ITV has reported total Q2 revenue was down 3 per cent at £1.9 billion (€2.26), with growth in total advertising revenue (TAR) offset by the expected decline in ITV Studios revenue. Total external revenue was down 2 per cent at £1.59 billion in the period to June 30th. Group adjusted EBITA was up 40 per cent at £213 million, reflecting the operational gearing of Media & Entertainment, the higher margin in ITV Studios and delivery of £23 million of cost savings.

ITV Studios H1 revenue was down 13 per cent to £889 million, impacted by phasing of productions and US writers’ and actors’ strikes in 2023, and adjusted EBITA grew 5 per cent driven by a strong contribution from higher margin catalogue sales and cost savings. Over the full year, ITV Studios is still expected to deliver record profits driven by an increase in higher margin catalogue sales, and continued action to drive efficiencies. ITV advised that the full year margin will be lower than H1 reflecting the relatively lower mix of catalogue sales in the second half, but will be within its 13 to 15 per cent guidance range.

ITVX continued to be a bright spot for the broadcaster with streaming hours up 15 per cent, monthly active users up 17 per cent and digital advertising revenues up 17 per cent. ITV said it remained on track to deliver at least £750 million of digital revenues in 2026

Carolyn McCall, ITV Chief Executive, commented: “ITV has been transformed over the last five years and we continue to build upon this. We are confident of delivering increased adjusted EBITA this year, following the year of peak net investment in 2023, and are on track to deliver our 2026 KPI targets.”

“ITV Studios is performing well despite the expected market backdrop and is forecast to deliver record adjusted EBITA over the full year as a result of its scale, its diversification by product, geography and customer, its outstanding creative output and the actions we are taking to drive efficiencies.”

“Our digital advertising business continues to go from strength-to-strength and we saw a 17 per cent increase in digital advertising revenue in the period, which contributed to the 10 per cent increase in total advertising revenue. This was driven by strong viewing across our broadcast channels and ITVX, with a very successful Euros, a year-on year-increase in viewing of Love Island and a slate of great dramas.”

“We have strong momentum in improving efficiency and simplifying ways of working right across ITV and are on course to deliver the £40 million of incremental in year savings in 2024 that were previously guided. This includes £30 million of additional savings as part of the new strategic restructuring and efficiency programme,” she concluded.

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Tags: Carolyn McCall, euro 2024, itv, ITVX, love island