ITV plc interim results for the half year ended 30th June 2011

26th July 2011

ITV plc interim results for the half year ended 30th June 2011

Solid progress in 1st year of five-year Transformation Plan
 

– Total external revenues up 4% to £1,027m (2010: £987m).
– EBITA before exceptional items increased 45% to £240m (2010: £165m) with the conversion of higher revenues into profit and the absence of Football World Cup costs.
– Adjusted EPS increased 86% to 4.1p (2010: 2.2p).
– Net debt improved to £52m from £188m at year end.
– Cost saving programme is on track to deliver £15m of savings in 2011.
– ITV Family NAR up 2% in line with expectations versus a TV advertising market up 3%.
– Solid on screen performance with ITV Family SOV up 2% with ITV1 flat (2010: down 5%) and ITV digital channels up 11%.
– ITV Player now launched on Android phones, Apple devices and Freesat. Long form video views increased 64% to 180m (2010: 110m).
– ITV Studios external revenues increased 11% to £140m (2010: £126m) driven by strong international revenues, however, EBITA fell slightly as we invested in creative talent, and in developing and piloting new programmes.
– The Board has declared an interim dividend of 0.4p.
– We are encouraged by our progress to date and the prospects for ITV in the medium to long term but we remain cautious about the advertising market and the economy.