ITV PLC (LSE:ITV) reported strong profit growth despite lower revenues last year as it continued an efficiency programme.
Group revenue shrank 3% to £4.1 billion in 2024, with total advertising revenue up 2% but offset by a 6% decline at the ITV Studios production arm due to the Hollywood strikes and a softer demand from free-to-air broadcasters.
But ITV Studios made record profits thanks in part to successes in the year that included 'Mr Bates', the biggest UK drama of the year, hits for streamers such as 'Fool Me Once' for Netflix and 'Rivals' proving a hit for Disney+, while 'Love Island USA' was the number one reality series in the US.
This led to group underlying profit (EBITA) increasing 11% to £542 million, also helped by the Media & Entertainment division turning out higher profits. Adjusted earnings per share were up 23% to 9.6p,
Helping profits were £60 million of efficiencies delivered across the group during the year, which was £10 million ahead of plan, with the efficiency programme said to be aiming for a further £30 million of savings in 2025.
The board proposed a final dividend of 3.3p for a full year dividend of 5p, flat on the previous year.