ITV Posts Revenue, Profit Gains in Half-Year Results

LONDON: Driven in part by its broadcast of this year's World Cup, British commercial broadcaster ITV saw its revenues for the first half of the year rise by 7 percent to £1.2 billion ($2 billion), with pre-tax adjusted profit up 16 percent to £312 million ($527 million).

Net advertising revenues at the ITV portfolio of channels gained 7 percent. Overall broadcast and online revenues rose 7 percent to £981 million ($1.7 billion). ITV Studios revenues rose 2 percent to £402 million ($679 million).

“We have made further good progress with our strategy of growing and strengthening all parts of ITV," said Adam Crozier, ITV's chief executive. "In the first six months of the year we again delivered double-digit profit growth in every area of the business and increased revenues by 7 percent…. Share of viewing improved during Q2, helped by the FIFA World Cup, and we’re confident of our strong Autumn schedule with both new and returning drama and entertainment." Crozier said he expects ad revenues to be up by 6 percent for the first nine months of the year, adding, "We will significantly outperform the market over the full year."

Discussing ITV Studios, Crozier said: "We expect good growth in ITV Studios in 2014, driven by our acquisitions. In 2015 we will see further growth from these acquisitions and we will return to good organic growth helped by our investment in global scripted content, such as Texas Rangers and Aquarius in the U.S. and Jekyll & Hyde, Jambusters and Thunderbirds Are Go! in the U.K."