26 July 2017 – interim results
Interim results for the six months ended 30 June 2017 have been released. Total external revenue was down 3% to £1,458m (2016: £1,503m). Total ITV Studios revenue up 7% at £697m (2016: £651m), although the increase is broadly explained by £42m of currency benefit. Online, Pay & Interactive was up 5% to £112m (2016: £107m). There was strong growth across Online and Pay. ITV Family Net Advertising Revenue was down 8% at £769m (2016: £838m). Adjusted EBITA down 8% at £403m (2016: £438m). ITV Studios adjusted EBITA was down 9% to £110m (2016: £121m) as expected. Broadcast & Online adjusted EBITA was down 8% to £293m (2016: £317m). Adjusted EPS fell to 7.7p (2016: 8.5p). Statutory EPS fell 16% at 5.1p (2016: 6.1p). The interim dividend was increased by 5% to 2.52p per share. On the face of it the results are slightly uninspiring but we believe that the business is moving in the right direction and anticipate the share price pushing on towards 200p. We continue to rate the shares as a BUY.