ITV Q1 Results in Line with Expectations

ITV plc reported Q1 revenues of £875 million ($1.2 billion), a 1 percent slip on last year and in line with the company’s expectations, “demonstrating the continued successful implementation of our strategic priorities,” CEO Carolyn McCall said.

“ITV Studios returned to growth following the impact of the U.S. strikes and is on course to achieve good growth in total revenues over the full year, weighted towards H2 as previously guided. M&E’s solid performance demonstrates ITV’s market-leading position in U.K. streaming and broadcast. ITVX continues to perform well, and we expect sustained strong growth in digital revenues. This is underpinned by the powerful reach and strong cash generation of M&E. As previously guided, the year-on-year Q2 TAR outlook reflects the benefit in 2024 of the men’s Euros, which drove substantial advertising revenues. Compared to the same period in 2023, Q2 and H1 2025 TAR are expected to be broadly flat year on year. We are continuing to make good progress in implementing our cost and efficiency programme and are on track to deliver significant non-content cost savings while optimising our content spend to best reflect viewer dynamics. While the macroeconomic environment is uncertain, we remain confident that our strategic initiatives, our focus on financial and cost discipline and our diversified revenue and customer base will enable us to successfully navigate an evolving market landscape and deliver long-term value to our shareholders.”

At ITV Studios, revenues were up 1 percent to £386 million ($512.5 million), with external revenues up 20 percent thanks to demand from global streamers, while internal revenue slipped by 26 percent, largely from the non-return of Saturday Night Takeaway and The Tower.

Media and entertainment revenues were down 3 percent to £489 million ($649.4 million), with ad revenues falling by 2 percent even as the company saw a 15 percent boost in digital ad revenues.

The outlook for ITV Studios remains unchanged, with the company not expecting any direct impact from the U.S. tariff situation. Ad revenues are expected to be down by 14 percent in Q2 given the prior-year comparison, when the broadcaster was home to the Euros.