ITV PLC (LSE:ITV)’s third-quarter update tomorrow will offer an insight into its progress on potentially record studio profits this year.
In July, ITV said profits from its studio wing were expected to hit a new peak over the year, driven by higher margin catalogue sales and cost-cutting efforts.
This is despite lower revenue as the industry continues to grapple with last year's writers’ and actors’ strikes in the US.
Total revenue fell by 3% to £1.9 billion over the first half of the year, while statutory operating profit more than doubled to £136 million.
Savings over the full year were said to be on course to hit £40 million at the time.
“Content, product, distribution, marketing and monetisation” improvements were also set to drive improvement in streaming service ITVX, with total advertising revenues expected to be flat in the third quarter.
Shares are up 17.5% so far this year.