Shares in ITV (LON:ITV) have climbed higher in today’s session, as the blue-chip broadcaster revealed a rise in advertising revenue, helped by the World Cup which saw England reach the semi-finals, as well as reality show Love Island. The company meanwhile expects its total advertising to be up one percent for the nine months to the end of September.
As of 09:42 BST, ITV’s share price had added 0.32 percent to 171.00p, outperforming the broader UK market, with the benchmark FTSE 100 index having fallen into the red and currently standing 0.66 percent lower at 7,658.18 points. The group’s shares have lost about 2.7 percent of their value over the past year, as compared with about a three-percent gain in the Footsie.
ITV updates on HY performance
ITV announced in a statement this morning that its total external revenue had climbed eight percent to £1.59 billion in the six months to the end of June, with non-advertising revenues up 14 percent at £958 million. Total advertising revenue meanwhile rose two percent with 48 percent growth in online revenues, on the back of “outstanding contributions from Love Island and the World Cup”.
“We have delivered a strong operating performance with fantastic viewing figures both on-screen and online,” the company’s chief executive Carolyn McCall commented in the statement.
Flat advertising expected in Q3
Going forward, the blue-chip broadcaster said that it was ‘confident’ that its ITV Studios will deliver good organic revenue growth, and flagged double digit online revenue growth. The company, however, noted that it expects total advertising to be broadly flat in the third quarter, with nine-percent growth forecast for this month to be offset by a seven-percent projected drop in August, and September potentially down five percent. ITV expects its total advertising to be up one percent for the nine months to the end of September.