Published: Thu 10 May 2018
ITV plc Q1 Trading Update for the 3 months to 31 March 2018
ITV - Q1 delivers a strong performance on and off screen
ITV has published the following trading update in advance of the Company's Annual General Meeting to be held at 11 am today.
Carolyn McCall, ITV Chief Executive, said:
We have started the year well both on and off screen. Total external revenue increased 5%, driven by 11% growth in ITV Studios revenue and 41% growth in online revenue. ITV total advertising which includes NAR, online and sponsorship was up 3%.
Our strong viewing performance has continued, with total minutes viewed across the ITV Family up 4%, share of viewing up 6% and time spent viewing online on the ITV Hub up 31%. This reflects the strength and breadth of our schedule across our platforms. Highlights include strong performances from Coronation Street and Emmerdale, the successful return of Dancing on Ice and both Saturday Night Takeaway and our long running drama Vera delivering their best series ever. And we have an exciting schedule for the rest of the year including Britain's Got Talent, the Football World Cup, the return of Love Island and our new period drama Vanity Fair, from the producers behind Victoria and Poldark.
ITV Studios has delivered a strong performance with organic revenue up 9%. We have a solid slate of new and returning programmes internationally for both broadcasters and OTT platforms with Unforgotten, The War of the Worlds, Snowpiercer, Good Witch, Suburra, The Voice, The Chase, Big Star's Little Star, Queer Eye for the Straight Guy, The Four and Forged in Fire.
While the economic environment remains uncertain online advertising continues to grow strongly. We expect ITV total advertising to be up 2% over the first half, but profits will reflect the timing of the Football World Cup. Over the full year we are on track to deliver double digit growth in online revenue and good organic revenue growth in ITV Studios.
The strategic refresh is progressing well with great input and engagement from ITV people across the business. I look forward to sharing an update at our interim results in July.
- Q1 performance has delivered as expected
- Total external revenue was up 5% at £772m (2017: £734m), with continued growth across all parts of the business
- Total ITV Studios revenue was up 11% at £382m (2017: £343m), with organic revenues up 9%
- ITV total advertising (NAR, online and sponsorship) was up 3% in Q1
- Broadcast & Online revenue was up 3% to £526m (2017: £510m) with strong growth in Online, Pay & Interactive up 25% and ITV Family NAR up 1% as expected
- Strong viewing performance with ITV Family share of viewing up 6% and online viewing up 31%
- ITV total advertising (NAR, online and sponsorship) is expected to be up 2% over the first half with continued strong growth in online and broadly flat ITV Family NAR
- Profits over the first half will reflect the timing of the Football World Cup
- For the full year we are on track to deliver continued good organic revenue growth in ITV Studios and double digit revenue growth in Online
- The strategic refresh is progressing well and an update will be given at the interim results on 25th July, followed by a Capital Markets Day on 19th September 2018.
NOTES TO EDITORS
1. Unless otherwise stated, all financial figures refer to the 3 months ended 31 March 2018, with growth compared to the same period in 2017. All operating figures refer to the latest available period, with growth compared to the same period in 2017.
Download the full pdf report here
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Published: Thu 10 May 2018
