ITV on course for best ad revenue performance in five years
Broadcaster ITV has enjoyed its “best outperformance of the market for five years” according to the company's latest interim management statement.
The company saw broadcast ad revenues rise six per cent, "well ahead of the UK television advertising market", said Adam Crozier, ITV's chief executive.
External revenues climbed eight per cent to £1.8bn, with ITV Studios revenues up 10 per cent thanks largely to acquisitions. The company is also on track to achieve £15m of cost savings over the course of the year.
Crozier, said:
We've made further strong progress in growing all parts of ITV and we're on track to deliver another year of double digit profit growth.
In 2015, our investment in scripted content will begin to deliver value with new UK drama including Jekyll and Hyde, The Trials of Jimmy Rose and Home Fires, and US dramas including Aquarius, Texas Rising and The Good Witch. We'll also have the benefit of Thunderbirds Are Go! as well as a US version of Saturday Night Takeaway for NBC.
City broker Numis was also upbeat on ITV's results:
The group continues to make good progress in ITV Studios and will be aided by the recent moves in FX.
We remain supportive of ITV, which is executing well on its digital and Studios strategy combined with tight financial management.