounting period,

are shown as finance income and finance expense, respectively.

The Group operates a number of pension schemes throughout the world. In most locations, these are defined

contribution arrangements. However, there are significant defined benefit schemes in the United Kingdom

and Switzerland. The United Kingdom Scheme is funded, with assets held in separate trustee-administered

funds and the Switzerland Scheme is an insured scheme. The scheme in the United Kingdom was closed to new

entrants in 2002. Other funded defined benefit schemes are not considered to be material and are therefore

accounted for as if they were defined contribution schemes.

In line with IAS 19 and IFRIC 14, if a scheme has a surplus this is recognised on the statement of financial

position if the economic benefit is available to the Group as a result of the surplus. Economic benefit is defined

as when an entity has an unconditional right to a refund from the scheme whilst the scheme is ongoing; or

assuming the gradual settlement of the scheme liabilities over time until all members have left the scheme/

died; or assuming the full settlement of the scheme’s liabilities in a single event. In the event of a surplus,

the relevant scheme rules will be reviewed in line with IFRIC 14 and a legal opinion obtained to identify if the

surplus can be recognised by the Group.

The Group recognises all actuarial remeasurements in each year in equity through the consolidated statement

of comprehensive income.

Total pension cost

The total pension cost included in operating profit for the Group was:

	2024	2023
	£m	£m
Defined contribution schemes	(62.1)	(59.8)
Defined benefit schemes – current service cost and administration expenses	(0.4)	(1.2)
Pension cost included in operating profit (note 5)	(62.5)	(61.0)

The pension cost for the defined benefit schemes was assessed in accordance with the advice of qualified

actuaries. The last full triennial actuarial valuation of The Intertek Pension Scheme in the United Kingdom

(‘United Kingdom Scheme’) was carried out as at 31 March 2022, and for IAS 19 accounting purposes has

been updated to 31 December 2024. The Switzerland Scheme was valued for IAS 19 purposes as at

31 December 2024. The average duration of the schemes’ liabilities is 11 years for the United

Kingdom Scheme and 16 years for the Switzerland Scheme.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.36

2: Sustainability Report1: Strategic Report 3: Financial Report

The fair value changes in the scheme assets are shown below:

	2024	2023
	£m	£m
Fair value of scheme assets at 1 January	126.2	121.1
Interest income	5.3	5.5
Normal contributions by the employer	1.2	1.4
Special contributions by the employer	–	–
Contributions by scheme participants	0.5	0.6
Benefits paid	(4.5)	(4.9)
Effect of exchange rate changes on overseas schemes	(0.7)	0.4
Remeasurements	(5.5)	2.5
Scheme administration expenses	(0.4)	(0.4)
Settlements	–	–
Fair value of scheme assets at 31 December	122.1	126.2

Asset allocation

Investment statements were provided by the investment managers which showed that, as at 31 December

2024, the invested assets of the United Kingdom Scheme totalled 107.7m (2023: £111.8m), broken down

as follows:

		United Kingdom Scheme
	2024	2023
Asset class	£m	£m
Equities	–	44.5
Property	0.8	3.1
Liability-Driven Investment (‘LDI’)	–	12.2
Corporate debt instruments	94.1	46.6
Cash	12.8	5.4
Total	107.7	111.8

In 2024, following a review of the Scheme’s investment strategy and funding level, the Trustee agreed to

changes to the Scheme’s asset allocation by class. These changes, approved in May 2024, were implemented

by December 2024 to reduce future funding level volatility and de-risk the Scheme’s strategy by investing in

assets that in aggregate will broadly match movements in liabilities. The change to asset classes did not incur

material costs to the Scheme.

The United Kingdom Scheme had bank account assets of £1.1m as at 31 December 2024 (2023: £2.4m).

The United Kingdom Scheme invested assets portfolio comprises of only unquoted assets in 2024, following

changes to the Scheme’s investment strategy. The value of quoted assets in 2024 was £nil (2023: £11.4m),

included within equities in the above table, with the remaining assets being unquoted.

16 Employee benefits Continued

Defined benefit schemes

The cost of defined benefit schemes

The amounts recognised in the income statement were as follows:

	2024	2023
	£m	£m
Current and past service cost	(0.4)	(0.8)
Scheme administration expenses	(0.4)	(0.4)
Net pension interest income (note14)	1.0	1.0
Total income/(charge)	0.2	(0.2)

The current service cost and scheme administration expenses are included in operating costs in the income

statement and pension interest cost and interest income are included in net financing costs.

Included in other comprehensive income:

	2024	2023
	£m	£m
Remeasurements arising from:
Demographic assumptions	0.4	0.2
Financial assumptions	8.4	(5.4)
Experience adjustment	0.2	(0.5)
Asset valuation	(5.5)	2.5
Other	0.2	0.6
Total	3.7	(2.6)

Company contributions

In 2022 the Company assessed the triennial actuarial valuation for the United Kingdom Scheme and its impact

on the scheme funding plan in 2022 and future years. In 2025 the Group expects to make normal contributions

of £0.5m (2024: £0.5m) and a special contribution of £nil (2024: £nil). The next triennial valuation is due to

take place as at 31 March 2025 and will include a review of the Company’s future contribution requirements.

Pension asset/(liability) for defined benefit schemes

The amounts recognised in the statement of financial position for defined benefit schemes were as follows:

	United
	Kingdom	Switzerland
	Scheme	Scheme	Total
31 December 2024	£m	£m	£m
Fair value of scheme assets	107.7	14.4	122.1
Present value of funded defined benefit obligations	(80.5)	(19.6)	(100.1)
Surplus/(deficit) in schemes	27.2	(5.2)	22.0

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.37

2: Sustainability Report1: Strategic Report 3: Financial Report

The table above shows, for the United Kingdom Scheme, the number of years a male or female is expected

to live, assuming they were aged either 40 (and lives to 65) or 65 at 31 December. The mortality tables

adopted in 2024 for the United Kingdom Scheme are S3PA tables, based on the CMI 2023 mortality projection

model with a 1.25% long-term annual rate for future improvements. In 2023 the S3PA tables were used, based

on the CMI 2021 mortality projection model with a 1.25% long-term annual rate for future improvement. For

the Switzerland Scheme, the mortality table adopted in 2024 and 2023 is the BVG 2020, an industry standard

in Switzerland which is based on statistical evidence of major Switzerland pension funds.

Sensitivity analysis

The table below sets out the sensitivity on the United Kingdom pension assets and liabilities as at

31 December 2024 of the two main assumptions:

		United Kingdom Scheme
		Increase/
		(decrease) in
		surplus/
	Liabilities	deficit
Change in assumptions	£m	£m
No change	80.5
0.25% rise in discount rate	78.3	(2.2)
0.25% fall in discount rate	82.9	2.4
0.25% rise in inflation	81.8	1.3
0.25% fall in inflation	79.4	(1.1)

The United Kingdom Scheme is also subject to the mortality assumption. If the mortality tables used are rated

up/down one year, the value placed on the liabilities increases by £3.0m and decreases by £3.0m, respectively.

Funding arrangements

United Kingdom Scheme

The Trustees use the projected unit credit method with a three-year control period. Currently the scheme

members pay contributions at the rate of 8.5% of salary. The employer pays contributions of 18.5% of salary,

plus £0.4m per year to fund scheme expenses. The employer has not made any additional contributions in

2024 as a result of the surplus disclosed by the 2022 valuation.

Funding risks

The main risks for the schemes are:

Investment return risk:	If the assets underperform the returns assumed in setting the funding targets
	then additional contributions may be required at subsequent valuations.
Investment matching risk:	The schemes invest significantly in equities, whereas the funding targets are
	closely related to the returns on bonds. If equities fall in value relative to the
	matching asset of bonds, additional contributions may be required.
Longevity risk:	If future improvements in longevity exceed the assumptions made for
	scheme funding then additional contributions may be required.

16 Employee benefits Continued

The invested assets of the Switzerland Scheme comprise cash in savings and contribution accounts. The

Switzerland Scheme is fully insured.

Changes in the present value of the defined benefit obligations were as follows:

	2024	2023
	£m	£m
Defined benefit obligations at 1 January	109.2	102.0
Current and past service cost	0.4	0.8
Interest cost	4.4	4.4
Contributions by scheme participants	0.5	0.7
Benefits paid	(4.5)	(4.9)
Effect of exchange rate changes on overseas schemes	(0.9)	0.5
Remeasurements	(9.0)	5.7
Defined benefit obligations at 31 December	100.1	109.2

Principal actuarial assumptions:

		United Kingdom Scheme		Switzerland Scheme
	2024	2023	2024	2023
	%	%	%	%
Discount rate	5.6	4.6	1.0	1.4
Inflation rate (based on CPI)	2.2	2.05	n/a	n/a
Rate of salary increases	–	–	1.6	1.75
Rate of pension increases:
CPI subject to a maximum of 5.0% p.a.	2.2	2.1	n/a	n/a
Increases subject to a maximum of 2.5% p.a.	1.8	1.7	n/a	n/a

The Switzerland Scheme is an insured plan.

Life expectancy assumptions at year-end for:

		United Kingdom Scheme		Switzerland Scheme
	2024	2023	2024	2023
Male aged 40	48.1	48.3	49.6	49.5
Male aged 65	21.4	21.6	22.1	22.0
Female aged 40	50.4	50.4	51.2	51.1
Female aged 65	23.6	23.7	23.9	23.8

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.38

2: Sustainability Report1: Strategic Report 3: Financial Report

		2024			2023
	Deferred	LTIP Share		Deferred	LTIP Share
Outstanding awards	Share Awards	Awards	Total awards	Share Awards	Awards	Total awards
At beginning of year	691,514	934,576	1,626,090	674,193	810,416	1,484,609
Granted*	321,594	380,618	702,212	307,630	438,982	746,612
Vested**	(130,508)	(257, 3 49)	( 387,8 57 )	(229,836)	(152,017)	(381,853)
Forfeited	(45,346)	(42,453)	(87,7 9 9)	(60,473)	(162,805)	(223,278)
At end of year	8 37, 254	1,015,392	1,852,646	691,514	934,576	1,626,090

* Includes 19,080 Deferred Share Awards (2023: 15,317) and 25,273 LTIP Share Awards (2023: 22,907 ) granted in respect of dividend

accruals.

** Of the 387,857 awards vested in 2024, nil were satisfied by the issue of shares and 247,729 by the transfer of shares from the ESOT (see

note 15). The balance of 140,128 awards represented a tax liability of £7.0m (2023: £5.4m) which was settled in cash on behalf of

employees by the Group, of which £6.2m was settled by the Company.

Buyout Awards

On 1 April 2021, Jonathan Timmis was granted conditional rights to acquire 39,000 shares under a one-off

arrangement as a condition of his recruitment as CFO of the Company, granted under the Long Term Incentive

Plan 2021. The award comprised three parts of 13,000 shares, vesting on 1 April 2022, 1 April 2023 and

1 April 2024. Further details are shown in the Remuneration report on pages 2.94 to 2.126 in Report 2.

Deferred Share Plan

Awards may be granted under the Deferred Share Plan (‘DSP’) to employees of the Group (other than the

Executive Directors of the Company) selected by the Remuneration Committee over existing, issued ordinary

shares of the Company only. The DSP was adopted primarily to allow for the deferral of a proportion of

selected employees’ annual bonus into shares in the Company but may also be used for the grant of

other awards (such as incentive awards and buyout awards for key employees) in circumstances that

the Remuneration Committee deems appropriate. Awards will normally have a three-year vesting period.

Awards may be made subject to performance conditions and are subject to normal good and bad leaver

provisions and malus and clawback.

	2024		2023
	Deferred	Total	Deferred	Total
Outstanding awards	Share Awards	awards	Share Awards	awards
At beginning of year	30,883	30,883	37, 8 0 4	37, 8 0 4
Granted*	4,747	4,747	14,315	14,315
Vested**	(19,370)	(19,370)	(14,827 )	(14,827)
Forfeited	–	–	(6,409)	(6,409)
At end of year	16,260	16,260	30,883	30,883

* Includes 347 Deferred Share Awards (2023: 815) granted in respect of dividend accruals.

** Of the 19,370 awards vested in 2024, 11,103 were satisfied by the transfer of shares from the ESOT (see note 15). The balance of 8,267

awards represented a tax liability of £0.4m (2023: £0.2m) which was settled in cash on behalf of employees by the Group, of which £0.4m

was settled by the Company.

16 Employee benefits Continued

Role of third parties

The United Kingdom Scheme is managed by Trustees on behalf of its members. The Trustees take advice

from appropriate third parties including investment advisers, actuaries and lawyers as necessary.

Virgin Media case

In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension

Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of

actuarial confirmation required by law. In July 2024, the Court of Appeal dismissed the appeal brought by Virgin

Media Limited against aspects of the June 2023 decision. The conclusions reached by the court in this case

may have implications for other UK defined benefit plans.

The Trustee and the Company have considered the implications of the case for the UK Scheme. Based on

the outcome of a legal review of the UK Plan’s governing deeds and rules provided by the Trustee’s lawyers,

additional liabilities arising from the Virgin media case are not highly probable. Based on those findings, the

Company has not recognised any additional liabilities as at 31 December 2024. Furthermore, the scheme is

sufficiently funded to be able to absorb the impact, if any, without affecting the security of member benefits.

17 Share schemes

Accounting policy

Share-based payment transactions

The share-based compensation plans operated by the Group allow employees to acquire shares of the

Company. The fair value of the employee services, received in exchange for the grant of shares, is measured

at the grant date and is recognised as an expense with a corresponding increase in equity. The charge is

calculated using the Black-Scholes method and expensed to the income statement over the vesting period

of the relevant award. The charge for the Deferred Share Awards is adjusted to reflect expected and actual

levels of vesting for service conditions. The expense of the LTIP Share Awards is calculated using the Monte

Carlo method and the fair value adjusted for the probability of performance conditions being achieved.

Share plans

2021 Long Term Incentive Plan

The Intertek 2021 Long Term Incentive Plan (‘2021 Plan’) was approved at the 2020 Annual General Meeting

as the Intertek 2011 Long Term Incentive Plan was approaching the end of its ten-year life cycle. Deferred

Share Awards and LTIP Share Awards have been granted under this plan. The awards made in 2024 were made

under the 2021 Plan on 13 March 2024 and 5 June 2024. The awards under these plans vest three years after

grant date, subject to fulfilment of the non-market based performance conditions.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.39

2: Sustainability Report1: Strategic Report 3: Financial Report

18 Subsequent events

On 14 February 2025, funded from the existing revolving facility, a US$40m senior note at a fixed annual

interest rate of 3.25% was repaid.

19 Capital management

The Directors determine the appropriate capital structure of Intertek; specifically how much capital is raised

from shareholders (equity) and how much is borrowed from financial institutions (debt) in order to finance the

Group’s activities. These activities include ongoing operations as well as acquisitions as described in note 10.

The Group’s policy is to maintain a robust capital base (including cash and debt) to ensure the market and key

stakeholders retain confidence in the capital profile. Debt capital is monitored by Group Treasury assessing the

liquidity buffer on a short- and longer-term basis as discussed in note 14. Net financial debt has decreased from

£610.6m at 31 December 2023 to £499.8m at 31 December 2024. The Group has a strong balance sheet with

net financial debt to EBITDA of 0.7x (2023: 0.8x).

During 2024, the Group has continued the working capital focus, and through disciplined performance

management, working capital has reduced by £17.1m to negative £95.9m. Working capital is defined on

page 3.03.

The Group uses key performance indicators, including return on invested capital (‘ROIC’) and adjusted diluted

earnings per share to monitor the capital position of the Group to ensure it is being utilised effectively. The rate

of ROIC, defined as adjusted operating profit less adjusted taxes divided by invested capital, measures how

effectively the Group generates profit from its invested capital. This is a key measure to assess the efficiency

of investment decisions and is also an important criterion in the decision-making process. ROIC in 2024 was

22.4% (2023: 20.5%). Adjusted diluted earnings per share is a key measure of value creation for the Board and

for shareholders and in 2024 was 240.6p (2023: 223.0p).

The dividend policy also forms part of the Board’s capital management policy, and the Board ensures there is

appropriate earnings cover for the dividend proposed at both the interim and year-end. Our current dividend

policy aims to deliver sustainable dividend growth over time, based on a target dividend payout ratio of c.65%.

Reflecting the Group’s strong cash generation in 2024, the recommended final dividend is 102.6p bringing the full

year dividend to 156.5p, which is a year-on-year increase of 40.1%, and reflects a dividend payout ratio of 65%.

17 Share schemes Continued

Equity-settled transactions

During the year ended 31 December 2024, the Group recognised an expense of £24.4m (2023: £21.2m). The

weighted average fair values and the assumptions used in their calculations are set out below:

		2024	Awards
	Deferred		Share	LTIP Share
	Share Awards		Awards	Awards
Fair value at measurement date (pence)	4,866		4,994	4,271
Share price (pence)	4,866		4,994	5,010
Share price volatility	–		–	26.6%
Risk free rate	–		–	3.9%
Time to maturity (years)	1–3		3	3

		2023	Awards
	Deferred		Share	LTIP Share
	Share Awards		Awards	Awards
Fair value at measurement date (pence)	4,384		4,057	3,487
Share price (pence)	4,384		4,057	4,050
Share price volatility	–		–	27.6%
Risk-free rate	–		–	3.3%
Time to maturity (years)	1–3		3	3

The weighted average exercise prices of all share awards in the year are £nil (2023: £nil).

All Share Awards are granted under a service condition. Such condition is not taken into account in the fair

value measurement at grant date. From 2020 the LTIP Share Awards were granted under performance-related

non-market conditions only.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.40

2: Sustainability Report1: Strategic Report 3: Financial Report

20 Non-controlling interest

Accounting policy

Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity

as owners and therefore no goodwill is recognised as a result of such transactions.

Non-controlling interest

An analysis of the movement in non-controlling interest is shown below:

	2024	2023
	£m	£m
At 1 January	36.7	34.0
Exchange adjustments	0.6	(2.2)
Share of profit for the year	21.8	20.7
Adjustment arising from changes in non-controlling interest	–	(0.7)
Dividends paid to non-controlling interest	(16.1)	(15.1)
At 31 December	43.0	36.7

21 Related parties

Identity of related parties

The Group has a related party relationship with its key management. Balances and 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:

	2024	2023
	£m	£m
Short-term benefits	14.0	12.5
Post-employment benefits	0.6	0.6
Equity-settled transactions	13.5	10.8
Total	28.1	23.9

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

other long-term incentive plans is shown in the audited parts of the Remuneration report in Report 2

pages 2.115 to 2.125. Apart from the above, no member of key management had a personal interest in

any business transactions of the Group.

Listed within Company financial statement- Note I, are subsidiaries controlled and consolidated by the Group,

where the Directors have taken the exemption from having an audit of its financial statements for the year

ended 31 December 2024. This exemption is taken in accordance with Section 479A of the Companies

Act 2006.

22 Contingent liabilities

	2024	2023
	£m	£m
Guarantees, letters of credit and performance bonds	46.7	41.1

Litigation

The Group is involved in various claims and lawsuits incidental to the ordinary course of its business, including

claims for damages, negligence and commercial disputes regarding inspection and testing, and disputes with

employees and former employees. The Group is not currently party to any legal proceedings other than

ordinary litigation incidental to the conduct of business. These claims are not currently expected to result in

meaningful costs and liabilities to the Group. The Group maintains appropriate insurance cover to provide

protection from the small number of significant claims it is subject to from time to time.

Tax

The Group operates in more than 100 countries and with complex tax laws and regulations. At any point in

time it is normal for there to be a number of open years which may be subject to enquiry by local authorities.

In some jurisdictions the Group receives tax incentives (see note 6) which are subject to renewal and review

and reduce the amount of tax payable. Where the effect of the laws and regulations is unclear, estimates are

used in determining the liability for the tax to be paid. The Group considers the estimates, assumptions and

judgements to be reasonable but this can involve complex issues which may take a number of years to resolve.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.41

2: Sustainability Report1: Strategic Report 3: Financial Report

23 Principal Group companies

The principal subsidiaries whose results or financial position, in the opinion of the Directors, principally affect

the figures of the Group have been shown below. All the subsidiaries shown were consolidated with Intertek

Group plc as at 31 December 2024. Unless otherwise stated, these entities are wholly owned indirect

subsidiaries and the address of the registered office is Academy Place, 1–9 Brook Street, Brentwood, Essex,

CM14 5NQ, United Kingdom.

	Country of Incorporation and principal place of
Company name	operation	Activity
Intertek Australia Holdings Pty Limited (i)	Australia	Holding
Intertek Finance plc	England	Finance
Intertek Holdings Limited (ii)	England	Holding
Intertek Technical Services, Inc. (iii)	USA	Trading
Intertek Testing Services Holdings Limited (ii)	England	Holding
Intertek Testing Services Hong Kong Limited (iv)	Hong Kong	Trading
Intertek Testing Services Limited Shanghai (v)	China	Trading
Intertek Testing Services NA, Inc. (vi)	USA	Trading
Intertek Testing Services Shenzhen Limited (vii)	China	Trading
Intertek USA, Inc. (viii)	USA	Trading
Intertek USD Finance Limited	England	Finance
Labtest Hong Kong Limited (ix)	Hong Kong	Trading
RCG-Moody International Limited	England	Holding
Testing Holdings USA, Inc. (vi)	USA	Holding

(i) Registered office address is: 544 Bickley Road, Maddington, WA 6109, Australia.

(ii) Directly owned by Intertek Group plc.

(iii) Registered office address is: 25025 I-45, Suite 300, Spring, TX 77380, United States.

(iv) Registered office address is: 2/F Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong.

(v) Equity shareholding 85%, company controlled by the Group based on management’s assessment. Registered office address is: 2nd Floor,

West District, Free Trade Test Zone, Zhangyang Road, Shanghai, China.

(vi) Registered office address is: 3933 US Route 11, Cortland, NY 13045, United States.

(vii) Registered office address is: 3-5/F of Bldg. 1, 1-5/F of Bldg. 3, No. 4012, Wuhe Ave. North, Bantian Street, Yuanzheng Science and Technology

Industrial Park, Shenzhen, Guangdong, China.

(viii) Registered office address is: 545 E. Algonquin Road, Arlington Heights, Illinois 60005, United States.

(ix) Registered office address is: 2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong.

Group companies

In accordance with section 409 of the Companies Act 2006, all related undertakings are set out in the

following list. Related undertakings comprise subsidiaries, partnerships, associates, joint ventures and joint

arrangements. The principal subsidiaries listed above have not been duplicated in the following list.

Where no address is listed, the address of the registered office is Academy Place, 1–9 Brook Street, Brentwood,

Essex, CM14 5NQ, United Kingdom. Unless otherwise stated, the share capital for all related undertakings

included in this note comprises ordinary or common stock shares which are indirectly held by Intertek Group plc

as at 31 December 2024. The percentage held by class of share is stated where this is less than 100%. No

subsidiary undertakings have been excluded from the consolidation.

Fully owned subsidiaries

0949491 B.C. Limited

1200-925 West Georgia Street, Vancouver, British Columbia, V6C 3L2, Canada

4th Strand, LLC

(i)

(xv)

1950 Evergreen Boulevard, Suite 100, Duluth, GA 30096, United States

Acucert Labs, LLP

(xv)

82/2, Shreyas, 25th Road, Sion West, Mumbai, 400022, India

Acumen Security, LLC

2400 Research Blvd, Suite 395, Rockville, MD 20850, United States

Adelaide Inspection Services Pty Limited

544 Bickley Road, Maddington, WA 6109, Australia

Admon Labs Servicios Corporativos y Administrativos, S.A. de C.V.

Boulevard Adolfo Lopez Mateos #2259, Atlamaya, Alvaro Obregon, Ciudad de Mexico, C.P. 01760, Mexico

Advancing Food Safety Pty Limited.

(i)

544 Bickley Road, Maddington, WA 6109, Australia

Ageus Solutions Inc.

255 Michael Cowpland Dr., Suite 200, Ottawa, Ontario, K2M 0M5, Canada

Alchemy Investment Holdings, Inc.

5300 Riata Park Court, Austin, TX 78727, United States

Alchemy Systems, L.P.

(xv)

5301 Riata Park Court, Austin, TX 78727, United States

Alchemy Systems Training, Inc.

5300 Riata Park Court, Austin, TX 78727, United States

Alchemy Systems Training Limited

Alchemy Training Technologies, Inc.

1 Germain Street, Suite 1500, Saint John, NB E2L 4V1, Canada

Alta Analytical Laboratory, Inc.

(i)

200 Westlake Park Blvd., Westlake Building 4, Suite 400, Houston, TX 77079, United States

Anstat Pty Limited

544 Bickley Road, Maddington, WA 6109, Australia

Architectural Testing, Inc.

130, Derry Court, York, PA 17406, United States

Architectural Testing Holdings, Inc.

130 Derry Court, York, PA 17406, United States

Bellini & Sandrini Holding LTDA

Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Estado de São Paulo, Brazil

Bigart Ecosystems, LLC

(xv)

212 S. Wallace Avenue Bozeman, MT 59715, United States

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.42

2: Sustainability Report1: Strategic Report 3: Financial Report

Gellatly Hankey Marine Services (M) Sdn. Bhd.

Unit 30-01 Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200

Kuala Lumpur, Malaysia

Genalysis Laboratory Services Pty Limited

(vi)

544 Bickley Road, Maddington, WA 6109, Australia

Geotechnical Services Pty Limited

544 Bickley Road, Maddington, WA 6109, Australia

Global Trust Certification (UK) Limited

(ii)

Global X-Ray & Testing Corporation

112 East Service Road, Morgan City, LA 70380, United States

Global X-Ray Holdings, Inc.

112 East Service Road, Morgan City, LA 70380, United States

Guangzhou Intertek Quality Testing Technology Co., Ltd.

Room 301, No.8 Baoying East Road, Huangpu District, Guangzhou, China

H.P. White Laboratory Inc.

3114 Scarboro Road, Street, MD 21154, United States

Hawks Acquisition Holding, Inc.

545 E. Algonquin Road, Arlington Heights, Illinois 60005, United States

Hi-Tech Holdings, Inc.

(i)

CT Corporation System, 1200 S.Pine Island Road, Plantation, FL 33324, United States

Hi-Tech Testing Service, Inc.

CT Corporation System, 1999 Bryan Street Suite 900, Dallas, TX 75201, United States

ILI Infodisk, Incorporated.

205 W. Wacker Dr, Suite 1800, Chicago, IL 60606, United States

ILI Limited

Inspection Services (US), LLC

(xv)

237 Stuart Road, Amelia, LA 70340, United States

International Cargo Services, Inc.

(i)

c/o CT Corp, 8550 United Plaza Blvd, Baton Rouge, LA 70809, United States

International Inspection Services Limited

33/37 Athol Street, Douglas, IM1 1LB, Isle of Man

Intertek (Mauritius) Limited

2 Palmerston Road, Phoenix, Mauritius

Intertek (Schweiz) AG

TechCenter, Kaegenstrasse 18, 4153 Reinach, Switzerland

Intertek Algeria Ltd EURL

Zone urbaine Garidi 1, N°C7/C8, Bâtiment F1, 1er étage Local N°1, 16051, Kouba, Wilaya d’Alger, Algeria

Intertek Arabia A.C.

Office no. 213, Olaya Business Center, Al-Khobar, 31952, Saudi Arabia

Intertek Argentina Certificaciones S.A.

(iii)

Cerrito 1136 3rd floor CF, Ciudad Autónoma de Buenos Aires, C1010AAX, Argentina

23 Principal Group companies Continued

Caleb Brett Ecuador S.A.

Centro Commercial Mall del Sol, Av. Joaquín Orrantia González y Juan Tanca Marengo, Torre B, Piso 5,

Oficina 505, Guayaquil, Ecuador

Catalyst Awareness, Inc.

43 Carolinian Lane, Cambridge, ON N1S 5B5, Canada

Center for the Evaluation of Clean Energy Technology, Inc.

3933 US Route 11, Cortland, NY 13045, United States

Check Safety First Limited

Check Safety First Consultant LLC

(xvi)

Office No 4, Building 146, bn Sinaa Street No 950, District 24, Al Muntazah, Doha, Qatar

Checkpoint Solutions Ltd

Cristal Middle East for Safety Systems Company SAE

22 El-Imam Ali, Almazah, Heliopolis, Cairo Governorate, Egypt

Cristal North Africa CNA

Immeuble, SOGIT Faisant angle de la rue, lac victoria, et rue du des lacs de mazurie, les berges du lac,

1053 Tunis Le bureau, B5 situé, au 2ème étage, Tunis, Tunisia

Electronic Warfare Associates-Canada, Ltd

1223 Michael Street North, Suite 200, Ottawa, ON K1J 7T2, Canada

Enertech Australia Pty. Limited

544 Bickley Road, Maddington, WA 6109, Australia

Entela-Taiwan, Inc

4700 Broadmoor Avenue SE, Suite 200, Kentwood, MI 49512, United States

Esperanza Guernsey Holdings Limited

PO Box 472, St Julian’s Court, St Julian’s Avenue, St Peter Port, GY1 6AX, Guernsey

Esperanza International Services (Southern Africa) (Pty.) Limited

Charter House, 13 Brand Road, Glenwood, Durban, South Africa

Excel Partnership, Inc.

250 S. Wacker Drive, Suite 1800, Chicago, IL 60606, United States

Fivetix Professional Services Private Limited

F-Wing, I Floor, Tex Centre, 26-A Chandiwali Farm Road, Andheri (East) Mumbai, Mumbai City, MH 400072, India

Four Front Research (India) Pvt Limited

(ii)

Plot# 847, 5th Floor, Near Electricity Substation, Ayyappa Society Road, Madhapur, Hyderabad, Telangana,

500081, India

Frameworks Inc.

1595 Sixteenth Avenue, Suite 301, Richmond Hill, ON L4B 3N9, Canada

Gamatek, S.A. de C.V.

Alanis Valdez #2308, Industrial, Monterrey, Nuevo Leon, Mexico

GCA Calidad y Analisis de Mexico, S.A. de C.V.

Jacarandas #19, San Clemente, Alvaro Obregon, Ciudad de Mexico, C.P. 01740, Mexico

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.43

2: Sustainability Report1: Strategic Report 3: Financial Report

Intertek Certification AS

Leif Weldings vei 8, 3208 Sandefjord, Norway

Intertek Certification GmbH

Marie-Bernays-Ring 19a, 41199 Monchengladbach, Germany

Intertek Certification Japan Limited

Hulic Kamiyacho Building 4F, 4-3-13 Toranomon, Minato-ku, Tokyo, 105-0001, Japan

Intertek Certification Limited

Intertek Colombia S.A.

Calle 127A No. 53A-45, Oficina 1103, Bogotá, Colombia

Intertek Commodities Mozambique Lda

(xvi)

Rua 1233, NR 72 R/C, Distrito Urbano 1, Maputo, Mozambique

Intertek Consulting & Training (UK) Limited

(ii)

Northpoint Aberdeen Science & Energy Park, Exploration Drive, Bridge of Don, Aberdeen, AB23 8HZ,

United Kingdom

Intertek Consulting & Training (USA), Inc.

(i)

25025 I-45, Suite 300, Spring, TX 77380, United States

Intertek Consulting & Training Egypt

(ii)

46 B Street #7, Maadi, Cairo, Egypt

Intertek Consumer Goods GmbH

Würzburger Strasse 152, 90766 Fürth, Germany

Intertek Curacao N.V.

Barendslaan #3, Rio Canario Willemstad, Curacao, Netherlands Antilles

Intertek de Guatemala SA

46 Calle 21-53 Zona 12, Expobodega 46, Edificio 10, Guatemala Ciudad, Guatemala

Intertek de Nicaragua S.A.

Zona Franca Astro KM 47, Carretera Tipitapa Masaya, Nave 20, Managua, Nicaragua

Intertek Denmark A/S

Dokhavnsvej 3, Postboks 67, 4400 Kalundborg, Denmark

Intertek Deutschland GmbH

Stangenstrasse 1, 70771 Leinfelden-Echterdingen, Germany

Intertek DIC A/S

Buen 12, 2, 6000 Kolding, Denmark

Intertek do Brasil Inspecoes Ltda

Edifício Almares, térreo, 1º e 2º andares, No.7 Rua Doutor Cochrane, Bairro Paquetá, Santos, São Paulo, CEP

11013-100, Brazil

Intertek Egypt for Testing Services

2nd Floor, Block 13001, Piece 15, Street 13, First Industrial Zone, (Beside Abou Ghali Motors), Elobour City,

Cairo, Egypt

Intertek Engineering Service Shanghai Limited

Room 301-6, No.14, Lane 1401, Jiangchang Road, Jing ’an District, Shanghai, China

Intertek Evaluate AB

Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden

23 Principal Group companies Continued

Intertek Aruba N.V.

Lago Heights Straat 28A, San Nicolas, Aruba

Intertek Asset Integrity Management, Inc.

25025 I-45, Suite 300, Spring, TX 77380, United States

Intertek ATI SRL

Calea Rahovei no. 266-268, corp 61, floor 1, Axes A-C, 18-22 (1/2), sector 5, Bucharest, Romania

Intertek Azeri Limited

2236 Mirza Davud Str., Xatai District, Baku, AZ 1026, Azerbaijan

Intertek BA EOOD

24A Akad. Metodi Popov Str., Floor 5, Sofia, 1113, Bulgaria

Intertek Bangladesh Limited

Phoenix Tower, Plot–407 (3rd Floor), Tejgaon I/A, Dhaka, Bangladesh

Intertek Belgium NV

Kruisschansweg 11, 2040 Antwerp, Belgium

Intertek Burkina Faso Ltd Sarl

Lot 113, Parcelle no. PE 1/2, Secteur no.11. Ouagadougou, 02 BP 5984, Burkina Faso

Intertek C&T Australia Holdings PTY Ltd

(i)

544 Bickley Road, Maddington, WA 6109, Australia

Intertek C&T Australia Pty Ltd

Level 3, 235 St Georges Terrace, Perth, WA 6000, Australia

Intertek Caleb Brett (Uruguay) S.A.

(xiv)

Cerrito 507, 4th Floor, Of. 46 and 47, Montevideo, 11000, Uruguay

Intertek Caleb Brett Chile S.A.

Avenida Las Condes N° 11287 Torre A, oficina 301 A Las Condes, Santiago, Chile

Intertek Caleb Brett El Salvador S.A. de C.V.

Recinto Industrial de RASA, zona industrial de Acajutla, Sonsonate, El Salvador

Intertek Caleb Brett Germany GmbH

Georgswerder Bogen 3, D-21109 Hamburg, Germany

Intertek Caleb Brett Panama, Inc.

Zona Procesadora para la Exportacion de Albrook, Building 6, Ancon Panama, Panama

Intertek Caleb Brett Venezuela C.A.

Av. Mohedano, Centro Gerencial Mohedano, piso 4, oficina 4-C, La Castellana, Municipio Chacao, Venezuela

Intertek Canada Newco Limited

1829-32nd Avenue, Lachine, QC H8T 3J1, Canada

Intertek Capacitacion Chile Spa

Avenida Las Condes N° 11287 Torre A, oficina 301 A Las Condes, Santiago, Chile

Intertek Capital Resources Limited

Intertek Certification AB

Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.44

2: Sustainability Report1: Strategic Report 3: Financial Report

Intertek Industry and Certification Services (Thailand) Limited

539/2 Gypsum Metropolitan Tower, 11C Fl., Sri-Ayudhaya Road, Tanon – Phayathai Subdistrict, Khet

Ratchathewi, Bangkok, 10400, Thailand

Intertek Industry Ghana Ltd

House Number 1, North Industrial Area, Klan, Anoma Ntuu Link, Accra, PO BOX 533, Ghana

Intertek Industry Holdings (Pty) Ltd

53 Phillip Engelbrecht Drive, Woodhill Office Park Building 2, 1st Floor Unit 8B, Meyersdal, Gauteng, 1448,

South Africa

Intertek Industry Holdings Mozambique Limitada

Cidade de Maputo, Distrito Kampfumo, Baiiro Sommerchield, Avenida 1301 n˚97, Mozambique

Intertek Industry Services (S) Pte Ltd

2 International Business Park, #10-09/10, The Strategy, 609930, Singapore

Intertek Industry Services Brasil Ltda

Alameda Rio Negro, 161, room 702 – 7th floor, Alphaville Industrial and Business Center, Barueri, São Paulo,

06454-000-SP, Brazil

Intertek Industry Services de Argentina S.A.

Cerrito 1136, 2nd floor CF, Ciudad Autonoma de Buenos Aires, C1010AAX, Argentina

Intertek Industry Services Japan Limited

Hulic Kamiyacho Building 4F, 4-3-13 Toranomon, Minato-ku, Tokyo, 105-0001, Japan

Intertek Industry Services Romania Srl

266-268 Calea Rahovei Street, Building 61, 1st Floor, Sector 5, Bucharest, Romania

Intertek Industry WLL

Office # 24, Building 400, Road 3207, Mahooz, Block 332, Manama, Bahrain

Intertek Inspection Services Ltd

2561 Avenue Georges V, Montreal-Est, QC H1L 6S4, Canada

Intertek Inspection Services Scandinavia AS

Leif Weldings vei 8, 3208 Sandefjord, Norway

Intertek Inspection Services UK Limited

Intertek International Gabon SARL

Quartier Montagne Sainte – Immeuble Dumez, 2éme étage, Libreville, B.P. 13312, Gabon

Intertek International Guinee S.A.R.L.

(i)

Conakry Republique de Guinee, Compte Bancaire: 52481.369.10 0 (SGBG), Conakry Guinea

Intertek International Inc.

8600 NW 17th Street, Suite 100, Miami, FL 33126, United States

Intertek International Kazakhstan, LLC

Building 2A, Abay Street, Atyrau City, 060002, Kazakhstan

Intertek International Limited

Intertek International Ltd Egypt

69, Road 161, Intersection with Road 104, Ground Floor, Maadi, Cairo, Egypt

Intertek International Limited RDC SASU

4109, av Titres Fonciers, c/Barumbu, v/Kinshasa, The Democratic Republic of Congo

23 Principal Group companies Continued

Intertek Finance No. 2 Ltd

(x)

Intertek Finland OY

Teknoublevardi 3-5, FI-01530 Vantaa, Finland

Intertek Food Services GmbH

Olof-Palme-Strasse 8, 28719 Bremen, Germany

Intertek France SAS

ZAC Ecopark 2, 27400, Heudebouville, France

Intertek Fujairah FZC

P.O. Box 1307, Fujairah, United Arab Emirates

Intertek Genalysis (Zambia) Limited

Plot No 25/26 Nkwazi House, Nkwazi and Cha Cha Cha Roads, PO Box 31014, Lusaka, Zambia

Intertek Genalysis Madagascar SA

Saint Denis Terrain II, Parcel 2 Ambatofotsy, Ampandrianomby, Madagascar

Intertek Genalysis South Africa Pty Ltd

544 Bickley Road, Maddington, WA 6109, Australia

Intertek Ghana Limited

1st Floor Gian, Towers Office, Number 2 Community, Gian Towers Tema, Accra, Accra Metropolitan,

P.O. BOX GP 199, Ghana

Intertek Global (Iraq) Limited

Intertek Global Limited

26 New Street, St Helier, JE2 3RA, Jersey

Intertek Health Sciences Inc.

(v)

2233 Argentia Road, Suite # 201, Mississauga, ON L5N 2X7, Canada

Intertek Holding Deutschland GmbH

Stangenstrasse 1, 70771 Leinfelden-Echterdingen, Germany

Intertek Holdings France SAS

ZAC Ecopark 2, 27400 Heudebouville, France

Intertek Holdings Italia SRL

(xvi)

Via Guido Miglioli 2/A, Cernusco sul Naviglio, 20063, Milano, Italy

Intertek Holdings Nederland B.V.

Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands

Intertek Holdings Norge AS

Oljevegen 2, Tananger, 4056, Norway

Intertek Ibérica Spain, S.L.

Alameda Recalde, 27-5, 48009, Bilbao, Vizcaya, Spain

Intertek India Private Limited

E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India

Intertek Industrial Services GmbH

Marie-Bernays-Ring 19a, 41199 Monchengladbach, Germany

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.45

2: Sustainability Report1: Strategic Report 3: Financial Report

Intertek Overseas Holdings, Eritrea Limited

(i)

3rd Floor, Warsay Avenue, P.O. Box 4588, Asmara, Eritrea

Intertek Pakistan (Private) Limited

Intertek House, Plot No.1-5/11-A, Sector-5, Korangi Industrial Area, Karachi, Pakistan

Intertek Poland sp.z.o.o.

Cyprysowa 23 B, 02-265, Warsaw, Poland

Intertek Polychemlab B.V.

Koolwaterstofstraat 1, 6161 RA, Geleen, The Netherlands

Intertek Portugal, Unipessoal Lda

(xvi)

Rua Antero de Quental, 221-Sala 102, 4455-586, Perafita-Matosinhos, Portugal

Intertek Quality Services Ltd

(i)

Intertek Resource Solutions (Trinidad) Limited

#91-92 Union Road, Marabella, Trinidad, Trinidad and Tobago

Intertek Resource Solutions, Inc.

25025 I-45, Suite 300, Spring, TX 77380, United States

Intertek Rus JSC

Golovin B. Per, 12-1-Pomeshch. 1/5 107045, Moscow, Russian Federation

Intertek S.R.O

Sokolovská 131/86, Karlín, Praha 8, 186 00, Czech Republic

Intertek Saudi Arabia Limited

Southern Olaya Center, Office No. 213, Makkah Al-Mukaramah Street, P.O. Box 2526, Al-Khobar, 31952,

Saudi Arabia

Intertek ScanBi Diagnostics AB

Box 166, Alnarp, SE-230 53, Sweden

Intertek Secretaries Limited

(i)

Intertek Semko AB

Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden

Intertek Services (Pty) Ltd

1st Floor, Building D, Stoneridge Office Park, 8 Greenstone Place, Greenstone, Gauteng, Johannesburg, 1609,

South Africa

Intertek Servicios C.A.

(i)

Res. San Ignacio, Calle San Ignacio de Loyola con Avenue Francisco de Miranda, Local 3, Chacao, Caracas,

Venezuela

Intertek Statius N.V.

Man ‘O’ War #B3, Oranjestad, St. Eustatius, Netherlands Antilles

Intertek Surveying Services (USA), LLC

(xv)

16441 Space Center Boulevard, Suite D-100, Houston, TX 77058, United States

Intertek Surveying Services UK Limited

Exploration Drive, Aberdeen Science And Energy Park, Bridge Of Don, Aberdeenshire, AB23 8HZ, United Kingdom

Intertek Technical Inspections Canada Inc.

(iv)

1829-32nd Avenue, Lachine, Quebec, H8T 3J1, Canada

23 Principal Group companies Continued

Intertek International Nederland BV

Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands

Intertek International Niger SARL

BP 2769, 2nd Floor Lot 792 Block Q, Independance Boulevard, Rue GM-20, Niger

Intertek International Suriname N.V.

Prins Hendrikstraat 49, Paramaribo, Suriname

Intertek International Tanzania Limited

Minazini Street, Kilwa Road 5, Dar es Salaam, United Republic of Tanzania

Intertek Italia SpA

Via Guido Miglioli 2/A, Cernusco sul Naviglio, 20063, Milano, Italy

Intertek Japan K.K.

Hulic Kamiyacho Building 4F, 4-3-13 Toranomon, Minato-ku, Tokyo, 105-0001, Japan

Intertek Kalite Servisleri Limited Sirketi

Cevizli Mah. Tansel Cad. No: 12-18, Maltepe, Istanbul, Turkey

Intertek Korea Industry Service Ltd

Yeouido Dept Bldg #916, 36-2, Yeouido-Dong, Youngdeungpo-Gu, Seoul, 150-749, South Korea

Intertek Labtest S.A.R.L

7 Boulevard de La Résistance, Immeuble de la Comanav, 7éme étage, Casablanca, 20300, Morocco

Intertek Malta Limited

24A Level 2, Flagstone Wharf, Marsa MRS 1932, Malta

Intertek Management Services (Australia) Pty Ltd

544 Bickley Road, Maddington WA 6109, Australia

Intertek Med SARL AU

Zone Franche Logistique Tanger Med, Plateau Bureaux 4, Lot 130, Tanger, Morocco

Intertek Medical Notified Body AB

Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden

Intertek Medical Notified Body UK Ltd

Intertek Middle East And North Africa Regional Company LLC

(xvi)

8410, Str No. 263, 3792, Al Yasmeen Dist., Riyadh, 13326, Saudi Arabia

Intertek Minerals Limited

Osu Badu Street, Airport Residential Area, Accra, Greater Accra, CP8196, Ghana

Intertek Myanmar Limited

Classic Strand Cono, No.693/701, Room (4-A), (4th Floor), Merchant Road, Pabedan Township, Yangon, Myanmar

Intertek Nederland B.V.

Leerlooierstraat 135, 3194 AB Hoogvliet, Rotterdam, The Netherlands

Intertek Nominees Limited

Intertek OCA France SARL

Route Industrielle – Centre Routier, 76600, Gonfreville L’Orcher, France

Intertek Overseas Holdings Limited

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.46

2: Sustainability Report1: Strategic Report 3: Financial Report

Intertek Testing Services Environmental Laboratories Inc.

(i)

Lexis Document Services, 15 East North Street, Dover, DE 19901, United States

Intertek Testing Services NA Limited

1829-32nd Avenue, Lachine, QC H8T 3J1, Canada

Intertek Testing Services NA Sweden AB

(i)

c/o Intertek Semko AB, Box 1103, Kista, 16422, Sweden

Intertek Testing Services Namibia (Proprietary) Limited

15th Floor, Frans Indongo Gardens, Dr Frans Indongo Street, Windhoek, Namibia

Intertek Testing Services Pacific Limited

2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong

Intertek Testing Services Peru S.A.

Jr. Mariscal Jose de la Mar No. 200 Urb., Res. El Pino, San Luis, Lima, Peru

Intertek Testing Services Philippines, Inc.

Intertek Building, 2307 Chino Roces Avenue Extension, Metro Manila, Makati City, 1231, Philippines

Intertek Testing Services Taiwan Limited

8F No. 423 Ruiguang Rd, Neihu District, Taipei, 11492, Taiwan

Intertek Testing Services Tianjin Limited

1-6/F, Block B, No. 7 Guiyuan Road, Hi-Tech Pack, Tianjin, China

Intertek Testing Services Zhejiang Ltd

Building No.2, Juanhu Science and Technology Innovation Park, No. 500 East Shuiyueting Road, Haining City,

Zhejiang Province, China

Intertek Timor, S.A.

(i)

Hotel Timor, Colmera, Vera Cruz, Dili, Timor-Leste

Intertek Training Malaysia Sdn. Bhd.

6-L12-01, Level 12, Tower 2, Menara PGRM, No. 6 & 8 Jalan Pudu Ulu, Cheras, 56100 Kuala Lumpur, Malaysia

Intertek Trinidad Limited

#91-92 Union Road, Marabella, Trinidad and Tobago

Intertek UK Holdings Limited

Intertek USA Finance LLC

c/o CSC Services of Nevada, Inc., 2215-B Renaissance Dr, Las Vegas NV 89919, United States

Intertek Vietnam Limited

3rd & 4th floor, Au Viet Building, No. 01 Le Duc Tho Str., Mai Dich Ward, Cau Giay District, Hanoi City, Vietnam

Intertek West Africa SARL

Immeuble Centre Pavillon, 4eme étage, Rue Paul Langevin, Marcory, Zone 4, Abidjan, Côte d’Ivoire

Intertek West Lab AS

Oljevegen 2, 4056 Tananger, Norway

Intertek Genalysis SI Limited

(i)

c/o Baoro & Associates, Top Floor, Y. Sato Building, Point Cruz, Honiara, Solomon Islands

23 Principal Group companies Continued

Intertek Technical Services PTY Limited

544 Bickley Road, Maddington, WA 6109, Australia

Intertek Technical Testing and Analysis Private Limited Company

Bole Sub City Woreda 04, House Number 064/A/, Abune Yosef, Addis Ababa, 4260, Ethiopia

Intertek Testing & Certification Limited

Intertek Testing and Inspection Services UK Limited

Intertek Testing Management Ltd

Intertek Testing Services (Australia) Pty Limited

544 Bickley Road, Maddington, WA 6109, Australia

Intertek Testing Services (Cambodia) Company Limited

13AC, Street 337, Sangkat Boeung Kak I, Khan Tuol Kork, Phnom Penh, Cambodia

Intertek Testing Services (East Africa) (Pty) Limited

5th Floor Charter House, 13 Brand Road, Glenwood, Kwa-Zulu Natal, 4001, South Africa

Intertek Testing Services (Fiji) Pte Limited

c/o BDO, Level 10, FNPF Place, 343 Victoria Parade, Suva, Fiji

Intertek Testing Services (Guangzhou) Ltd

No.3-1, Road 1, Xinhaixin Street, Huangge, Nansha District, Guangzhou, Guangdong, China

Intertek Testing Services (ITS) Canada Ltd

105-9000 Bill Fox Way, Burnaby, BC V5J 5J3, Canada

Intertek Testing Services (Japan) K. K.

Hulic Kamiyacho Building 4F, 4-3-13 Toranomon, Minato-ku, Tokyo, 105-0001, Japan

Intertek Testing Services (NZ) Limited

3 Kepa Road, Ruakaka, Northland, 0171, New Zealand

Intertek Testing Services (Singapore) Pte Ltd.

1 Tai Seng Avenue #05-13, Tai Seng Exchange, 536464, Singapore

Intertek Testing Services (Thailand) Limited

1285/5 Prachachuen Road, Wong-Sawang Sub-District, Bangsue District, Bangkok, 10800, Thailand

Intertek Testing Services Argentina S.A.

Cerrito 1136, piso 3ro, Frente. Ciudad Autonoma de Buenos Aires, C1010AAX, Argentina

Intertek Testing Services Bolivia S.A.

Calle Chichapi # 2125, Santa Cruz, de la Sierra, Bolivia

Intertek Testing Services Caleb Brett Egypt Limited

Intertek Testing Services Chongqing Co., Limited

1F/6F Building 3 No.5, East Gangcheng Loop Road, Chongqing, China

Intertek Testing Services de Honduras, S.A.

Edificio la Pradera, locales 5 y 6. 1-2 Ave, 1 calle, Puerto Cortes, Barrio el Centro, Honduras

Intertek Testing Services De Mexico, S.A. De C.V.

(iii)

Poniente 134, No 660 Industrial Vallejo, Mexico DF CP, 02300, Mexico

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.47

2: Sustainability Report1: Strategic Report 3: Financial Report

Metoc Limited

(iii)

Midwest Engineering Services, Inc.

(i)

CT Corporation System, 8020 Excelsior Dr., Suite 200, Madison WI 53717, United States

Moody (Shanghai) Consulting Co., Ltd

Room 403, No.5-6, Lane 1218, Wanrong Road, Jing ‘an District, Shanghai, China

Moody International (Holdings) Limited

(viii)

Moody International (India) Private Limited

E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India

Moody International (Russia) Limited

(ii)

Moody International Certification India Limited

E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India

Moody International Holdings LLC

(xv)

237 Stuart Road, Amelia, LA 70340, United States

MT Group LLC

145 Sherwood Avenue, Farmingdale, NY 11735, United States

MT Operating of New Jersey, LLC

(xv)

145 Sherwood Avenue, Farmingdale, NY 11735, United States

MT Operating of New York, LLC

(xv)

145 Sherwood Avenue, Farmingdale, NY 11735, United States

N T A Monitor Limited

NDT Services Limited

Northern Territory Environmental Laboratories Pty Ltd

(i)

544 Bickley Road, Maddington, WA 6109, Australia

NTA Monitor (M) Sdn Bhd

No. 18-B, Jalan Kancil off Jalan Pudu, 55100 Kuala Lumpur, Wilayah Persekutuan, Malaysia

Paulsen & Bayes-Davy Ltd

2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong

Petroleum Services of Union Lab Sdn. Bhd.

Suite C-7-10 (B), Level 9, Block C, UE3 Corporate Offices, Menara Uncang Emas, No 85 Jalan Loke Yew,

Taman Miharja, 55200 Kuala Lumpur, Malaysia

Pittsburgh Testing Laboratory Inc.

(i)

PSI, 850 Poplar Street, Pittsburgh, PA 15220, United States

PlayerLync Holdings, Inc.

1209 Orange Street, Wilmington, New Castle, DE 19801, United States

PlayerLync LLC

(xv)

5690 Dtc Blvd Ste 450E, Greenwood Village, CO 80111, United States

Profesionales Contables en Asesoría Empresarial y de Ingenieria S.A.S.

Calle 120, No. 45A – 32, Bogota, Colombia

Professional Service Industries (Canada) Inc.

(i)

200 Bay Street, Suite 3800, Royal Bank Plaza, South Tower, Toronto ON M5J 2J7, Canada

23 Principal Group companies Continued

ITS (PNG) Limited

Section 27 Allotment 27, Voco Point, Lae, Morobe Province, Papua New Guinea

ITS (Subic Bay), Inc.

Area 8 – 10, Lots 11/12 Boton Wharf, Argonaut Highway, Subic Bay, Freeport Zone, Olongapo City, Philippines

ITS Guinea SARLU

Resident Almamya 103, Community De Kaloum, Conakry, Guinea

ITS Labtest Bangladesh Limited

Phoenix Tower, Plot – 407 (3rd Floor), Tejgaon I/A, Dhaka, Bangladesh

ITS Testing Holdings Canada Limited

9000 Bill Fox Way, Suite 105, Burnaby, British Columbia, V5J 5J3, Canada

ITS Testing Services (UK) Limited

ITS Testing Services Co. LLC

Ras Tanura KSA, PO Box 216, 31941, Saudi Arabia

JLA Brasil Laboratório de Análises de Alimentos S.A.

Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Estado de São Paulo, Brazil

KJ Tech Services GmbH

(xii)

Pallaswiesenstraße 168, 64293, Darmstadt, Germany

Laboratorio Fermi S.A. de C.V.

Jacarandes #15, San Clemente, Alvaro Obregon, Ciudad de Mexico, C.P. 01740, Mexico

Laboratorios ABC Química, Investigación y Análisis, S.A. de C.V.

(xiii)

Jacarandas #19, San Clemente, Alvaro Obregón, Ciudad de Mexico, C.P. 01740, Mexico

Laboratory Services International Rotterdam B.V.

Pittsburghstraat 9, 3047 BL, Rotterdam, The Netherlands

Labtest International Inc.

545 E. Algonquin Road, Arlington Heights, IL 60005, United States

Lintec Testing Services Limited

Louisiana Grain Services, Inc.

(i)

c/o CT Corp, 8550 United Plaza Blvd, Baton Rouge LA 70809, United States

Mace Land Company, Inc.

3114 Scarboro Road, Street, MD 21154, United States

Management Systems International Limited

(i)

Materials Testing Lab, Inc.

145 Sherwood Avenue, Farmingdale NY 11735, United States

McPhar Geoservices (Philippines) Inc.

Building 7 & 8 Philcrest 1 Compound, Km23 West Service Road, Bo. Cupang, Muntinlupa City, Philippines

Melbourn Scientific Limited

Melbourn Scientific, Saxon Way, Melbourn, Hertfordshire, Royston, SG8 6DN, United Kingdom

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.48

2: Sustainability Report1: Strategic Report 3: Financial Report

SAI Global Japan Co. Ltd.

Hulic Kamiyacho Building 4F, 4-3-13 Toranomon, Minato-ku, Tokyo, 105-0001, Japan

SAI Global Korea Co., Ltd

(Dangjeong-dong, Intertek Building) 3, Gongdan-ro 160 beon-gil, Gunpo-si, Gyeonggi-do, Seoul, South Korea

SAI Global Mexico, S. de R.L. de C.V

(xvi)

Poniente 134, No 660 Industrial Vallejo, Mexico DF CP, 02300, Mexico

SAI Global Pty Limited

544 Bickley Road, Maddington, WA 6109, Australia

SAI Global SARL

29 Rue du Pont, 92200 Neuilly-sur-Seine, France

SAI Global UK Holdings Limited

SAI Global US Holdings, Inc.

205 W. Wacker Dr, Suite 1800, Chicago, IL 60606, United States

Schindler & Associates (L.C.)

(i)

(xv)

24900 Pitkin Road, Suite 200, The Woodlands, TX 77386, United States

Shanghai Orient Intertek Testing Services Company Limited

Room 304\401,No 1\4\5, Lane 2028, Changzhong Road, Jing’an District, Shanghai, China

Shanghai Tianxiao Investment Consultancy Company Limited

Room 502, No.5-6, 1218 WanRong Road, Shanghai 200070, China

Technical Company for Testing and Conformity Services & Systems LLC

Gates No. 1/2/6, Building 73, Area 903, Karadah, Al Rusafa, Baghdad, Iraq

Testing Holdings Sweden AB

Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden

Tradegood.com International Limited

2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong

Van Sluys & Bayet NV

Kruisschansweg 11, 2040 Antwerp, Belgium

White Land Company, Inc.

3114 Scarboro Road, Street, MD 21154, United States

Wilson Inspection X-Ray Services, Inc.

(i)

Michael E Wilson, 6010 Edgewater Dr., Corpus Christi, TX 78412, United States

Wisco SE Asia PTE Limited

(ii)

3 Irving Road #05-01 to 05, Tai Seng Centre, 369522, Singapore

Youngever Holdings Ltd

Luna Tower, Waterfront Drive, Road Town, Tortola, VG 1110, British Virgin Islands

23 Principal Group companies Continued

Professional Service Industries, Inc.

545 E. Algonquin Road, Arlington Heights, IL 60005, United States

Professional Service Industries Holdings, Inc.

545 E. Algonquin Road, Arlington Heights, IL 60005, United States

PSI Acquisitions, Inc.

545 E. Algonquin Road, Arlington Heights, IL 60005, United States

PT. Moody Technical Services

Graha STR 3rd floor, Suite#302, Jl. Ampera Raya No. 11, Jakarta, 12550, Indonesia

PT. RCG Moody

Graha STR 3rd floor, Suite#302, Jl. Ampera Raya No. 11, Jakarta, 12550, Indonesia

PT. Intertek SAI Global Indonesia

Graha Iskandarsyah Lantai 4, Jalan Iskandarsyah Raya Nomor 66-C, Kebayoran Baru, Jakarta, 12160, Indonesia

QMI-SAI Canada Limited

20 Carlson Court, Suite 200, Toronto, ON M9W 7K6, Canada

RCG Moody International Uruguay S.A.

Cerrito 507, 4th Floor, Off. 46, 47, Montevideo 11000, Uruguay

SAI Global Assurance Learning Limited

(ii)

SAI Global Assurance Pty Limited

544 Bickley Road, Maddington, WA 6109, Australia

SAI Global Assurance Services Ltd

SAI Global Assurance Services sp. z o.o.

Oszczepników 4, 02-633 Warszawa, Poland

SAI Global Australia (China) Pty Limited

(i)

544 Bickley Road, Maddington, WA 6109, Australia

SAI Global Australia Pty Limited

544 Bickley Road, Maddington, WA 6109, Australia

SAI Global Certification Services Pty Limited

(i)

544 Bickley Road, Maddington, WA 6109, Australia

SAI Global CIS UK Limited

SAI Global GmbH

(ii)

Friedrich-Ebert-Anlage 36, 60325 Frankfurt am Main, Germany

SAI Global GP

(xv)

205 W. Wacker Dr, Suite 1800, Chicago, IL 60606, United States

SAI Global, Inc.

615 South DuPont Highway, Dover, DE 19901, United States

SAI Global Italia S.R.L.

Corso Tazzoli 235/3, CAP 10137, Turin, Italy

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.49

2: Sustainability Report1: Strategic Report 3: Financial Report

Intertek Global International LLC

(xv)

(xxii)

(49%)

Building 242, Office No.3, C-Ring Road, Doha, PO Box 47146, Qatar

Intertek GM Testing Service Zhuhai Co., Ltd (70%)

6F of Research and Development Building, Guangdong-Macau TCM Park Commercial Service Center, 2682 Huan

Dao Bei Road, Hengqin New Area, Zhuhai, Guangdong China

Intertek Industry Services (PTY) LTD (69.9%)

Woodhill Office Park Building 2, First Floor Unit 8b, 53 Phillip Engelbrecht Drive, Meyersdal, Gauteng, 1448,

South Africa

Intertek Industry Services Colombia Limited (99%)

Calle 127A No. 53A-45, Oficina 1103, Bogotá, Colombia

Intertek Inspection (Malaysia) Sdn. Bhd.

(xi)

(xxii)

(40%)

D-28-3, Level 28, Menara Suezcap 1, No. 2 Jalan Kerinchi, Gerbang Kerinchi Lestari, 59200 Kuala Lumpur,

Malaysia

Intertek Kimsco Co., Ltd (50%)

9F, Hansan Building, 115, Seosomun-ro, Jung-gu, Seoul, 04515, South Korea

Intertek Lanka (Private) Limited (70%)

Intertek House, No: 282, Kaduwela Road, Battaramulla, Sri Lanka

Intertek Libya Technical Services and Consultations Company Spa (65%)

P.O Box 3788, Hay Alandalus, Gargaresh, Tripoli, Libya

Intertek Life Bridge (Shanghai) Testing Services Co., Ltd (80%)

4F, No.6 BLD, Lane 1218, Wanrong Road, Shanghai 200070, China

Intertek Ltd (99.9%)

Borco Administration Bldg, West Sunrise Highway, Freeport, Grand Bahama, The Bahamas

Intertek – QNP LLP

(xvii)

(51%)

Building 2A, Abay Street, Atyrau City, 060002, Kazakhstan

Intertek Robotic Laboratories Pty Limited (50%)

544 Bickley Road, Maddington, WA 6109, Australia

Intertek South Africa Holdings (Pty) Ltd (75%)

5th Floor, Charter House, 13 Brand Road, Glenwood, Kwazulu-Natal, South Africa

Intertek Test Hizmetleri Anonim Sirketi (85%)

Merkez Mahallesi, Sanayi Cad. No.23, Altindag Plaza, Yenibosna-34197, Istanbul, Turkey

Intertek Testing Services (Shanghai FTZ) Co., Ltd (85%)

7th Floor, Building No. 51, 1089 North Qinzhou Road, Xuhui District, Shanghai, China

Intertek Testing Services (South Africa) (Pty) Ltd

(xi)

(xxii)

(49.5%)

5th Floor, Charter House, 13 Brand Road, Glenwood, Durban, South Africa

Intertek Testing Services Changzhou Ltd (85%)

Room 201, No 4 Floor, Changzhou Testing Industrial Park, Tanning District, Changzhou, China

Intertek Testing Services Korea Limited (50%)

1st Fl., Aju Digital Tower, 284-56, Seongsu-dong 2-ga, Seongdong-gu, Seoul 133-120, South Korea

Intertek Testing Services Nigeria Limited (65.9%)

73B Marine Road, Apapa GRA, Apapa, Lagos, 102272, Nigeria

23 Principal Group companies Continued

Related undertakings where the effective interest is less than 100%

Alink Holdings Ltd.

(iii)

(60%)

200-121 St. Paul Street, Kamloops, BC V2C 3K8, Canada

Base Met Labs US Ltd (60%)

3411 Silverside Road, Tatnall Building # 104, Wilmington, DE 19810, United States

Base Metallurgical Laboratories Ltd.

(xviii)

(60%)

300-350 Lansdowne Street, Kamloops, BC V2C 1Y1, Canada

C4 Holdings Limited

(xix)

(60%)

300-350 Lansdowne Street, Kamloops, BC V2C 1Y1, Canada

Caleb Brett Abu Dhabi LLC

(xxi)

(xxii)

(49%)

CB UAE (Private) Ltd, c/o Al Nahiya Group, PO Box 3728, Abu Dhabi, United Arab Emirates

Clean Energy Associates, LLC

(xv)

(85%)

16192 Coastal Highway, Lewes, DE, 19958, United States

Clean Energy Associates Limited (85%)

302-308 Hennessy Road, Room 2003, Wanchai, Hong Kong

Clean Energy Associates (China) Limited (85%)

Room 159, Building 4th, No. 2118 Guanghua Road, Minhang District, Shanghai, China

Controle Analítico Análises Técnicas Ltda. (80%)

281 Rua Leão XIII, Vila dos Remédios, Osasco, São Paulo, 06298-180, Brazil

CQC-SAI Management Technologies (Beijing) Co., Ltd (70%)

Level 21, Suite 2101-2103A, Beijing AVIC Building, No 10B, East 3rd Ring Road, Chaoyang District,

Beijing 100022, China

Euro Mechanical Instrument Services LLC

(xxii)

(49%)

PO Box 46153, Abu Dhabi, United Arab Emirates

International Inspection Services LLC

(xxi)

(70%)

PO Box 193, Al Hamriyah, Muscat, PC 131, Oman

Intertek (Qeshm Island) Limited (51%)

Unit 107, Goldis Building, Valiasr Boulevard, Qeshm Island, Islamic Republic of Iran

Intertek Angola LDA (99%)

282 Rua Amilcar Cabral no.147 2nd floor, Apartment Z, Luanda, Angola

Intertek Burkina Faso SAS

(xxii)

(49%)

Lot 113, Parcelle no. PE 1/2, Secteur no.11. Ouagagougou, 02 BP 5984, Burkina Faso

Intertek Caleb Brett Tzn Limited (75%)

Plot number 5, Minizani str.-Opposite Roman Catholic Church, Kilwa Road, Kurasini Temeke, Dar Es Salaam,

15109, United Republic of Tanzania

Intertek Certification International Sdn. Bhd.

(xxii)

(40%)

6-L12-01, Level 12, Tower 2, Menara PGRM, No. 6 & 8 Jalan Pudu Ulu, Cheras, 56100 Kuala Lumpur, Malaysia

Intertek ETL SEMKO KOREA Limited (90%)

5F, Intertek building, Gongdan-ro, 160 beon-gil 3, Gunpo-si, Gyeonggi-do, 15845, South Korea

Intertek Geronimo JV Limited (70%)

1, North Industrial Area, Klan Street, Accra, Ghana

Intertek Group plc

Annual Report & Accounts 2024

Notes to the financial statements Continued

3.50

2: Sustainability Report1: Strategic Report 3: Financial Report

Shanghai Moody Management & Technical Services Co. Ltd

(i)

(90%)

Room 225, No. 14 at Lane No. 1700 Luo Shan Road, Shanghai, China

Société SAI Global Tunisia SARL (75%)

67, Avenue Alain Savary, Cite les Jardins 2 Bloc A, Tunis, Tunisia

Société Tunisienne Intertek Caleb Brett SARL (51%)

67 rue Ech-Chem, Tunis, 1002, Tunisia

The Wine Warehouse (Chepstow) Management Company Limited (75%)

Associates

Intertek Minerals Mali SAS (49%)

Hamdallaye ACI 2000, Rue 390, Immeuble DABO, Porte 409, Bamako, Mali

Moody International Certification Ltd (40%)

53, Nautic, Triq l-Ortolan, San Gwann, SGN 1943, Malta

Moody Certification Maroc SARL (30%)

28, Rue de Provins, 2 eme etage, Casablanca, Morocco

Moody International SA (35%)

4 Rue Des Brasseurs, Zone 3 Abidjan, Côte d’Ivoire

(i) Dormant.

(ii) In liquidation/strike-off requested.

(iii) Ownership held in class A and B shares.

(iv) Ownership held in class A and E shares.

(v) Ownership held in class A, B, C, D and E shares.

(vi) Ownership held in class A, B, C, D, E and F shares.

(vii) Ownership held in ordinary and ordinary-A shares.

(viii) Ownership held in ordinary, ordinary-A, ordinary-B and deferred shares.

(ix) Ownership held in ordinary and preference shares.

(x) Ownership held in ordinary and redeemable shares.

(xi) Ownership held in ordinary and redeemable preference shares.

(xii) Ownership held in No.1, No.2.1 and No.2.2 shares.

(xiii) Ownership held in class I Series B shares and class II Series B shares.

(xiv) Ownership held in ordinary bearer shares.

(xv) Ownership held in membership units.

(xvi) Ownership held in quota capital shares.

(xvii) Ownership held in charter fund capital.

(xviii) Ownership held in class A, B, C and D shares.

(xix) Ownership held in class A, B and F shares.

(xx) Ownership held in class C, E and G shares.

(xxi) The Group obtains 99% of the economic benefit of the company.

(xxii) Intertek has de facto control of the company .

23 Principal Group companies Continued

Intertek Testing Services Sichuan Co., Ltd (90%)

No 1, Jiuxiang Blvd, Pharmacy Industry Park, Luzhou National High Technology District, Sichuan, China

Intertek Testing Services Wuxi Ltd (70%)

1/F, No.8 Fubei Road, Xishan Economic Development Zone, Wuxi, Jiangsu, 214101, China

ITS Caleb Brett Deniz Survey A S (50%)

Ulus Mah. Oz Topuz cad. no.32, Besiktas, Istanbul, 34340, Turkey

ITS Testing Services (M) Sdn Bhd (74%)

Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No.8, Jalan Kerinchi,

59200 Kuala Lumpur, Malaysia

ITS Testing Services Holdings (M) Sdn Bhd

(xxii)

(49%)

Unit 30-01 Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi,

59200 Kuala Lumpur, Malaysia

Langers Holdings Inc.

(xx)

(60%)

300-350 Lansdowne Street, Kamloops, BC V2C 1Y1, Canada

Moody International Angola Ltda

(i)

(xvi)

(78.6%)

Rua de Macau, Edifico ex Edil Apto 1, Res de Chao Esq. C.P 215, Cabinda, Angola

Moody International Bangladesh Limited (99.9%)

House 6, Road 17/A, Block E, Ground Floor, Banani, Dhaka, 1213, Bangladesh

Moody International Holdings Chile Ltda (99%)

Avenida Las Condes N° 11287 Torre A, oficina 301 A Las Condes, Santiago, Chile

Moody International Lanka (Private) Ltd

(i)

(99.9%)

No.5, St Albans Place, Colombo-4, Sri Lanka

Moody International Philippines, Inc.

(i)

(92.5%)

Intertek Building, 2310 Chino Roces Avenue Extension, Metro Manila, Makati City, 1231, Philippines

PT Citrabuana Indoloka (50%)

Jl. Raya Bogor KM. 28, RT/RW. 04/07, Kel. Pekayon, Kec. Pasar Rebo, Jakarta Timur, 13710, Indonesia

PT. Global Assurance Services

(ii)

(99.8%)

Graha Iskandarsyah Raya No.66-C, Jakarta, 12160, Indonesia

PT. Intertek Utama Services

(xxii)

(49%)

Jl. Raya Bogor KM. 28, RT/RW. 04/07, Kel. Pekayon, Kec. Pasar Rebo, Jakarta Timur, 13710, Indonesia

Qatar Calibration Services LLC

(xxii)

(49%)

Petrotec, PO Box 16069, 8th Floor, Toyota Tower, Doha, Qatar

RCG Moody International de Venezuela S.A.

(i)

(99%)

Res Morgana, p_4, #04, Av. Andres Bello, Fco de Miranda, Los Polos Grandes, Caracas, Venezuela

SAI Global (Cyprus) Holdings Limited (60%)

1 Lampousas Street, 1095 Nicosia, Cyprus

SAI Global Eurasia LLC (60%)

59 pomeshch. 17-n kom., litera a, 7, nab. Reki Volkovki, 192102, St. Petersburg, Russian Federation

Intertek Group plc

Annual Report & Accounts 2024

3.51

Intertek Group plc – Company balance sheet

2: Sustainability Report1: Strategic Report 3: Financial Report

As at 31 December Notes

2024

£m

2023

£m

Fixed assets

Investments in subsidiary undertakings

(E) 369.9 360.2

Current assets

Debtors (F) 521.5 439.2

521.5 439.2

Cash at bank and in hand 1.2 –

522.7 439.2

Creditors due within one year

Overdrafts and loans – (2.4)

Other creditors (G) (38.5) (40.3)

(38.5) (42.7)

Net current assets 484.2 396.5

Total assets less current liabilities 854.1 756.7

Net assets 854.1 756.7

Capital and reserves

Called up share capital (H) 1.6 1.6

Share premium (H) 257.8 257.8

Profit and loss reserves (H) 594.7 497. 3

Total shareholders’ funds 854.1 756.7

The profit for the financial year was £310.5m (2023: £193.9m).

The financial statements on pages 3.51 to 3.56 were approved by the Board on 3 March 2025 and were signed on its behalf by:

André Lacroix

Chief Executive Officer

Colm Deasy

Chief Financial Officer

Company number: 04267576

Intertek Group plc

Annual Report & Accounts 2024

3.52

Intertek Group plc – Company statement of changes in equity

2: Sustainability Report1: Strategic Report 3: Financial Report

Notes

Share capital

£m

premium

£m

Profit and

loss reserves

£m

Total

equity

£m

At 1 January 2023 1.6 257. 8 475.1 734.5

Total comprehensive income for the year

Profit (B) – – 193.9 193.9

Total comprehensive income for the year – – 193.9 193.9

Transactions with owners of the Company recognised directly in equity

Contributions by and distributions to the owners of the Company

Dividends paid (D) – – (176.3) (176.3)

Purchase of own shares – – (11.6) (11.6)

Tax paid on Share Awards vested – – (5.0) (5.0)

Equity-settled transactions (E) – – 21.2 21.2

Total contributions by and distributions to the owners of the Company – – (171.7) (171.7)

At 31 December 2023 1.6 257. 8 497.3 756.7

At 1 January 2024 1.6 257.8 497.3 756.7

Total comprehensive income for the year

Profit (B) – – 310.5 310.5

Total comprehensive income for the year – – 310.5 310.5

Transactions with owners of the Company recognised directly in equity

Contributions by and distributions to the owners of the Company

Dividends paid (D) – – (206.1) (206.1)

Purchase of own shares – – (24.7) (24.7)

Tax paid on Share Awards vested – – (6.7) (6.7)

Equity-settled transactions (E) – – 24.4 24.4

Total contributions by and distributions to the owners of the Company – – (213.1) (213.1)

At 31 December 2024 1.6 257.8 594.7 854.1

Intertek Group plc

Annual Report & Accounts 2024

3.53

Notes to the Company financial statements

2: Sustainability Report1: Strategic Report 3: Financial Report

(A) Accounting policies – Company

The following accounting policies have been applied consistently in dealing with items which are considered

material in relation to the Company’s financial statements.

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced

Disclosure Framework (‘FRS 101’) in conformity with the requirements of the Companies Act 2006.

These financial statements have been prepared on a historical cost basis. The Company continues to adopt

thegoing concern basis of accounting in preparing these financial statements. Further detail on going concern

can be found in note 1 to the Group financial statements.

In preparing these financial statements, the Company applies the recognition, measurement and disclosure

requirements of UK-adopted International Accounting Standards (‘Adopted IFRSs’), but makes amendments

where necessary in order to comply with Companies Act 2006 and has set out below where advantage of

theFRS 101 disclosure exemptions has been taken.

These financial statements are presented in sterling, which is the functional currency of the Company.

Allinformation presented in sterling has been rounded to the nearest £0.1m.

In these financial statements, the Company has applied the exemptions available under FRS 101 in respect

ofthe following disclosures:

• a cash flow statement and related notes;

• comparative period reconciliations for share capital;

• disclosures in respect of transactions with wholly owned subsidiaries;

• disclosures in respect of capital management;

• the effects of new, but not yet effective, IFRSs;

• an additional balance sheet for the beginning of the earliest comparative period following the retrospective

change in accounting policy;

• disclosures in respect of the compensation of Key Management Personnel; and

• certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7

Financial Instrument Disclosures on the basis that the consolidated financial statements include the

equivalent disclosures.

As the consolidated financial statements include the equivalent disclosures, the Company has also taken the

exemptions under FRS 101 available in respect of IFRS 2 Share-Based Payment in respect of Group-settled

share-based payments.

Under Section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its

own profit and loss account.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods

presented in these financial statements.

Foreign currencies

Transactions in foreign currencies are recorded to the Company’s functional currency, sterling, using the rate

ofexchange ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are

translated into sterling at the rates of exchange prevailing at the balance sheet date. All foreign exchange

differences are taken to the profit and loss account.

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and

lossaccount except to the extent that it relates to items recognised directly in equity or other comprehensive

income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates

enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of

previous years.

Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for

financial reporting purposes and the amounts used for taxation purposes. The following temporary differences

are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect

neither accounting nor taxable profit other than in a business combination; and differences relating to

investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The

amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying

amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be

available against which the temporary difference can be utilised.

Dividends on shares presented within shareholders’ funds

Dividend income is recognised in profit or loss on the date that the Company’s right to receive payment is

established. Dividends unpaid at the balance sheet date are only recognised as a liability at that date to

theextent that they are appropriately authorised and are no longer at the discretion of the Company.

Unpaiddividends that do not meet these criteria are disclosed in the notes to the financial statements.

Investments in subsidiaries

Investments in subsidiaries are stated at cost less any provisions for impairment.

Intercompany financial guarantees

When the Company enters into financial guarantee contracts to guarantee the indebtedness of other

companies in the Group, upon the adoption of IFRS17 effective from 1 January 2023, the Company has elected

to recognise these under IFRS9. On this basis, the Company recognises these guarantees at fair value upon

recognition, on a contract by contract basis. Subsequent remeasurement is performed at each reporting period

and recorded at he higher of the loss allowance under expected credit loss and the initial fair value less any

income recognised.

Share-based payments

Intertek Group plc runs a share ownership programme that allows Group employees to acquire shares in the

Company. Details of the share schemes are given in note 17 of the Group financial statements.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the Company financial statements Continued

3.54

2: Sustainability Report1: Strategic Report 3: Financial Report

(D) Dividends

The aggregate amount of dividends comprises:

2024

£m

2023

£m

Final dividend paid in respect of prior year but not recognised as a liability

in that year 119.3 115.5

Interim dividends paid in respect of the current year 86.8 60.8

Aggregate amount of dividends paid in the financial year 206.1 176.3

The aggregate amount of dividends proposed and recognised as liabilities as at 31 December 2024 is £nil

(2023: £nil). The aggregate amount of dividends proposed and not recognised as liabilities as at 31 December

2024 is £166.5m (2023: £120.2m).

(E) Investment in subsidiary undertakings

2024

£m

2023

£m

Cost and net book value

At 1 January 360.2 354.3

Additions due to share-based payments 24.4 21.2

Recharges of share-based payments to subsidiaries (14.7) (15.3)

At 31 December 369.9 360.2

The Company has made Share Awards to the employees of its directly and indirectly owned subsidiaries, and as

such, the Company recognises an increase in the cost of investment in subsidiaries of £24.4m (2023: £21.2m).

Details of the principal operating subsidiaries are set out in note 23 to the Group financial statements.

The Company had two direct subsidiary undertakings at 31 December 2024: Intertek Testing Services Holdings

Limited and Intertek Holdings Limited, both of which are holding companies, are incorporated in the United

Kingdom and registered in England and Wales. All interests are in the ordinary share capital and all are wholly

owned. In the opinion of the Directors, the value of the investments in subsidiary undertakings is not less than

the amount at which the investments are stated in the balance sheet.

There is no impairment to the carrying value of these investments (2023: £nil).

(A) Accounting policies – Company Continued

Investments impairment review

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and

subsequently measured at cost less any accumulated impairment losses. Estimates are used in determining

thelevel of investment that will not, in the opinion of the Directors, be recoverable.

Recoverability of receivables

Amounts owed by Group undertakings are recognised initially at the value of the invoice or loan raised and

subsequently at the amounts considered recoverable (amortised cost). Estimates are used in determining

thelevel of receivables that will not, in the opinion of the Directors, be collected. The Company applies the

simplified approach permitted by IFRS 9, which requires the use of the lifetime expected loss provision for

allreceivables. The provision calculations are based on a review of all receivables to see if there are specific

circumstances which would render the receivable irrecoverable and therefore require a specific provision.

Significant new accounting policies and standards

No significant new accounting policies or standards were adopted in the year ending 2024.

(B) Profit and loss account

Amounts paid to the Company’s auditors and their associates in respect of services to the Company, other than

the audit of the Company’s financial statements, have not been disclosed as the information is required instead

to be disclosed on a consolidated basis. The Company does not have any employees (2023: £nil).

Details of the remuneration of the Directors are set out in the Remuneration report on pages 2.94-2.126 in

Report 2.

In the application of the Company’s accounting policies, the Directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent

from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised, if the revision affects only that period,

or in the period of the revision and future periods if the revision affects both current and future periods.

The assumptions which have a significant risk of causing a material adjustment to the carrying amount

ofassets and liabilities are outlined below. There are no critical estimates which have a significant risk of

causinga material adjustment to the carrying amount of assets and liabilities in the next financial year.

Key estimations and uncertainties

There are no critical accounting judgements or estimates.

Intertek Group plc

Annual Report & Accounts 2024

Notes to the Company financial statements Continued

3.55

2: Sustainability Report1: Strategic Report 3: Financial Report

During the year ended 31 December 2024, the Company purchased, through its Employee Benefit Trust,

548,500 (2023: 278,500) of its own shares with an aggregate nominal value of £5,485 (2023: £2,785) for

£24.7m(2023: £11.6m) which was charged to profit and loss reserves.

(I) Related party transactions

Details of related party transactions are set out in note 21 of the Group financial statements.

Listed below are subsidiaries controlled and consolidated by the Group, where the Directors have taken

theexemption from having an audit of its financial statements for the year ended 31 December 2024.

Thisexemption is taken in accordance with Section 479A of the Companies Act 2006.

Company Name Company registration

Intertek Nominees Limited 04958152

Moody International (Holdings) Limited 04843153

Intertek UK Holdings Limited 00373440

Intertek Holdings Limited 04604778

Intertek USD Finance Ltd 07598700

Intertek Finance No. 2 Ltd 08072121

Intertek Capital Resources Limited 03888392

Intertek Testing Services Holdings Limited 03227453

RCG-Moody International Limited 00312030

Intertek Overseas Holdings Limited 00506349

Intertek Testing Management Ltd 00948153

Lintec Testing Services Limited 03339548

Intertek Testing & Certification Limited 03272281

Metoc Limited 01489779

NDT Services Limited 01997290

Melbourn Scientific Limited 02358299

Intertek Testing and Inspection Services UK Limited 08351820

Intertek Certification Limited 02075885

Alchemy Systems Training Limited 07448398

Check Safety First Limited 04748066

Checkpoint Solutions Ltd 09844787

SAI Global Assurance Services Ltd 03690660

(F) Debtors

2024

£m

2023

£m

Amounts owed by Group undertakings 521.5 439.2

Total debtors 521.5 439.2

The amounts owed by Group undertakings are unsecured, have no fixed date of repayment and are repayable

on demand. A mixture of the amounts due are interest bearing and interest free.

(G) Creditors due within one year

2024

£m

2023

£m

Trade and other creditors 5.4 3.1

Income tax payable 2.9 3.1

Amounts owed to Group undertakings 30.2 34.1

Total creditors 38.5 40.3

The amounts owed to Group undertakings are unsecured, have no fixed date of repayment and are repayable

on demand. A mixture of the amounts due are interest bearing and interest free.

(H) Statement of changes in equity

Details of share capital are set out in note 15 and details of share-based payments are set out in note 17 to

the Group financial statements.

A profit and loss account for Intertek Group plc has not been presented as permitted by Section 408 of the

Companies Act 2006. The profit for the financial year, before dividends paid to shareholders of £206.1m

(2023: £176.3m), was £310.5m (2023: £193.9m) which was mainly in respect of dividend income in relation

to2024.

The Company has sufficient distributable reserves to pay the 2024 final dividend and the anticipated 2025

interim dividend. When required, the Company can receive additional dividends from its subsidiaries to further

increase distributable reserves.

In compliance with section 830 of the Companies Act 2006 sufficient funds have been upstreamed to increase

the distributable reserves to support the share buyback announced on page 1.16 in Report 1. Interim accounts

will be filed to comply with section 836 of the Companies Act.

The Group settled in cash the tax element of the Share Awards vested in 2024 amounting to £7.4m

(2023:£5.6m) of which the Company settled £6.7m (2023: £5.0m).

Intertek Group plc

Annual Report & Accounts 2024

Notes to the Company financial statements Continued

3.56

2: Sustainability Report1: Strategic Report 3: Financial Report

Company Name Company registration

SAI Global CIS UK Limited 07428352

ILI Limited 05605930

The Wine Warehouse (Chepstow) Management

Company Limited 05747149

Intertek Testing Services Caleb Brett Egypt Limited 00542087

Intertek Global (Iraq) Limited 09358012

Intertek Medical Notified Body UK Limited 13964915

Intertek Surveying Services UK Limited SC183300

(J) Contingent liabilities

The Company is a member of a group of UK companies that are part of a composite banking cross-guarantee

arrangement. This is a joint and several guarantee given by all members of the Intertek UK cash pool,

guaranteeing the total gross liability position of the pool which was £3.1m at 31 December 2024

(2023: £10.8m).

From time to time, in the normal course of business, the Company may give guarantees in respect of certain

liabilities of subsidiary undertakings. As at 31 December 2024 the value of these guarantees is £nil (2023: £nil).

(K) Subsequent events

Details of post-balance sheet events relevant to the Company and the Group are given in note 18 of the Group

financial statements.

Intertek Group plc

Annual Report & Accounts 2024

3.57

Independent Auditors’ Report to the members of Intertek Group plc

2: Sustainability Report1: Strategic Report 3: Financial Report

Report on the audit of the financial statements

Opinion

In our opinion:

• Intertek Group plc’s group financial statements and company financial statements (the “financial statements”)

give a true and fair view of the state of the group’s and of the company’s affairs as at 31 December 2024 and

of the group’s profit and the group’s cash flows for the year then ended;

• the group financial statements have been properly prepared in accordance with UK-adopted international

accounting standards as applied in accordance with the provisions of the Companies Act 2006;

• the company financial statements have been properly prepared in accordance with United Kingdom Generally

Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure

Framework”, and applicable law); and

• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report & Accounts (the “Annual Report”),

which comprise: the consolidated statement of financial position and the company balance sheet as at

31 December 2024; the consolidated income statement, the consolidated statement of comprehensive

income, the consolidated statement of cash flows, the consolidated statement of changes in equity and the

company statement of changes in equity for the year then ended; and the notes to the financial statements,

comprising material accounting policy information and other explanatory information.

Our opinion is consistent with our reporting to the Audit Committee.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and

applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities

fortheaudit of the financial statements section of our report. We believe that the audit evidence we

haveobtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the group in accordance with the ethical requirements that are relevant to

ouraudit of the financial statements in the UK, which includes the FRC’s Ethical Standard, as applicable to

listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with

theserequirements.

To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical

Standard were not provided.

Other than those disclosed in the Audit Committee report within the Directors’ report, we have provided

nonon-audit services to the company or its controlled undertakings in the period under audit.

Our audit approach

Overview

Audit scope

• We performed full scope audit procedures over 56 components and specific audit procedures on a further

4components, covering 21 territories in total.

• Taken together, the entities over which audit work was performed accounted for 73% of the group’s revenue

and 71% of the group’s profit before tax.

Key audit matters

• Impairment of goodwill (group)

• Valuation of defined benefit pension scheme liabilities (group)

• Impairment of investments in subsidiary undertakings (parent)

Materiality

• Overall group materiality: £27,300,000 (2023: £20,800,000) based

on approximately 5% of adjusted profit before tax (2023: approximately 5% of profit before tax).

• Overall company materiality: £8,900,000 (2023: £6,357,000) based

on approximately 1% of total assets.

• Performance materiality: £20,400,000 (2023: £15,000,000) (group)

and £6,600,000 (2023: £4,700,000) (company).

The scope of our audit

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in

the financial statements.

Key audit matters

Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in

the audit of the financial statements of the current period and include the most significant assessed risks of

material misstatement (whether or not due to fraud) identified by the auditors, including those which had the

greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts

of the engagement team. These matters, and any comments we make on the results of our procedures thereon,

were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion

thereon, and we do not provide a separate opinion on these matters.

This is not a complete list of all risks identified by our audit.

The key audit matters below are consistent with last year.

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Key audit matter How our audit addressed the key audit matter

Valuation of defined benefit pension

scheme liabilities (group)

Refer to the Audit Committee report on page 2.93 in

Report 2 and to note 16 in the financial statements.

The group has two major pension schemes in

the United Kingdom and Switzerland. The United

Kingdom scheme has a net surplus of £27.2

million and the Switzerland scheme has a net

deficit of £5.2 million. They were recognised

on the balance sheet at 31 December 2024.

Based on the size of the underlying defined

benefit obligation (£100.1million) we focused

on the United Kingdom scheme, the only

scheme whose liability (£80.5million) is

material to the group financial statements.

The valuation of pension liabilities involves

the exercise of judgement and technical

expertise in choosing appropriate actuarial

assumptions such as the discount rate, inflation

level, mortality rates and salary increases.

Management engaged external actuarial

experts to assist them in selecting appropriate

assumptions and to calculate the liabilities.

The methodologies and assumptions utilised

are judgemental and could significantly impact

the magnitude of the liabilities recognised.

 We utilised our internal actuarial experts to evaluate

whether the assumptions and methodology used in

calculating the pension liabilities were reasonable, by:

• Assessing whether salary increases and mortality

rate assumptions were reasonable based on the

consideration of the specifics of the specifics of

the United Kingdom plan, pension plans of similar

maturity to the group’s and industry benchmarks;

• Evaluating the consistency of the discount and

inflation rate assumptions with our internally

developed benchmarks based on national data; and

• Reviewing the methodology and calculations

prepared by external actuaries to assess

their appropriateness and the consistency

with the assumptions used.

Based on our procedures, we concluded

that the key assumptions utilised lay within

acceptable ranges and that the methodology was

appropriate. We assessed the related disclosures

included in the group financial statements and

concluded that these were appropriate.

Impairment of investments in

subsidiary undertakings (parent)

Refer to note E in the Company financial statements.

The parent company had £369.9 million of

investments in subsidiary undertakings at

31 December 2024. There is a risk that the

performance of the subsidiary undertakings

is not sufficient to support the carrying value

and the assets may be impaired. Management

has performed an assessment of impairment

indicators with none being identified.

We evaluated management’s assessment

of impairment indicators and considered the

consistency with other audit procedures performed.

We concluded management’s view that no

impairment indicators exist was reasonable.

Key audit matter How our audit addressed the key audit matter

Impairment of goodwill (group)

Refer to the Audit Committee report on page 2.93 in

Report 2 and to note 9 in the financial statements.

The group recognised £1,365.9 million of goodwill

on the balance sheet at 31 December 2024.

Management’s annual assessment of whether

goodwill is impaired is dependent on future cash

flows of the underlying Cash Generating Units

(“CGUs”) and there is a risk that, if these cash flows

are not sufficient to support the carrying value,

the assets may be impaired. Having considered

the wider industry environment and business

performance of each CGU, we consider that

the CGUs for Business Assurance, Building &

Construction and Chemicals & Pharma represent

a heightened risk of impairment compared to

other CGUs, requiring greater audit effort.

As this assessment is based on the future value in

use, and a significant amount of value is based on the

terminal value of the CGUs, future cash flows must

be estimated, which can be highly judgemental and

could significantly impact the estimated value in use.

We evaluated management’s cash flow

forecasts and understood the process by which

they were determined and approved. This

included confirming that the forecasts were

consistent with the latest Board approved

budgets and checking the methodology and

mathematical accuracy of the underlying

calculations, with no exceptions identified.

We evaluated the inputs included in the value in use

calculations and challenged the key assumptions for

the higher risk CGUs (Business Assurance, Building &

Construction and Chemicals & Pharma) by obtaining

evidence including in respect of the following:

• the growth rates used in the cash flow forecasts

by comparing them with historical results, external

forecasts and our understanding of the business;

• using our internal valuation experts to evaluate

the discount rate by comparing the cost of capital

for the group with comparable organisations; and

• the long-term growth rates by comparing these

with publicly available market data on projected

growth rates in key territories such as China,

the United States and the United Kingdom.

We performed sensitivity analyses around these

assumptions. We also challenged the extent to

which climate change considerations had been

reflected, as appropriate, in management’s

impairment assessment process.

Having ascertained the extent of change in

those assumptions that either individually

or collectively would be required for an

impairment to arise, we considered the

likelihood of such a movement occurring.

Our testing did not identify any impairment and

confirmed that it would require significant downside

changes before any impairment would be triggered.

In addition, we assessed the appropriateness

of the CGUs used in the impairment

assessment and the related disclosures and

concluded that these were appropriate.

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The impact of climate risk on our audit

As part of our audit we have made enquiries of management to understand the process they adopted to

assess the extent of the potential impact of climate risk on the financial statements and support the

disclosures made in relation to climate risk within the Strategic Report and Sustainability Report.

In addition to enquiries with management, we also read the Carbon Disclosure Project submission made by

thegroup.

We assessed the completeness of management’s climate risk assessment by: reading external reporting made

by management including the Carbon Disclosure Project submissions and considering whether there were any

internal inconsistencies in their climate reporting; and challenging the consistency of management’s climate

impact assessment with internal board minutes, including whether the time horizons management have used

take account of the relevant aspects of climate change such as transition risks.

The Board has made commitments to get to net zero carbon emissions by 2050.

Management has assessed that there is no material impact on the financial reporting judgement and estimates

arising from their considerations, consistent with their assessment of no material impact of climate-related

policies directly on the business.

Using our knowledge of the business, we evaluated management’s risk assessment, its estimates as set out in

note 1 of the financial statements and resulting disclosures where significant. In particular we have considered

how climate risk would impact the assumptions made in the forecasts prepared by management used in their

impairment analyses, as referenced in the key audit matter in relation to the impairment of goodwill above.

We also considered the consistency of the disclosures in relation to climate change within the Strategic Report

and the Sustainability Report with the financial statements and our knowledge obtained from the audit.

Our procedures did not identify any material impact in the context of our audit of the financial statements as a

whole, or our key audit matters, for the year ended 31 December 2024.

How we tailored the audit scope

We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion

on the financial statements as a whole, taking into account the structure of the group and the company,

the accounting processes and controls, and the industry in which they operate.

Our scoping is based on the group’s consolidation structure. The group’s operations are spread across over

100 territories and within each territory there are generally multiple reporting units. The results are not

consolidated at a territory or regional level, so we determined that the most appropriate level to determine

components was the individual reporting unit within the group’s consolidation.

When determining our scope, we considered the requirements of the revised auditing standard for group

audits. Due to the disaggregation of the group’s results across various reporting units, we identified three

reporting units in the United States and two reporting units in China as being significant due to their

contribution to the group’s revenue.

To obtain sufficient coverage over the financial statements, we instructed local auditors to undertake full

scope audits over a further 50 reporting units and specified audit procedures over revenue, contract assets

and contract liabilities for 2 reporting units. In total, reporting units in 21 territories were subject to audit

procedures. We also undertook targeted risk assessment procedures over the remaining reporting units,

otherthan those considered to be inconsequential.

Audit procedures were performed centrally in relation to various balances and activities accounted for and

managed centrally by the Group engagement team, including goodwill, defined benefit pension schemes,

borrowings, and share based payments as well as the consolidation. For the purpose of the group audit,

weperformed a full scope audit on the parent company and audit procedures over certain balances for

twoother head office entities, in addition to the procedures undertaken by local auditors.

Where work was performed by local auditors, we determined the level of involvement and oversight we needed

to have in the audit work at those reporting units to be able to conclude whether sufficient appropriate audit

evidence had been obtained as a basis for our opinion on the consolidated financial statements.

Our oversight procedures included the issuance of formal written instructions to component auditors setting

out the work to be performed by them and regular communication throughout the audit cycle. This included

regular conference calls, attendance at selected audit clearance meetings, and reviewing and assessing

matters reported to us. This was supplemented by the review of selected audit working papers supporting the

audit of certain reporting units. We also visited the Group’s operations and met with local audit teams in the

United States, China, Hong Kong, the United Kingdom, Australia, India and Mexico.

The above procedures accounted for 73% of the Group’s revenue and 71% of the Group’s profit before tax,

giving us the evidence we needed for our opinion on the Group financial statements as a whole.

Given the parent company is an investment holding company, our audit focused on the investment in

subsidiary undertakings, amounts owed to and from other group companies, and capital and reserves.

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Conclusions relating to going concern

Our evaluation of the directors’ assessment of the group’s and the company’s ability to continue to adopt the

going concern basis of accounting included:

• An assessment of management’s base case and severe but plausible scenarios, challenging the

keyassumptions;

• Considering the group’s available financing, including related covenants, and maturity profile to assess

liquidity through the assessment period;

• Testing the mathematical integrity of the forecasts and the models and reconciled these to Board

approvedbudgets; and

• Performing our own independent sensitivity analysis to assess appropriate downside scenarios.

Based on the work we have performed, we have not identified any material uncertainties relating to events or

conditions that, individually or collectively, may cast significant doubt on the group’s and the company’s ability

to continue as a going concern for a period of at least twelve months from when the financial statements are

authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of

accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as

tothe group’s and the company’s ability to continue as a going concern.

In relation to the directors’ reporting on how they have applied the UK Corporate Governance Code, we have

nothing material to add or draw attention to in relation to the directors’ statement in the financial statements

about whether the directors considered it appropriate to adopt the going concern basis of accounting.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in

therelevant sections of this report.

Materiality

The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds

for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit

and the nature, timing and extent of our audit procedures on the individual financial statement line items and

disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial

statements as a whole.

Based on our professional judgement, we determined materiality for the financial statements as a whole as

follows:

Financial statements – group Financial statements – company

Overall materiality £27,300,000 (2023: £20,800,000). £8,900,000 (2023: £6,357,000).

How we determined it approximately 5% of adjusted profit

before tax (2023: approximately 5% of

profit before tax)

approximately 1% of total assets

Rationale for

benchmarkapplied

We consider adjusted profit before tax

as the primary measure used by the

shareholders and other users of the

financial statements in assessing the

performance of the Group. This is a

generally accepted benchmark. We

previously used profit before tax as

the benchmark used to assess overall

materiality, however, we revisited how

shareholders and other users of the

financial statements assess the

group’s financial performance and

noted a greater focus on adjusted

profit before tax

We determined our materiality

basedon total assets, which is more

applicable than a performance-related

measure as the company is an

investment holding company for

thegroup.

For each component in the scope of our group audit, we allocated a materiality that is less than our overall

group materiality. The range of materiality allocated across components was £0.5 million to £8.9 million.

Certain components were audited to a local statutory audit materiality that was also less than our overall

group materiality.

We use performance materiality to reduce to an appropriately low level the probability that the aggregate of

uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance

materiality in determining the scope of our audit and the nature and extent of our testing of account balances,

classes of transactions and disclosures, for example in determining sample sizes. Our performance materiality

was 75% (2023: 75%) of overall materiality, amounting to £20,400,000 (2023: £15,000,000) for the group

financial statements and £6,600,000 (2023: £4,700,000) for the company financial statements.

We agreed with the Audit Committee that we would report to them misstatements identified during our audit

above £1,360,000 (group audit) (2023: £1,000,000) and £445,000 (company audit) (2023: £317,800) as well

as misstatements below those amounts that, in our view, warranted reporting for qualitative reasons.

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Corporate governance statement

The Listing Rules require us to review the directors’ statements in relation to going concern, longer-term

viability and that part of the corporate governance statement relating to the company’s compliance with the

provisions of the UK Corporate Governance Code specified for our review. Our additional responsibilities with

respect to the corporate governance statement as other information are described in the Reporting on other

information section of this report.

Based on the work undertaken as part of our audit, we have concluded that each of the following elements of

the corporate governance statement is materially consistent with the financial statements and our knowledge

obtained during the audit, and we have nothing material to add or draw attention to in relation to:

• The directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks;

• The disclosures in the Annual Report that describe those principal risks, what procedures are in place to

identify emerging risks and an explanation of how these are being managed or mitigated;

• The directors’ statement in the financial statements about whether they considered it appropriate to adopt

the going concern basis of accounting in preparing them, and their identification of any material

uncertainties to the group’s and company’s ability to continue to do so over a period of at least twelve

months from the date of approval of the financial statements;

• The directors’ explanation as to their assessment of the group’s and company’s prospects, the period this

assessment covers and why the period is appropriate; and

• The directors’ statement as to whether they have a reasonable expectation that the company will be able to

continue in operation and meet its liabilities as they fall due over the period of its assessment, including any

related disclosures drawing attention to any necessary qualifications or assumptions.

Our review of the directors’ statement regarding the longer-term viability of the group and company was

substantially less in scope than an audit and only consisted of making inquiries and considering the directors’

process supporting their statement; checking that the statement is in alignment with the relevant provisions

of the UK Corporate Governance Code; and considering whether the statement is consistent with the financial

statements and our knowledge and understanding of the group and company and their environment obtained

in the course of the audit.

In addition, based on the work undertaken as part of our audit, we have concluded that each of the following

elements of the corporate governance statement is materially consistent with the financial statements and

our knowledge obtained during the audit:

• The directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and

understandable, and provides the information necessary for the members to assess the group’s and

company’s position, performance, business model and strategy;

• The section of the Annual Report that describes the review of effectiveness of risk management and

internal control systems; and

• The section of the Annual Report describing the work of the Audit Committee.

We have nothing to report in respect of our responsibility to report when the directors’ statement relating to

the company’s compliance with the Code does not properly disclose a departure from a relevant provision of

the Code specified under the Listing Rules for review by the auditors.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements

and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the

financial statements does not cover the other information and, accordingly, we do not express an audit opinion

or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and,

in doing so, consider whether the other information is materially inconsistent with the financial statements or

our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent

material inconsistency or material misstatement, we are required to perform procedures to conclude whether

there is a material misstatement of the financial statements or a material misstatement of the other

information. If, based on the work we have performed, we conclude that there is a material misstatement of this

other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Strategic report and Directors’ report, we also considered whether the disclosures required

by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report

certain opinions and matters as described below.

Strategic report and Directors’ report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic

report and Directors’ report for the year ended 31 December 2024 is consistent with the financial statements

and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the group and company and their environment obtained in the

course of the audit, we did not identify any material misstatements in the Strategic report and Directors’ report.

Directors’ Remuneration

In our opinion, the part of the Remuneration Committee report to be audited has been properly prepared in

accordance with the Companies Act 2006.

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• Enquiring of the group’s staff in tax and compliance functions to identify any instances of non-compliance

with laws and regulations;

• Obtaining and understanding the results of whistleblowing procedures;

• Enquiring of the group’s Head of Internal Audit and reviewing internal audit reports; and

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance

with applicable laws and regulations.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of

instances of non-compliance with laws and regulations that are not closely related to events and transactions

reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is

higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by,

for example, forgery or intentional misrepresentations, or through collusion.

Our audit testing might include testing complete populations of certain transactions and balances, possibly

using data auditing techniques. However, it typically involves selecting a limited number of items for testing,

rather than testing complete populations. We will often seek to target particular items for testing based on

their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion

about the population from which the sample is selected.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s

website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in

accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving

these opinions, accept or assume responsibility for any other purpose or to any other person to whom this

report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of Directors responsibilities, the directors are responsible for the

preparation of the financial statements in accordance with the applicable framework and for being satisfied

that they give a true and fair view. The directors are also responsible for such internal control as they

determine is necessary to enable the preparation of financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the

company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern

andusing the going concern basis of accounting unless the directors either intend to liquidate the group or

thecompany or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our

opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise

from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of

irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud, is detailed below.

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance

with laws and regulations related to fraud, anti-bribery and corruption laws, and we considered the extent to

which non-compliance might have a material effect on the financial statements. We also considered those laws

and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and

relevant tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation

of the financial statements (including the risk of override of controls), and determined that the principal risks

were related to fraudulent journal entries to manipulate the financial performance in order to achieve

management incentive scheme targets. The group engagement team shared this risk assessment with the

component auditors so that they could include appropriate audit procedures in response to such risks in their

work. Audit procedures performed by the group engagement team and/or component auditors included:

• Enquiring of management, those charged with governance and the group’s legal counsel around actual and

potential fraud and non-compliance with laws and regulations;

• Auditing the risk of management override of controls and the risk of fraud in revenue recognition, including

through testing journal entries and other adjustments for appropriateness, testing accounting estimates,

testing accrued income and evaluating the business rationale of any significant transactions outside the

normal course of business;

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Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

• we have not obtained all the information and explanations we require for our audit; or

• adequate accounting records have not been kept by the company, or returns adequate for our audit have

notbeen received from branches not visited by us; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• the company financial statements and the part of the Remuneration Committee report to be audited are

notin agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

Appointment

Following the recommendation of the Audit Committee, we were appointed by the members on 25 May 2016

to audit the financial statements for the year ended 31 December 2016 and subsequent financial periods.

Theperiod of total uninterrupted engagement is nine years, covering the years ended 31 December 2016 to

31 December 2024.

Other matter

The company is required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules to

include these financial statements in an annual financial report prepared under the structured digital format

required by DTR 4.1.15R – 4.1.18R and filed on the National Storage Mechanism of the Financial Conduct

Authority. This auditors’ report provides no assurance over whether the structured digital format annual

financial report has been prepared in accordance with those requirements.

Graham Parsons

(Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

London

3 March 2025

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Annual Report & Accounts 2024

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Glossary – Alternative performance measures

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Introduction

In the reporting of financial information, the Directors have adopted various Alternative Performance Measures

(‘APMs’). These measures are not defined by UK-adopted international accounting standards. As adjusted

results and measures include the benefits of certain Separately Disclosed Items (‘SDIs’) (as detailed in note 3),

but exclude significant costs related to those items, they should not be regarded as a complete picture of the

Group’s financial performance, which is presented on the face of the income statement under total results.

Theexclusion of these items may result in adjusted operating profit being materially higher or lower than

totaloperating profit. In particular, where significant impairments, restructuring charges and legal costs are

excluded in any year, adjusted operating profit will be higher than total operating profit.

Purpose

The Directors believe that APMs assist the user of the Annual Report & Accounts in providing useful

information around trends, performance and the position of the Group between reporting periods and across

operating divisions by adjusting for non-recurring factors assessing the total results of the Group, as well

asaiding users in understanding the Group’s performance. APMs are commonly used by management for

performance review, budget setting and forecasting across the Group.

Some of the metrics shown for the Group are translated at constant exchange rates. Constant rates compares

both 2024 and 2023 figures at the average and year-end exchange rates for 2024, in order to remove the

impact of currency translation from the Group’s growth figures.

Changes to APMs

There have been no significant changes to the definitions of existing APMs or the APMs used by the Group in

the year.

Reconciliations

Reconciliations between statutory and adjusted measures can be found in the Financial review on page 1.37 in

Report 1.

APM Closest equivalent statutory measure Adjustments to reconcile adjusted to statutory Definition and purpose

Like-for-like revenue (‘LFL’) No direct equivalent Acquisitions and business disposals Including acquisitions following their 12-month anniversary of ownership

and removing the historical contribution of any business disposals/closures.

Excluding acquisitions and disposals demonstrates the Group’s

performancefor comparable operations year-on-year by removing any

inflation of revenue in the current year or prior year contributed from new

acquisitions or disposals.

Adjusted free cash flow Net cash flows from operating

activities

Includes cash flows from acquisition and sale of PPE, repayment of lease

liabilities and interest received.

Excludes the impact of cash flow SDIs.

Free cash flow includes net cash flows from operating activities and certain

cash flows from investing activities and the repayment of lease liabilities.

The following items are excluded: all other cash flows from financing

activities. Thismeasure reflects the cash available to shareholders. This

isakey performance metric for the incentive scheme.

Intertek Group plc

Annual Report & Accounts 2024

3.65

Glossary – Alternative performance measures Continued

2: Sustainability Report1: Strategic Report 3: Financial Report

APM Closest equivalent statutory measure Adjustments to reconcile adjusted to statutory Definition and purpose

Adjusted operating profit* Statutory operating profit* Separately disclosed items (see note 3) including amortisation of acquisition

intangibles; impairment of goodwill and other assets; the profit or loss on

disposals of businesses or other significant non-current assets; costs

ofacquiring and integrating acquisitions; the cost of any fundamental

restructuring; material claims and settlements; significant recycling of

amounts from equity to the income statement; and unrealised market

orfairvalue gains or losses on financial assets or liabilities, including

contingent consideration.

Adjusted operating profit is a key measure of the Group’s performance and

is based on operating profit before the impact of SDIs. These items relate

toincome or costs that are excluded from adjusted operating profit due to

their nature or size to provide readers with a clear and consistent view of

the business performance of the Group and its operating divisions on a

year-on-year basis.

Adjusted operating margin Statutory operating margin As per adjusted operating profit. Adjusted operating profit divided by revenue, both before the impact of

SDIs.These items relate to income or costs that are excluded from adjusted

operating profit due to their nature or size to provide readers with a clear

and consistent view of the business performance of the Group and its

operating divisions on a year-on-year basis.

Adjusted diluted earnings

pershare

 Statutory diluted earnings

pershare

SDIs after tax (see note 3) including amortisation of acquisition intangibles;

impairment of goodwill and other assets; the profit or loss on disposals of

businesses or other significant non-current assets; costs of acquiring and

integrating acquisitions; the cost of any fundamental restructuring; material

claims and settlements; significant recycling of amounts from equity to the

income statement; and unrealised market or fair value gains or losses on

financial assets or liabilities, including contingent consideration.

This metric relates to profit after tax before SDIs divided by the weighted

average number of ordinary shares in issue during the financial year

adjusted for the effects of potentially dilutive shares. This is a key

performance metric for the incentive scheme.

Adjusted cash flow

fromoperations

Cash flow from operations Cash flows relating to separately disclosed items, as identified in the cash

flow statement.

This excludes the impact of the cash flows relating to SDIs to reflect the

cash flows available during recurring operations.

Adjusted net financing costs Statutory net finance costs Changes in fair value of contingent consideration. Adjusted net financing costs exclude income or costs that, due to their

nature or size, provide the readers with a clear and consistent view of the

business performance of the Group on a year-on-year basis.

Intertek Group plc

Annual Report & Accounts 2024

3.66

Glossary – Alternative performance measures Continued

2: Sustainability Report1: Strategic Report 3: Financial Report

APM Closest equivalent statutory measure Adjustments to reconcile adjusted to statutory Definition and purpose

Adjusted profit after tax Statutory profit after tax As per adjusted profit and additionally any separately disclosed tax related

items are excluded.

Adjusted profit after tax is based on profit after tax before the impact of

SDIs. These items relate to income or costs that are excluded from adjusted

operating profit due to their nature or size to provide readers with a clear

and consistent view of the business performance of the Group and its

operating divisions on a year-on-year basis.

ROIC (based on adjusted

profit)

No direct equivalent Adjusted operating profit is the profit measure used in calculating ROIC. Adjusted profit after tax (as defined above) divided by invested capital. This

is a key performance metric for the incentive scheme.

Net financial debt No direct equivalent Total net debt less lease liabilities. This measure shows the non-operational financial debt of the Group,

excluding lease liabilities.

Adjusted EBITDA Statutory EBITDA Earnings before interest, tax, depreciation and amortisation and excluding

SDIs (see note 3) including amortisation of acquisition intangibles;

impairment of goodwill and other assets; the profit or loss on disposals of

businesses or other significant non-current assets; costs of acquiring and

integrating acquisitions; the cost of any fundamental restructuring; material

claims and settlements; significant recycling of amounts from equity to the

income statement; and unrealised market or fair value gains or losses on

financial assets or liabilities, including contingent consideration.

This metric removes the impact of both SDIs and interest, tax, depreciation

and amortisation to provide a clear and consistent view of the business

performance of the Group year-on-year at a level before the impact of some

non-cash items and financing costs.

* Operating profit is presented on the consolidated income statement. It is not defined per IFRS, however, is a generally accepted profit measure.

Intertek Group plc

Annual Report & Accounts 2024

3.67

Shareholder and corporate information

2: Sustainability Report1: Strategic Report 3: Financial Report

Shareholders’ enquiries

Any shareholders with enquiries relating to their shareholding should, in the first instance, contact our

Registrar, EQ (‘Equiniti’), using the telephone number or the address below.

Electronic shareholders communications

Instead of receiving paper copies, shareholders can elect to receive communications by email each

timetheCompany distributes documents. This can be done by registering for email communications at

www.shareview.co.uk. In the event that you change your mind or require a paper version of any document

inthe future, please contact the Registrar.

Access to EQ Shareview allows shareholders to view details about their shareholdings, submit a proxy vote for

shareholders meetings and notify a change of address. In addition to this, shareholders can complete dividend

mandates online, which facilitates the payment of dividends directly into a nominated bank account.

ShareGift

If you have a small shareholding which is uneconomical to sell, you may want to consider donating it to

ShareGift, a share donation charity. Details of the scheme are available from:

www.sharegift.org

T: +44 (0) 20 7930 3737

Share price information

Information on the Company’s share price is available at www.intertek.com.

Financial calendar

Financial year end 31 December 2024

Full year results announced 4 March 2025

Annual General Meeting and Trading Update 22 May 2025

Ex-dividend date for final dividend 29 May 2025

Record date for final dividend 30 May 2025

Final dividend payable 20 June 2025

Half year results announced 1 August 2025

Ex-dividend date for interim dividend 11 September 2025

Record date for interim dividend 12 September 2025

Interim dividend payable 7 October 2025

Trading Update 25 November 2025

Investor relations

E: investor@intertek.com

T: +44 (0) 20 7396 3400

Registrars

Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA

T: +44 (0) 371 384 2653*

* Lines are open 8.30 a.m. to 5.30 p.m. Monday to Friday, excluding bank holidays in England and Wales.

Please use the country code when calling from outside the UK.

Independent Auditors

PricewaterhouseCoopers LLP

1 Embankment Place, London WC2N 6RH

T: +44 (0) 20 7583 5000

Brokers

J.P. Morgan Cazenove

25 Bank Street, Canary Wharf, London E14 5JP

T: +44 (0) 20 7742 4000

Goldman Sachs International

Plumtree Court, 25 Shoe Lane, London EC4A 4AU

T: +44 (0) 20 7774 1000

UBS

5 Broadgate, London EC2M 2QS

T: +44 (0) 20 7567 8000

Registered office

Intertek Group plc

33 Cavendish Square, London W1G 0PS

T: +44 (0) 20 7396 3400

www.intertek.com

Registered number: 04267576

ISIN: GB0031638363

LEI: 2138003GAT25WW1RN369

London Stock Exchange Industrials/Professional Business Support Services

FTSE 100

Symbol: ITRK

Intertek Group plc

Annual Report & Accounts 2024

3.68

Notes

2: Sustainability Report1: Strategic Report 3: Financial Report

Printed by a CarbonNeutral® Company certified to

ISO 14001 environmental management system.

Printed on material from well-managed, FSC®

certified forests and other controlled sources.

100% of the inks used are HP Indigo ElectroInk

which complies with RoHS legislation and meets

the chemical requirements of the Nordic Ecolabel

(Nordic Swan) for printing companies, 95% of press

chemicals are recycled for further use and, on

average 99% of any waste associated with this

production will be recycled and the remaining 1%

used to generate energy.

The paper is Carbon Balanced with World Land

Trust, an international conservation charity, who

offset carbon emissions through the purchase and

preservation of high conservation value land.

Through protecting standing forests, under threat

of clearance, carbon is locked-in, that would

otherwise be released.

CBP00019082504183028

Intertek Group plc

33 Cavendish Square,

London, W1G 0PS

United Kingdom

Tel +44 20 7396 3400

info@intertek.com

intertek.com

VISIT: INTERTEK.COM/INVESTORS