Strong ITV Studios Performance Offsets Revenue Decline at British Broadcaster

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ITV Revenue Falls 1 Percent in First Nine Months as Ad Drop Offsets Growth at Production Arm

In the nine months to 30 September, total external revenue edged down 1% to £2.13bn from £2.15bn, as a 7% decline net ad revenue offset 8% growth in non-advertising revenue.

U.K. TV giant ITV, the British home of The X Factor, on Tuesday reported an advertising and total revenue decline for the first nine months of the year, while its studio arm continued to growth revenue.

Chairman Bazalgette took on the role of executive chairman during the interim period, while ITV finance chief Ian Griffiths was promoted to the combined role of COO and group finance director to lead the executive team for the interim period.

While political uncertainty continues to dent corporate confidence in the United Kingdom and negatively impacts ad spending, ITV said it was seeing a return to advertising from some consumer goods firms and grocers. It is now available in the U.S. No subscriber numbers have been broken out.

"ITV's performance in the first nine months of 2017 is very much as we anticipated", the company's executive chairman Sir Peter Bazalgette commented in the statement, adding that the blue-chip broadcaster had seen "improving trends in all our key revenue lines in the quarter and we're on track to deliver on the commitments we set out at the start of the year". "We are making real progress in building a European scripted business with the recent acquisition of Italian producer Cattleya. This, along with our investment in Tetra in France and our existing European drama businesses, will enable us to benefit from the increasing demand for locally produced content with global appeal".

ITV said that ITV Studios' full-year revenues and profit will be in line with last year, while ITV will be down 5% overall. The company also said that ITV Studios "has a healthy pipeline of new and returning programs into 2018".

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