ITV growth driven by strong performance of ITV Studios

ITV has reported strong revenue increases, particularly from its studios, as it continues its five year transformation plan.

ITV Studios revenues rose by 61% in the first quarter of 2012 to £212m. The company said this reflected the front loaded delivery of a number of shows, as well as the inclusion of ITV Breakfast production revenues now that Daybreak is produced by ITV Studios. 

Meanwhile external revenues increased 13% to £565m, while total non-NAR revenues were up 43% to £290m.

Adam Crozier, ITV plc chief executive, said: “We continue to push forward with our five year transformation plan with external revenues up 13% in the first quarter of the year – driven by an increase in non-advertising revenues – in line with our strategy of rebalancing and growing the business.

“ITV Studios again performed strongly both in the UK and internationally – particularly in the US – with an encouraging number of new commissions. 

This positive Q1 phasing is as we expected, and puts ITV Studios on track to grow revenues this year at a similar rate to 2011.”

The statement was made ahead of the company’s annual general meeting later today.