LONDON (dpa-AFX) - Shares of ITV plc (ITV.L) were losing around 7 percent on the London Stock Exchange after the British broadcasting business reported Thursday lower revenues in its nine-month period.
For the nine months to September 30, Group revenue fell 8 percent to 2.74 billion pounds from last year's 2.98 billion pounds, with growth in total advertising revenue offset by the decline in ITV Studios revenue.
Group external revenue was down 8 percent at 2.32 billion pounds.
Total ITV Studios revenue fell 20 percent year-over-year to 1.22 billion pounds, impacted by the expected phasing of production deliveries.
Media & Entertainment revenue was up 4 percent from last year to 1.52 billion pounds.
Total advertising revenue grew 6 percent to 1.31 billion pounds. Total advertising revenue was flat in the third quarter, as expected.
Looking ahead, the company said it is confident to deliver an increase in group profit this year.
ITV Studios is on track to deliver record adjusted EBITA in fiscal 2024, reflecting efficiency gains and a significant Q4 delivery schedule.
Total Studios revenue is expected to decline mid-single digits over the full year which is only marginally down year on year excluding the impact of the US actors' and writers' strikes.
Further, the company announced an additional 20 million pounds of net cost savings in 2024, in addition to the previously announced 40 million pounds of incremental cost savings.
In London, ITV plc shares were trading at 67.20 pence, down 7.05 percent.
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