Strong ITV Studios Performance Offsets Revenue Decline at British Broadcaster

ITV shares were on the back foot after its third quarter trading update

ITV shares were on the back foot after its third quarter trading update

Net advertising revenues to the nine months to end of September were down 7% to £1.1BN ($1.4BN). Total revenues are down 1 per cent so far this year.

While broadcast and online revenues sank four per cent to £1.45bn, online, pay and interactive revenues jumped eight per cent, while ITV studios revenue was up nine per cent at just over £1bn.

Vodafone sees a return to ad revenue growth in the fourth quarter but a 5% decrease for the full year.

He said ITV is seeing a return to TV advertising from some of fast-moving consumer goods companies and grocers but business confidence remains weighed down by worries about the implications of Brexit.

ITV also has a joint venture with the BBC called Britbox: a streaming service for British TV aimed at the American market.

On Tuesday, it reiterated that ITV Studios would for all of 2017 report "good organic revenue growth with profit broadly in line with past year".

Chairman Sir Peter Bazalgette said: "We will enter 2018 in good shape with a strong operating performance underpinned by a robust balance sheet, and we look forward to the arrival of our new CEO, Carolyn McCall, early in the New Year". Content business ITV Studios and the online and pay segments performed well over the first three quarters. "This, along with our investment in Tetra in France and our existing European drama businesses, will enable us to benefit from the increasing demand for locally produced content with global appeal". Programming costs will be lower with no major sports tournaments, and the broadcaster said it will make £25 million of savings over the year.

Chairman Bazalgette took on the role of executive chairman during the interim period, while ITV finance chief Ian Griffiths was promoted to the combined role of COO and group finance director to lead the executive team for the interim period.

Notícias recomendadas

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.