February 28th, 2019
2017 was a challenging year for business generally, with continuing economic and political uncertainty but, despite this, our operational performance has been strong.
There is no doubt that ITV’s operational performance in 2017 in a challenging environment was strong. ITV delivered a great viewing performance on-screen and online and double-digit revenue growth in video on demand advertising and ITV Studios. This gives us a solid foundation to build on for the next phase of ITV’s development.
Total external revenues grew by 2%, to £3,132million, driven by double digit growth in non-NAR as a result of the significant growth in our Online, Pay & Interactive business, together with ITV Studios. However, profit was down 5% to £842million, primarily because advertising revenue fell 4.8% or £81million, impacted by the uncertain economic environment.
We are very focused on our strategic refresh. This will enable us to define a clear strategy and priorities that will highlight the opportunities and address the challenges that we face in an increasingly competitive media landscape. This project is well underway.
Reflecting our confidence in the business, and the outlook for 2018, the Board is proposing a full year dividend of 7.8p, up 8%.
We have had a great start to 2018. On-screen we have grown our viewing share and volume and online we have continued to deliver double digit growth in viewing. We expect ITV Family NAR to be positive in the first half, with Q1 up 1% and growth in Q2 around the football. ITV Studios is seeing increasing demand for its formats and dramas, particularly in the UK and US, and we have over 60% of this year’s expected revenue already booked.Carolyn McCall, ITV Chief Executive
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