19th Nov 2013 08:58
LONDON (Alliance News) - ITV PLC Tuesday posted increases in external revenues of 5.8% for the nine months to September 30, as the contribution from ITV studios was boosted by acquisitions and it saw growth in its online, pay and interactive business.
External revenue was up 5.8% at GBP1.66 billion, up from GBP1.57 billion in the previous year, driven by growth in the broadcaster's online, pay & interactive business and in ITV studios. External revenue excludes revenues from internal supply arrangements.
Broadcast and online revenues rose 2.5% to GBP1.34 billion from GBP1.31 billion.
ITV Studios revenue grew 11% to GBP555 million, up from GBP498 million. The majority of this growth has come from acquisitions, ITV said, and it expects full year organic growth to be roughly in line with the 5% growth it posted in the first half.
ITV said that it was on track to deliver GBP25 million in cost savings, GBP5 million ahead of its original target.
The company expects to see continued growth in ITV studios, driven by its recent acquisitions. The television advertising market had showed signs of improvement, ITV said, which will benefit its core broadcast business.
It said expects to deliver double digit growth in revenue for its online, pay & interactive division.
"ITV is now a stronger and more balanced business, and as we move into 2014, we will continue to see growth across the company," said Chief Executive Adam Crozier in a statement.
Shares in ITV were trading down 0.60 pence at 186.20 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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