ITV has reported a 10% increase in total advertising revenue for the first half of the year, surpassing expectations, thanks to strong demand during Euro 2024.
CEO Carolyn McCall highlighted improved performance in ITV’s digital advertising, with a 17% revenue boost contributing to the overall growth. This success was driven by high viewership on both ITV’s broadcast channels and streaming platform ITVX, bolstered by a successful Euros, increased Love Island viewership, and a strong lineup of dramas.
Advertising revenue surged 17% in Q2, exceeding the 12% forecast. However, Q3 is expected to be “broadly flat” due to last year’s Rugby World Cup.
ITV’s shares have risen 29% this year, though they dipped 3% in early trading today.
McCall expressed confidence in achieving increased adjusted EBITA for the full year and meeting the 2026 KPI targets. ITV is also on track to realize £40m in incremental savings for 2024.
Adjusted EBITA for the first half rose 40% to £213m, despite a 3% decline in total revenue to £1.903 billion. The growth in advertising revenue was somewhat offset by a decline in ITV Studios revenue, impacted by last year’s US writers’ and actors’ strike.
