ITV revenues grow by 6%
BROADCASTER ITV has reported rising revenues with growth coming from programme-making and other non-advertising income.
In an interim management statement covering the nine months to the end of September it said revenue grew 6% to £1.66bn.
The ITV Studios arm, which makes shows such as Coronation Street and Jeremy Kyle in Manchester, grew income by 11% to £555m.
Overall, non-national advertising revenue grew by 11% to £810m, helped also by online, pay and interactive income. Ad revenue across the ITV “family” of channels grew by 1% to £1.08bn, but was up 11% in the third quarter and is expected to grow by 2% over the year.
Chief executive Adam Crozier said: “We continue to make good progress with our strategy of growing and strengthening ITV both creatively and commercially, and all parts of the business are performing well. Total external revenues rose 6%, driven by strong growth in Online, Pay & Interactive and in ITV Studios.
“Our ongoing investment in ITV Studios continues to bear fruit. We’re confident of a strong performance over the full year – both organically and from our recent acquisitions – underpinned by a delivery schedule which this year is weighted to Q4.”
He added: “Our focus on cash and costs remains key and we are on track to deliver £25m of cost savings. We have taken further steps to improve the efficiency of our balance sheet through the buyback and redemption of the convertible bond and our cash generation remains healthy.”
