ITV share price tumbles as group unveils drop in ad revenue

Postado Novembro 14, 2017

Broadcaster ITV has cheered improvements in under-pressure television advertising revenues and forecast a return to growth by the end of the year.

United Kingdom broadcaster ITV has reported nine-month results in line with expectations, with total external revenue down 1 percent to GBP 2.13 billion, from GBP 2.15 billion in the nine months to 30 September 2016.

British commercial broadcaster ITV heralded "strong growth" at its ITV America production business and U.S streaming service Britbox after posting third quarter financial results in line with market expectations.

Studios, which produces Victoria, Coronation Street and Poldark, posted a 9 per cent rise in sales to £1 billion in the first nine months of 2017. "We are now seeing a return to TV advertising from some of the FMCGs and grocers although wider corporate confidence in the United Kingdom continues to be impacted by political and economic uncertainty", he said. ITV said it expects to "outperform" the overall TV ad market in 2017.

On Tuesday, it reiterated that ITV Studios would for all of 2017 report "good organic revenue growth with profit broadly in line with previous year". "This, along with our investment in Tetra in France and our existing European drama businesses, will enable us to benefit from the increasing demand for locally produced content with global appeal". Content business ITV Studios and the online and pay segments performed well over the first three quarters. The company also said that ITV Studios "has a healthy pipeline of new and returning programs into 2018". She will become the first woman to run ITV.

Chairman Bazalgette took on the role of executive chairman during the interim period, while ITV finance chief Ian Griffiths was promoted to the combined role of COO and group finance director to lead the executive team for the interim period.

Next up, ITV will be looking forward to the arrival of new CEO Carolyn McCall, who joins in early 2018 as a replacement for Adam Crozier.