ITV has today reported a better-than-expected 10% rise in total advertising revenue in its first half after strong demand during the Euro 2024 soccer championship.
Chief executive Carolyn McCall said the performance of ITV's digital advertising business continued to improve in the six months to June 30. A 17% increase in digital advertising revenue contributed to the double digit rise in total advertising revenue.
"This was driven by strong viewing across our broadcast channels and (streaming platform) ITVX, with a very successful Euros, a year-on year-increase in viewing of Love Island and a slate of great dramas," she said.
Total advertising revenue rose 17% in the second quarter, ahead of guidance of 12%.
However, it was forecast to be "broadly flat" in the third quarter, as the same period last year included the Rugby World Cup.
Shares in ITV are up 29% so far this year, but were down 3% in early trading today.
McCall said ITV was confident of delivering increased adjusted earnings before interest, tax and amortisation (EBITA) in the full year, following a year of peak net investment in 2023, and was on track to deliver its 2026 key performance indicator (KPI) targets.
She also said the group was on course to deliver the £40m of incremental savings in 2024 that were previously guided.
First half adjusted EBITA rose 40% to £213m, on total revenue down 3% at £1.903 billion.
The growth in total advertising revenue was offset by an expected decline in the revenue of production business ITV Studios, which felt the impact of last year's US writers' and actors' strike.
