Commercial UK broadcaster ITV reported a rise in sales for the first nine months of the year, as its production arm offset a fall in television advertising revenue.
ITV said it expected annual advertising revenue to be 1-1.5% lower year on year as it warned of tough economic challenges ahead.
Advertising revenue for the nine months to September 30 was down 2%, accelerating to 14% in the third quarter against a tough 2021 comparator when the international European football tournament boosted audiences.
The studios business, which makes programming across for broadcasters across the industry, posted a 16% rise in revenues. ITV is reportedly reviewing the unit’s future, including selling a stake, which has boosted its flagging share price.
“While we remain mindful of the macroeconomic and geopolitical uncertainty there’s strong operational momentum across both our studios and media & entertainment divisions,” said chief executive Carolyn McCall.
The broadcaster is set to launch its commercial streaming platform ITVX next month.
Reporting by Frank Prenesti for Sharecast.com
