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4 years ago
SGS optimistic for full-year despite poor mineral services
July 17, 2013 / 5:21 AM / 4 years ago

SGS optimistic for full-year despite poor mineral services

* First-half net profit up 10 pct to 265 mln Sfr

* Sales revenue rises 7.2 pct to 2.857 bln Sfr

ZURICH, July 17 (Reuters) - The world's biggest testing and inspection company SGS gave a slightly more upbeat outlook for the full year after underlying sales growth slowed to 7.2 percent in the first half, hit by weak demand for its minerals exploration services.

Net profit at the company, whose activities span from testing London's black cabs to food and toy safety, rose 10 percent to 265 million Swiss francs, short of average forecasts for 293 million in a Reuters poll.

"The Group confirms solid top line growth and improved operating results for the full year on a constant currency basis," the Geneva-based group said in a statement, compared to a January outlook for "solid top and bottom line growth".

Testing and inspection firms like SGS and peers Intertek and Bureau Veritas have seen growth slow due to a sluggish environment in Europe and weak global demand for minerals testing services.

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