Interim Results - ITV on track for another strong year

Last week, ITV CEO Adam Crozier announced our financial results for the first half of 2015 and the channel has made further strong progress as it continues to grow and rebalance creatively and commercially. All parts of the business performed well with external revenue up 11% to £1.36bn and profits up 24% to £400m.

Highlights

Revenue growth across all parts of the business

- Total external revenue up 11% to £1,356m (2014: £1,225m)
- 5% growth in Net Advertising Revenue to £838m (2014: £795m)
- Online, Pay & Interactive revenue up 27% to £85m (2014: £67m)
- ITV Studios revenue up 23% to £496m (2014: £402m), with organic growth of 8% 
- Double digit growth in Non-NAR revenue, up 18% to £693m (2014: £588m)
 
Continuing to deliver double digit profit growth
 
- Adjusted EBITA up 24% to £400m (2014: £322m)
- Broadcast & Online adjusted EBITA up 26% to £315m (2014: £250m)
- ITV Studios adjusted EBITA up 18% to £85m (2014: £72m)
- Adjusted PBT up 25% to £391m (2014: £312m)
- Adjusted EPS up 26% to 7.7p (2014: 6.1p)
 
Strong cash flows funding investment and increased shareholder returns
 
- International content business strengthened by further acquisitions including Talpa Media, Twofour Group and Mammoth Screen 
- The Board has declared an interim dividend of 1.9p, up 36%
 
Positive outlook for the full year unchanged
 
- On track for another strong performance with revenue growth across the business
- ITV Family NAR expected to be up 6% for the 9 months to the end of September, around 8% in Q3 and we expect to outperform the market again in 2015
- Confident in delivering continued strong growth in Online, Pay & Interactive
- ITV Studios on track to deliver strong revenue growth over the full year, with good organic growth and acquisitions coming through as planned 
 

 

“ITV made further strong progress in the first half of the year as we continued to grow and rebalance the company creatively and commercially. All parts of the business performed well with external revenue up 11% to £1.36bn and we delivered another period of double digit profit growth up 24% to £400m.

We continue to grow non advertising revenue with Online, Pay & Interactive revenue up 27% and ITV Studios revenue up 23%, driven by organic growth and through our acquired businesses.

More than half of ITV Studios revenue now comes from outside the UK and we further reinforced our position as a leading international producer with the acquisition of Talpa Media. We have also continued to strengthen our UK studios business with the acquisitions of Mammoth Screen and Twofour Group.

Our Broadcast & Online business remains strong with profit up 26% to £315m and revenue up 6% to £1.04bn, helped by 5% growth in advertising revenue and the launch of our pay channel ITV Encore.

ITV Family share of viewing was down 4% in H1 and improving SOV remains a key focus for the year. As previously stated we expect to see improvements in H2 when we have exclusive rights to the Rugby World Cup as well as a strong slate of high quality drama including Jekyll & Hyde, Unforgotten and The Trials of Jimmy Rose.

Looking ahead to 2016 we have now secured the joint rights to Six Nations Rugby to add to our strong schedule of sport, drama and entertainment including the European Football Championships, Beowulf, Britain’s Got Talent and Seth MacFarlane’s Family Guy and American Dad.

Our outlook for the remainder of this year is unchanged and we expect to deliver another strong performance in 2015.”

Adam Crozier , ITV plc Chief Executive

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