ITV Sees 3-Percent Decline in Quarterly Revenue

ITV has reported a 3-percent drop in revenues to £731 million ($945.8 million) for the first three months of the year compared to the same period in 2016.

Total revenue at ITV Studios was up 7 percent at £343 million ($443.8 million), with a solid performance from ITV America and the benefit of foreign exchange. Broadcast and online revenues were down 6 percent to £507 million ($656.2 million). Online, pay and interactive was up 12 percent, driven by 22-percent growth in online advertising. ITV’s share of viewing was up 4 percent, ITV Family’s share of viewing rose by 2 percent and online viewing increased 32 percent.

Adam Crozier, ITV’s chief executive, said: “ITV’s overall performance and the shape of the U.K. advertising market are very much as we anticipated and our guidance for the full year remains unchanged.”

He added: “We expect to grow our share of broadcast and will continue to deliver good growth in online, pay and interactive driven by strong demand for online advertising. We are confident that ITV Studios will report good organic revenue growth for 2017 and we have already secured over 75 percent of the expected full year’s revenue. We remain on track to deliver £25 million overhead savings and a £25 million reduction in program budget with the absence of a major sporting event.

“We are pleased that the Digital Economy Bill, which includes the repeal of s73, has received Royal Assent with the Government confirming that repeal will be enacted without delay, paving the way for the introduction of retransmission fees.

“We remain committed to our strategy of rebalancing and strengthening ITV. We see clear opportunities to invest for further growth across the business and our robust balance sheet and strong underlying cash flows allow us to continue to do so.”