Exova Group reports growth despite deflating oil prices

Exova Group plc saw its business grow in the 10 months to October 31, despite shrinking oil prices causing contraction in a number of its international divisions.

The Salford-based provider of laboratory testing, certification and advisory services saw its revenue rise year on year by 9.3% during the period, with M&A activity contributing to 6.6% growth.

In May this year, Exova acquired Buckinghamshire-based certification provider BM Trada in a deal worth £22m.

The firm has reported that organic growth, which stood at 2.7% overall, was strong in its Health Sciences and Product & Certification businesses, while its Oil & Gas and Industrials cluster suffered contraction and price pressure due to low oil prices.

Excluding the latter cluster, organic growth between January and October stood at 7.6% in comparison to the same period in 2014.

Exova Group’s CEO, Ian El-Mokadem, said: “I am pleased with our overall performance for the year to date.

“We have seen good growth in most of our sectors and are making very good progress with acquisitions.”

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