12th Nov 2019 08:36
(Alliance News) - Broadcaster ITV PLC on Tuesday said its performance in the first nine months of 2019 was as expected and the company remains on track to deliver on its full-year guidance.
ITV shares were up 2.5% at 139.38 pence each in London.
The company's total advertising revenue was up 1% in the third quarter ended September 30, at the top end of guidance. The fourth quarter is expected to deliver a result somewhere between flat to 1% higher, and total advertising revenue should be down 2% across the full-year.
For the nine months to September-end, ITV's total external revenue fell 2% year-on-year to GBP2.21 billion. Broadcast & Online revenue was down 3% to GBP1.46 billion and ITV Studios revenue was up 1% to GBP1.12 billion.
ITV's total advertising was down 3% to GBP1.25 billion in the nine month period, as guided, and online revenue up 23%.
"ITV's overall performance for the first nine months of 2019 was as we expected, and although the economic environment continues to be uncertain, we are making good progress in executing our strategy," said Chief Executive Carolyn McCall.
"Our cost programme is on track to deliver GBP20m of savings this year and GBP55m to GBP60m over the four years to 2022. We are confident in delivering our 2019 full year guidance," McCall added.
London-headquartered ITV remains on track to deliver returns to shareholders in line with its guidance of at least an 8 pence dividend for 2019.
By Tapan Panchal; [email protected]
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