ITV on Track for Steady Growth in 2013

ITV’s interim management statement (IMS), released today, revealed that ITV’s revenues for the first three months of 2013 reached 571m, a 1.1% increase year on year.

This figure was boosted by a 17% increase in Online, Pay & Interactive revenues and 6% increase in Broadcast & Online revenues, year on year.

Adam Crozier, the chief executive at ITV, said: "We’ve had a good start to the year with ITV outperforming the TV ad market in Q1, a strong performance on screen with the family share of viewing increasing 2% and further strong growth in Online, Pay and Interactive.

ITV Family NAR is forecast to be down around 3% over H1, due to tough comparatives in Q2 which included the Euro football tournament, but ITV's objective remains to outperform the TV ad market over the full year.

“As we anticipated, the quarterly pattern of demand from advertisers in 2013 is very different to 2012 although we expect it to even out over the course of the year,” said Adam. While we are cautious about the outlook for TV advertising for 2013, our objective remains to outperform the market over the full year.”

“Given the longer term visibility we have in our Studios revenues we're confident that we will deliver double digit growth this year. We continue to build on Studios' organic strength with acquisitions in key creative markets - most recently The Garden in the UK and High Noon Entertainment in the US.

“Looking across the whole year, we again expect to deliver good growth in all parts of the business as we continue to strengthen and rebalance ITV in line with the Transformation Plan."

Here are some of the highlights from the IMS:

  • Broadcast & Online Q1 revenues up 6% at £465m (2012: £440m) driven by 6% growth in NAR and 17% increase in Online, Pay & Interactive revenues

  • ITV Studios set to deliver double digit revenue growth over the full year, although the front loaded delivery of programmes last year means Q1 is down 5% to £201m (2012: £212m)

  • Total external revenues up 1% to £571m (2012: £565m)

  • Non-NAR revenues down 2% to £284m (2012: £290m) due to Studios phasing, though confident of good growth over 2013

  • On track to deliver £20m of cost savings over the full year

  • Completed the acquisition of The Garden and High Noon Entertainment as we continue to build our international content business

  • Our objective remains to outperform the TV ad market over the full year.  ITV Family NAR is forecast to be down around 3% over H1, due to tough comparatives in Q2

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