ITV ‘confident’ of 2019 performance despite revenue drop

Television network ITV has issued its trading update for the third quarter of 2019 showing an overall revenue dip.

In the nine months up to September 30, the channel’s overall revenues dropped by 2 per cent on the previous year.

The network’s studio revenue was up by 1 per cent, but its broadcast and online revenue took a hit with a decrease of 3 per cent compared with 2018.

ITV has said that phasing of deliveries in the second half of 2019 will adversely impact the full year results, but that it is still on track to maintain a ‘solid’ balance sheet and deliver on its full year dividend guidance.

Carolyn McCall, ITV’s chief executive, commented: “ITV’s overall performance for the first nine months of 2019 was as we expected, and although the economic environment continues to be uncertain, we are making good progress in executing our strategy.

“We have successfully launched BritBox and are encouraged by the positive feedback received on the service so far. We have also agreed a distribution and marketing deal with BT and EE and a content partnership with Channel 4. Development of our addressable advertising platform is on track for a roll out to media agencies in Q1 2020.

“We remain very focused on building a digitally led media and entertainment company to create a stronger, more diversified and structurally sound business.”