ITV first-half profit rises even as revenues dip

(Sharecast News) - Broadcaster ITV posted a jump in first-half profits on Thursday even as revenue dipped, boosted by the Euros and Love Island.

In the six months to 30 June, adjusted pre-tax profit rose to £178m from £118m in the same period a year earlier, while group adjusted earnings before interest, tax and amortisation were up 40% to £213m.

Total revenue edged down 3% to £1.9bn, with growth in total advertising revenue (TAR) offset by an expected decline in ITV Studios revenue, which was hit by the US writers' and actors' strike.

Total external revenue was 2% lower at £1.6bn.

Chief executive Carolyn McCall said the digital advertising business continues to go "from strength to strength", with revenue up 17% and contributing to a 10% increase in total advertising revenue.

"This was driven by strong viewing across our broadcast channels and ITVX, with a very successful Euros, a year-on year-increase in viewing of Love Island and a slate of great dramas," she said.

"We have strong momentum in improving efficiency and simplifying ways of working right across ITV and are on course to deliver the £40 million of incremental in year savings in 2024 that were previously guided. This includes £30 million of additional savings as part of the new strategic restructuring and efficiency programme."