Intertek says it lost Nigerian PSI contract |
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Published
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Thu, 05 Jan 2006 08:05
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LONDON: Quality control specialists Intertek Group Plc. said it has lost its pre-shipment inspection (PSI) contract with the government of Nigeria, which accounted for 2.7 per cent of its 2005 revenues. The contract ended 31 December.
The company said there will be a three-month run-off period for the work on hand as of 31 December.
The company estimates that it will have to make a provision of up to 2 million pounds in the 2005 accounts and a major reduction in costs.
The company said even as it lost the contract, its Foreign Trade Standards division secured a new standards contract with the Nigerian government at the beginning of 2005. This is expected to replace nearly one-third of the revenue loss as a result of cancellation of the PSI contract.
Intertek tests and inspects goods ranging from textiles and chemicals to toys for safety before shipment.
The group is scheduled to announce preliminary results on 6 March 2006.
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