Jul 26, 2017

Opening Quote: ITV ad revenues descend as new CEO waits to board

ITV had already forecast that net advertising revenue would be 8-9 per cent lower in the first half, compared with last year. Total external revenue was down only 3 per cent as the advertising decline was partly offset by good growth in non-advertising revenues. ITV Studios, the production arm, lifted its revenue by 7 per cent to £697m, thanks mainly to £42m of foreign exchange benefits. Net advertising revenue is forecast to be down around 4 per cent in Q3, which would put it on track to outperform the wider TV ad market in 2017. After a first half in which underlying revenue rose 3.6 per cent, and operating profit 5.2 per cent, its latest trading update shows that organic revenue growth edged up by 3.9 per cent in the third quarter - or more like 5 per cent excluding the impact of Easter.

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