Business
Re Contract
Re Contract.
About this update from Intertek Group Plc
[{"type":"text","content":"\n Intertek Group PLC\n04 January 2006\n\n\n4 January 2006, 7am (UK)\n\nIntertek Group plc ('Intertek')\n\nNigeria contract termination\n\nIntertek, the global testing, inspection and certification company, reports that\nit has yesterday received notification that the pre-shipment inspection (PSI)\ncontract with the Government of Nigeria has been terminated with effect from 31\nDecember 2005. There will be a three month run off period for all work in\nprogress at 31 December 2005.\n\nThis contract is operated by the Foreign Trade Standards division of Intertek\n(FTS) and accounted for approximately 2.7% of Intertek's 2005 full year\nrevenues. The Nigeria PSI contract was a significant part of FTS' revenues and\nits loss will necessitate a reduction in costs. While it is too soon to\ndetermine exactly how the division will be restructured, it is estimated that a\nprovision of up to £2 million will be required in the 2005 accounts.\n\nFTS signed a new Standards contract with the Government of Nigeria at the start\nof 2005 and whilst this contract is still developing it is expected that it\ncould eventually replace up to a third of the revenues lost from the PSI\ncontract.\n\nIntertek will announce preliminary results on 6 March 2006 at which point\nfurther information on the restructuring will be given.\n\nFor further information, please contact\nAston Swift, Treasurer and Investor Relations\n\nTelephone: +44 (0) 20 7396 3400 [email protected]\n\nTim Lynch, Tulchan Communications\n\nTelephone: +44 (0) 20 7353 4200 [email protected]\n\nCorporate website: www.intertek.com\n\nHigh resolution images of Intertek Group plc businesses are available to\ndownload, free of charge from www.vismedia.co.uk.\n\nABOUT INTERTEK\nIntertek is a leading international testing, inspection and certification\norganisation which assesses customers' products and commodities against a wide\nrange of safety, regulatory, quality and performance standards and certifies the\nmanagement systems of customers. Intertek has over 300 laboratories and over\n14,500 people around the world and is increasingly undertaking outsourced\ntesting work for its customers.\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2568,"tagName":"div"}]