Full-year advertising revenue is expected to be up around 2.5 percent, 'with the fourth quarter expected to be down around 6-7 percent,' ITV said, also unveiling more cost savings.
Studios production arm on Thursday, “impacted by the phasing of deliveries and the 2023 U.S. writers’ and actors’ strike.”
However, ITV Studios is on track to deliver record adjusted earnings before interest, taxes and amortization for the full year 2024, “reflecting efficiency gains and a significant fourth-quarter delivery schedule.” ITV Studios revenue is expected to decline in the mid-single digit percent range over the full year though. The company said that will be “only marginally down year-on-year excluding the impact of the U.S. actors’ and writers’ strikes.
Full-year 2024 total advertising revenue is expected to be up around 2.5 percent, “with the fourth quarter expected to be down around 6-7 percent against the 2023 Rugby World Cup,” ITV said. “In addition, fourth-quarter advertising bookings were impacted by the uncertainty in the lead-up to the U.K. budget,” recently presented by the new Labour Party government.
ITV also provided an update on its cost reduction initiatives, unveiling it would reach an additional £20 million of net cost savings in 2024, “£10 million of which is a reduction in content costs and £10 million of which is the early delivery of non-content savings planned for 2025.” It added that “this continues to give us the confidence that we will deliver an increase in group profit this year,” the firm said.
“ITV’s good strategic progress has continued in the first nine months of 2024 driven by strong execution and industry-leading creativity,” said McCall. “ITV Studios is performing well despite the expected impact of both the writer’s strike and a softer market from free-to-air broadcasters.”ITV Studios is on track to deliver “an unusually high number of productions” in the current fourth quarter, the CEO concluded. It is expected to include, in the U.S.
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