Business
Half-year Report
Half-year Report.
About this update from Itv Plc
[{"type":"text","content":"\n\nITV Plc Interim results for the six months ended 30 June 2024\nInterim 2024 Highlights\n● Significant improvement in group adjusted EBITA1 in H1, up 40%, despite Group external revenue down 2%\n● Impacted by phasing of productions and US writers' and actors' strikes in 2023, ITV Studios H1 revenue was down 13%2, as expected, and adjusted EBITA3 grew 5% driven by a strong contribution from higher margin catalogue sales and cost savings\n● M&E adjusted EBITA grew 230% with total advertising revenue growth ahead of expectations, up 10%\n● ITVX continued to perform strongly with streaming hours up 15%, monthly active users up 17% and digital advertising revenues up 17%\n \nCarolyn McCall, ITV Chief Executive, said:\n\"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.\n\"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.\n\"Our digital advertising business continues to go from strength-to-strength and we saw a 17% increase in digital advertising revenue in the period, which contributed to the 10% 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.\n\"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.\"\n \nOutlook: on track to deliver 2026 KPI targets\nITV Studios:\n● Over the full year, ITV Studios is expected to deliver record profits driven by an increase in higher margin catalogue sales, and continued action to drive efficiencies. The...