ITV’s total revenue grew by 2% to £2.8bn over the first nine months of the year. Studios revenue was up 11% due to favourable timing of releases to streaming platforms. This was partly offset by a 5% decline in Media & Entertainment as last year’s advertising revenue benefitted from the 2024 men’s Euros.
Within total revenue, digital advertising revenues were up 15%, helped by total streaming hours rising 14% to 1.7bn hours.
ITV highlighted that the upcoming UK budget has caused uncertainty in the sector, and fourth quarter total advertising revenue is expected to decline by 9%. Additional cost savings of £35mn are expected to be delivered to offset this.
As a result, full-year guidance has been maintained, pointing to total organic revenue growth of 5% at a margin of 13-15%.
The shares were broadly flat in early trading.
Our view
HL view to follow.
ITV key facts
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