ITV reported a 17% rise in advert income within the second quarter of the 12 months boosted by the Euro 2024 soccer match.
The broadcaster, which is behind hit present Love Island, mentioned that total first half advert revenues elevated by 10%, beat its forecasts of a 12% rise within the second quarter and eight% over the primary six months.
Total adjusted revenue earlier than tax was up 51% year-on-year to £178m within the first half, with a 3% dip in complete revenues to £1.9bn.
Nevertheless manufacturing arm ITV Studios reported a 13% fall in revenues for the primary half, impacted by the writers’ and actors’ strike within the US which introduced productions to a halt.
ITV added that its manufacturing arm has taken a majority stake in Hartswood Movies, the manufacturing firm behind the Emmy-winning sequence “Sherlock”, for an undisclosed sum.
Shares within the group fell 5% on Thursday morning after the buying and selling replace.
Dame Carolyn McCall, ITV chief govt, mentioned the group remained “assured” of delivering a bunch underlying incomes this 12 months after heavy funding in its ITVX streaming platform over 2023.
She cheered a 17% soar in digital advert revenues over the primary half as these investments start to repay.
“This was pushed by sturdy viewing throughout our broadcast channels and ITVX, with a really profitable Euros, a year-on year-increase in viewing of Love Island and a slate of nice dramas,” she mentioned.
“Now we have sturdy momentum in bettering effectivity and simplifying methods of working proper throughout ITV and are on the right track to ship the £40 million of incremental in-year financial savings in 2024 that have been beforehand guided.”
