Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Broadcaster ITV reported better-than-expected advertising revenues as its hit show Love Island provided a strong finish to the first half of the year.
For the six months ended 30 June, Total ITV revenue decreased 5% to £1.75bn from a year earlier, with external revenue down 7% at £1.48bn..
Total non-advertising revenue was down 6% to £900m from a year earlier, and accounted for 51% of total revenue, compared with 52% last year.
Total ITV Studios revenues were down 6% in half, which the company blamed on the phasing of deliveries, but said it expected the division to have a strong second half supported by a 'solid' pipeline of new and returning shows.
"ITV Studios has a solid pipeline of new and returning shows this year - from I'm A Celebrity Get Me Out of Here! to World on Fire to Snowpiercer - and is firmly on track to deliver our full-year guidance,' the company said.
The company declared an interim dividend of 2.6p which is flat on 2018/.
The company said it was track to deliver full-year guidance, including £20m of cost savings and double-digit online revenue growth. ITV Studios is expected to deliver at least 5% revenue growth at a 14% to 16% margin, with £130m more revenue for the full year secured at this point than last year.
Total advertising is forecast to be in a range of -1% to +1% in Q3 amid ongoing economic and political uncertainty, which continued to impact the demand for advertising, the company added.
'ITV delivered another good viewing performance in the first half of the year. Online revenues grew strongly up 18% despite tough comparatives, with Love Island providing a strong finish to the half. This was reflected in better than expected total advertising revenue,' said Carolyn McCall, ITV Chief Executive.
'The economic and political environment remains uncertain but we are very focused on delivering our strategy and creating a stronger, more diversified and structurally sound business to enable ITV to take advantage of evolving viewing and advertising opportunities.'
'We are making good progress in each area of our strategy as we become an increasingly digital entertainment company. BritBox is set to launch in Q4, as is our new programmatic addressable advertising platform, and we are accelerating our digital and data capabilities.'