ITV Posts Solid Results

LONDON: For the first half of the year, ITV reported an improvement in its results, thanks to a strong performance from its ITV Studios production arm.

ITV posted a 16-percent increase in adjusted pre-tax profit to £270 million ($414 million) for the half year ended June 30. EBITA increased 11 percent to £291 million ($446 million). 

There was a 26-percent gain at ITV Studios to £63 million ($97 million) and 7-percent growth in broadcast and online. External revenue was up 1 percent to £1.14 billion ($1.75 billion).

While ad revenue was up 6 percent in the first quarter, it took a hit in Q2. Overall for the half year, it declined 3 percent.

Revenue at ITV Studios grew 11 percent to £395 million ($606 million). Total non-advertising revenue was up 11 percent to £568 million ($871 million) thanks to ITV Studios, online, pay and interactive businesses.

Looking ahead, ITV expected non-advertising revenue for the nine months to end in September to be relatively flat, following a positive Q3, up 9 percent. It is also expecting double-digit revenue growth in online, pay and interactive and ITV Studios for the full year.

Adam Crozier, ITV’s chief executive, said: "We’re making good progress with our strategy of growing and rebalancing the business as we build new revenue streams and improve margins."

He added: "As we anticipated, the shape of the television advertising market this year is very different to 2012."