ITV plc has announced its interim results for the half year ended 30 June 2013.
- ITV continues to deliver growth and continues to rebalance
- The company has completed acquisitions in the UK and the US (see related articles below)
- £20m of cost savings are on track
- Profit to cash conversion is strong at 100%
- Net debt of £52m following acquisitions, dividends and further debt repayments
- The board has declared an interim dividend of 1.1p up 38%
Click on the Financial Highlights table below to see an enlarged view
Adam Crozier, ITV Chief Executive, said:
“We’re making good progress with our strategy of growing and rebalancing the business as we build new revenue streams and improve margins. In the first six months of the year ITV continued to increase group profits and revenues despite the expected fall in our H1 advertising revenues. Non-advertising revenues were up by 11% to £568m, driven by significant growth in Online, Pay & Interactive and in ITV Studios.
ITV Studios delivered further growth in the UK and internationally both organically and through selective acquisitions in our key target markets – with total Studios revenues up 11%. We’re showing real momentum in our strategy of creating a robust international content business and in building substantial strength and scale in the US market.
The improved variety and quality of the ITV schedule has driven a strong on-screen performance in the first half of the year with ITV Family SOV up 1%. Our cash generation remains strong and we continue to have a robust balance sheet to support the strategy and invest in our future growth.
As we anticipated, the shape of the television advertising market this year is very different to 2012. In spite of monthly volatility we expect ITV Family NAR to be broadly flat for the nine months to the end of September with Q3 up 9%. We expect both ITV Studios and Online, Pay & Interactive to deliver double digit revenue growth for the year as a whole as we continue to rebalance and strengthen ITV.”
Click here to see the full announcement.
- ITV acquires Big Talk Posted on July 30, 2013
- ITV acquires US TV production company Thinkfactory Media Posted on June 19, 2013
- ITV acquires The Garden Posted on April 22, 2013
- ITV plc final results for the year ending December 31, 2012 Posted on March 1, 2013
- ITV acquires Finish Indie Tarinatalo Posted on October 16, 2012
- ITV plc sells Screenvision assets to Shamrock Capital for US $80m Posted on October 11, 2010
- ITV plc secures full ownership of GMTV Posted on November 26, 2009