ITV reported its results for the period ended on June 30, revealing that ITV Studios increased revenue by 8%, reaching £1 billion in the first half of the year for the first time with strong and growing global demand for ITV’s content. At the same time, ITVX drove an increase in digital revenue of 24%, ahead of plan, supported by a step change in the company’s viewer metrics – with more viewers watching more content and staying longer.
“The continued momentum behind ITV’s strategic transformation delivered strong growth in Studios and Digital revenues in the first half of the year, largely offsetting the expected weakness in the UK advertising market – with total revenue declining just 1% in the first half of the year, even in a very tough advertising market,” said Carolyn McCall, CEO of ITV.
ITV maintained its strength in linear in what the company describes as “a challenging advertising market.” Looking forward, ITV sees a more encouraging outlook as advertisers build their campaigns around the large streaming and linear audiences expected to be drawn to the Women's World Cup, the Rugby World Cup and the return of “Big Brother.”
“We remain on track to achieve all our KPI targets, which gives us confidence we will deliver at least £750 million of digital revenue by 2026. As we said at the full year results in March, is the year of peak net investment in our streaming business and we expect profit to grow from here,” McCall added.
In detail, group adjusted EBITA was down 52% at £152 million, as it was expected. This reflects the challenging advertising market and the planned investment in ITVX, the company said. Meanwhile, adjusted EPS was down 62% at 2.3p. EBITA was £133 million (30 June 2022: £295 million).
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