European stocks slump after Wall Street suffers worst sell-off in over a year
ITV reported a 17% rise in ad revenue in the second quarter of the year boosted by the Euro 2024 football tournament.
The broadcaster, which is behind hit show Love Island, said that overall first half ad revenues increased by 10%, beat its forecasts of a 12% rise in the second quarter and 8% over the first six months.
Overall adjusted profit before tax was up 51% year-on-year to £178m in the first half, with a 3% dip in total revenues to £1.9bn.
However production arm ITV Studios reported a 13% fall in revenues for the first half, impacted by the writers’ and actors’ strike in the US which brought productions to a halt.
ITV added that its production arm has taken a majority stake in Hartswood Films, the production company behind the Emmy-winning series “Sherlock”, for an undisclosed sum.
Shares in the group fell 5% on Thursday morning after the trading update.
Dame Carolyn McCall, ITV chief executive, said the group remained “confident” of delivering a group underlying earning this year after heavy investment in its ITVX streaming platform over 2023.
She cheered a 17% jump in digital ad revenues over the first half as these investments begin to pay off.
“This was driven by strong viewing across our broadcast channels and ITVX, with a very successful Euros, a year-on year-increase in viewing of Love Island and a slate of great dramas,” she said.
“We have strong momentum in improving efficiency and simplifying ways of working right across ITV and are on course to deliver the £40 million of incremental in-year savings in 2024 that were previously guided.”
Source link
