Mar 9, 2021

ITV: royally flush

Production eats up cash, making it less profitable: margins on the basis of adjusted ebita, which adds back exceptional items including high-end production tax credits, came in at 11 per cent, down from 15 per cent the previous year and half those creamed off broadcasting. ITV is a legacy commercial broadcaster trying to turn itself into a media company able to play on the international stage. This pits ITV against the likes of Netflix while counting the latter as a client. ITV claims more than 2.6m subscribers globally. For their part, ITV's shareholders appear to be as divided as Brits on the self-exiled royals: shares plunged soon after the bell and jumped back up by mid-morning.

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