Half Year 2024 ITV PLC Earnings Call Transcript
Key Points
- ITV PLC (ITVPF) reported a 40% increase in group adjusted EBITA, indicating strong financial performance.
- ITV Studios is forecasted to deliver record profits for the full year, despite challenges such as strikes and slower FTA commissions.
- Digital revenues grew by 12%, driven by a 17% increase in digital advertising revenue, showcasing the success of ITVX.
- The company is on track to deliver GBP40 million in cost savings for 2024, demonstrating effective cost management.
- ITV PLC (ITVPF) declared an interim dividend of 1.7p, reflecting a commitment to shareholder returns.
- Total external revenue was down by 2%, with ITV Studios affected by short-term factors.
- UK revenues declined due to fewer ITVX premieres and the absence of popular shows like The Voice Kids.
- International revenues decreased due to lower demand from free-to-air broadcasters in Europe.
- Subscriber numbers for ITVX fell by 36% in H1, attributed to strategic changes and migration issues.
- The company expects Q3 total ad revenue to be flat, partly due to the impact of the Olympics being broadcast elsewhere.
Good morning, everyone. Welcome to ITV's 2024 interim results. I'm here with Chris Kennedy, our CFO and COO, who you all know. I will hand over to Chris shortly to talk you through our financial and operational performance.
But first, let me start with a very quick overview. We have had a really good start to 2024, delivering a strong financial, operational, and creative performance. We've achieved a 40% increase in group adjusted EBITA, and we continue to make significant strategic progress across ITV as we execute our strategy. ITV Studios has performed well against the expected backdrop of deferments due to the strikes and slower FTA commissions as we've previously guided. Despite this, ITV Studios is forecast to deliver record profits over the full year.
Now, as you all know, we've talked about this before, 2023 was the year of peak net investments in ITVX and the results of that are clear, with strong growth, both in digital revenues and also in viewing in the half. We've made really strong progress in improving
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