ITV plc Interim Results 2012
ITV's Intermin Results for the half year revealed double digit revenue and profit growth, which ITV plc Chief Executive Adam Crozier attributes to the company's Transformation Plan.
"The Transformation Plan continues to gain momentum," said Crozier. "External revenues are up 10% with all areas of the business delivering growth. The £106 million increase in non-advertising revenues – from content, pay and online – was particularly significant and is further evidence that our strategy of rebalancing the business and growing new revenue streams is working."
- External revenues up 10% to £1,130 million (2011: £1,027 million), with growth in all areas of the business
- Total non-NAR revenues up £106 million, 26%, to £514 million (2011: £408 million) driven by ITV Studios
- ITV Studios revenues up £91 million, 34%, with double digit growth from UK and international businesses, reflecting in part the front loaded delivery of a number of show
- ITV Family NAR up 3%, outperforming the TV advertising market up 2%
- ITV Family SOV down 1%, with digital channels performing strongly up 5%
- EBITA before exceptional items up 10% to £265 million (2011: £240 million)
- Adjusted PBT up 15% to £235 million (2011: £204 million)
- Adjusted EPS up 15% to 4.7p (2011: 4.1p)
- Positive net cash position of £92 million
- Continued improvement in efficiency of balance sheet with £275 million bond buyback in June
- Board has declared an interim dividend of 0.8p (2011: 0.4p)
- We expect ITV Family NAR to be broadly flat over the nine months to the end of September