<\/p>\n
The World Cup provided ITV with a huge boost<\/p>\n
ITV has announced a \u00a3100 million share buyback, representing an early return of capital from the anticipated \u00a3950m net cash return from the sale of its Media & Entertainment business to Sky.<\/p>\n
The plan came amid solid interim results for the six months ended 30 June, with total group revenue up 2% to \u00a31.9 billion and statutory profit before tax increasing 16% to \u00a378 million, while maintaining full-year guidance. <\/p>\n
Media & Entertainment saw a 37% rise in adjusted EBITA to \u00a348m, driven by strong digital revenue growth and advertising demand from the World Cup.<\/p>\n
ITV Studios revenue grew 2% to \u00a3912m, though adjusted EBITA declined 9% to \u00a397m due to production slate phasing.<\/p>\n
The interim dividend remains unchanged at 1.7p per share, totaling approximately \u00a360 million.<\/p>\n
Carolyn McCall, ITV chief executive, said:\u00a0\u201cITV delivered a solid H1 performance and we remain on track to deliver our full-year guidance, including good revenue growth in ITV Studios and strong, profitable digital revenue growth within Media & Entertainment.<\/p>\n
Carolyn McCall: solid performance<\/p>\n
\u201cITV Studios\u2019 H1 performance reflects the year-on-year phasing of our production slate, with revenue, profit, and margin weighted as usual towards the second half of the year as previously guided. This reflects a significant volume of large deliveries and high-margin licensing deals in H2, over which we have good visibility.<\/p>\n
\u201cIn M&E, ITVX continues to perform strongly, delivering double-digit growth in both viewing and digital advertising revenues during the period, while Total Advertising Revenue (TAR) grew strongly in the first half and into July, reflecting a very successful Men\u2019s Football World Cup and continued strong demand from advertisers.<\/p>\n
\u201cThe recently announced sale of M&E to Sky represents a substantial milestone for ITV. This transaction will unlock significant value for shareholders, with a net cash return of around \u00a3950 million, excluding any contingent consideration, and continued ownership of an attractive, growing global content business in ITV Studios. <\/p>\n
\u201cUnderpinned by its world class talent, global scale and unique IP library, ITV Studios is well positioned to deliver above-market profitable organic revenue growth at industry leading margins, strong cash generation, attractive returns to shareholders and an investment grade balance sheet.<\/p>\n
\u201cMacro-economic headwinds remain, but we are focused on the performance of both businesses, with continued momentum, disciplined execution of our strategic priorities and a strong second half delivery schedule in ITV Studios. <\/p>\n
\u201cReflecting our commitment to attractive shareholder returns, the Board has declared an interim dividend of 1.7p, a total of around \u00a360 million, unchanged on prior year. In addition, we are today announcing a \u00a3100 million share buyback. <\/p>\n
\u201cThis represents an early return of part of the previously announced \u00a3950 million net cash return expected on completion of the sale of M&E.\u201d<\/p>\n
\t #ITV #boosted #World #Cup #ahead #Sky #sale #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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