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The Markets
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The Markets
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Media

ITV sees higher profits despite advertising market uncertainty

The free-to-air broadcaster said it had a good start to 2016

ITV PLC (LON:ITV) forecast higher first-half profits despite advertising market uncertainty caused by the EU referendum.

The free-to-air broadcaster said it had a good start to 2016 and expected a good increase in profits in the period, driven by its ITV Studios and online pay and interactive businesses.

It said that came against a backdrop of uncertainty in the UK advertising market since the debate over a possible UK departure from the EU began.

Total external revenue rose 14% to £755mln and broadcast & online revenue increased 2% to £539mln, with continued strong growth in online, pay & interactive revenue up 17%.

Total ITV Studios revenue lifted 44% to £322mln, driven by acquisitions, while ITV share of viewing was up 3% and ITV family share of viewing rose 1%.

The group said it was on track for double digit revenue growth in online, pay & interactive and double-digit revenue and profit growth in ITV Studios during the full year.

Chief executive Adam Crozier said: "The strength of our cash generation and financial position gives us the flexibility to continue to achieve further growth across the business both organically and through acquisitions and partnerships."

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