ITV scores with World Cup ads hike
CORONATION Street maker ITV posted a 40% hike in half year profits to £250m boosted by higher advertising income driven by the World Cup.
The England team may have flopped in Brazil, but TV ad revenue surged 13% in the second quarter.
The broadcaster increased total revenues across its business by 7% to £1.2bn. Within this, ad revenue rose by 7% to £795m and online, pay and interactive revenues jumped 20% to £67m.
ITV said it will “significantly outperform” rivals this year, with TV ad growth to the end of September expected to be 6% year-on-year.
Total adjusted profits – earnings before interest, tax and amortisation – rose 11% to £322m. Adjusted profits at the broadcasting and online division rose 10% to £250m. ITV Studios, the production arm that makes shows including Coronation Street, grew revenues by 2% to £402m. Profits rose by 14% to £72m.
Chief executive Adam Crozier said: “We have made further good progress with our strategy of growing and strengthening all parts of ITV.
“In the first six months of the year, we again delivered double-digit profit growth in every area of the business and increased revenues by 7% The plan we embarked on four years ago of rebalancing and strengthening ITV creatively and financially, both in the UK and internationally, is clearly the right one for the company and our vision remains unchanged.”
Looking ahead, Mr Crozier said: “Share of viewing improved during Q2, helped by the FIFA World Cup, and we’re confident of our strong Autumn schedule with both new and returning drama and entertainment.”
