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(Sharecast News) - Broadcaster ITV said on Friday that it was on track to meet full-year guidance as it said its performance in the first half was in line with expectations, and announced a 100m share buyback.
In the six months to the end of June, total group revenue rose 2% to 1.9bn, with external revenue up 1% year-on-year to 1.6bn.
Group adjusted earnings before interest, tax and amortisation were flat year-on-year at 146m, with growth in total advertising revenue offset by the expected decline in ITV Studios adjusted EBITA. ITV said this reflects the weighting of large productions and high-margin licensing deals within Global Partnerships, toward the second half of 2026, as previously guided.
Statutory pre-tax profit was ahead 16% at 78m and statutory earnings per share grew 25% to 1.5p.
Total revenue at ITV Studios was up 2% at 912m, driven by a 9% increase in internal revenue and strong growth in distribution revenues. Total revenue from Media & Entertainment was also 2% higher, at 975m.
ITV also announced a 100m share buyback on Friday. This represents an early return of part of the previously announced 950m net cash return expected once it completes the 1.6bn sale of its Media & Entertainment business to Sky.
Chief executive Carolyn McCall said: "ITV delivered a solid H1 performance and we remain on track to deliver our full-year guidance, including good revenue growth in ITV Studios and strong, profitable digital revenue growth within Media & Entertainment.
"ITV Studios' H1 performance reflects the year-on-year phasing of our production slate, with revenue, profit, and margin weighted as usual towards the second half of the year as previously guided. This reflects a significant volume of large deliveries and high-margin licensing deals in H2, over which we have good visibility.
"In M&E, ITVX continues to perform strongly, delivering double-digit growth in both viewing and digital advertising revenues during the period, while total advertising revenue (TAR) grew strongly in the first half and into July, reflecting a very successful Men's Football World Cup and continued strong demand from advertisers."
At 1530 BST, ITV shares were down 1% at 74.55p.
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