ITV First-Quarter Revenue Rises 14 Percent Driven by Production Arm, Ad Gains
The U.K. TV giant is led by CEO Adam Crozier who lauds "a strong start to the year with further growth across all parts of the business."
U.K. TV giant ITV on Thursday reported a first-quarter revenue increase of 14 percent.
Revenue at the ITV Studios production unit, which is typically a growth driver, was up 17 percent, helped by 8 percent organic growth and acquisitions. Net advertising revenue was up 12 percent.
ITV is led by CEO Adam Crozier.
Said Crozier: "We’ve had a strong start to the year with further growth across all parts of the business as we continue to deliver against our strategy. ITV Studios returned to organic growth, which contributed around half of Studios revenue growth, while our acquired businesses remain on track."
Added Crozier: "We remain focused on building a global scripted business, with a number of high-profile dramas this year including Thunderbirds Are Go, The Good Witch, Texas Rising, Aquarius, Raised by Wolves and Jekyll & Hyde. Looking forward to the rest of the year we have a healthy pipeline of new drama to come."
ITV Family share of viewing was down 3 percent in the first four months. Crozier said that "improving SOV remains a key focus for the year," adding: "We are encouraged by a more robust recent performance, including Britain’s Got Talent, Ninja Warrior, Vera and well received new drama including Safe House, Home Fires and Code of a Killer."
ITV recently acquired The Voice producer Talpa as part of its continuing expansion of its production business.
About the full year 2015, the ITV CEO said: "Looking forward, ITV net advertising revenue is expected to be up around 5 percent in [the first half], and while quarterly phasing will be different to 2014, we expect to outperform the market over the full year with online, pay and interactive continuing to grow strongly across the year. ITV Studios remains on track to increase revenue by around £100 million on a constant currency basis with the benefit of Talpa to come. For 2015 as a whole we anticipate further strong growth across ITV as we continue to rebalance and strengthen the business creatively, commercially and financially."