ITV Sees Results of Transformation Plan

LONDON: Citing the progress made in its Transformation Plan, ITV has reported double-digit revenue and profit growth in the first half of this year.

Total revenues for the six months ended June 30, 2012, rose 10 percent to £1.13 billion, with pre-tax profit rising 15 percent to £235 million. Non-advertising revenues gained 26 percent to £514 million, with ITV Studios contributing £355 million, a 34-percent gain.

“The Transformation Plan continues to gain momentum," Adam Crozier, chief executive, said. "External revenues are up 10 percent with all areas of the business delivering growth. The £106 million increase in non-advertising revenues—from content, pay and online—was particularly significant and is further evidence that our strategy of rebalancing the business and growing new revenue streams is working. Our relentless focus on cash and costs remains key. We’re on track to deliver cost savings of £20 million this year and our cash conversion is over 100 percent."