Interim Management Statement

RNS Number : 4818L

ITV PLC

07 May 2010

 



7 May 2010

ITV plc

Interim Management Statement

ITV has published the following interim management statement in advance of the Company's Annual General Meeting to be held at 11 am today.

Q1 revenues and outlook

·     Group revenues up 6% to £450m (2009: £425m)

·     Broadcasting and Online revenues up 6% to £390m (2009: £368m)

·     ITV Studios external revenues up 7% to £60m (2009: £56m), with internal production revenues at £73m (2009: £75m)

·     ITV1 share of commercial impacts (for the year to April 26) down 5% with ITV family flat

·     ITV television advertising revenues up 8% in Q1 and currently forecast to be up 22% in Q2

·     Market outlook for the second half highly uncertain

Advertising revenue growth for the first half should be seen in the context of declines of 15% for the equivalent period in 2009 and also reflects the impact of the World Cup.  Into the second half, the year-on-year comparators are more challenging and the UK advertising market is also highly exposed to the uncertain economic outlook post-election. Whilst the strategy review is ongoing, ITV is committing incremental investment in programming and online over the second half to provide a stronger platform into 2011. 

Adam Crozier, CEO of ITV, said

"ITV's financial performance over the first quarter reflects growth in UK television advertising following last year's record declines.  Over two years, revenues are still tracking below 2008 levels.  The outlook for the latter part of 2010 and early 2011 is tough with more testing year-on-year comparators and uncertain market conditions post-election.  Given also the long-term challenges facing the free-to-air market, change remains an imperative at ITV and we are focused on driving the transformation of the business over the next 3-5 years."

Notes:

1.   Unless otherwise stated, all figures refer to the three month period ending 31st March 2010, with growth compared to the same period in 2009.

2.   Figures for NAR are based on ITV plc estimates and current forecasts.  ITV family includes: ITV1, ITV2, ITV3, ITV4, CITV, GMTV1, GMTV2, Men&Motors and time-shift variants.

3.  

Broadcasting and Online performance indicators
	2010	2009	+/-
ITV family adult SOCI - year to 26 April (%)	39.6	39.8	-
ITV1 SOCI - year to 26 April (%)	27.3	28.6	-5%
ITV1 adult impacts - year to 26 April (bill)	76.2	76.4	-
itv.com average monthly unique users - Q1 (mill)	8.7	7.1	22%
itv.com average monthly video views - Q1 (mill)	16.4	8.8	86%

Commercial impacts and share of commercial impacts ("SOCI") data based on BARB / DDS data for adults; viewing figures based on BARB / Infosys data for individuals.  Video views based on internal ITV data and Omniture data. Unique user figures based on Omniture data. 

4.   Since the publication of its final results, ITV has also confirmed the completion of the sale of Friends Reunited Holdings Limited, a partnership under which SDN is providing backing to the ITV pension scheme and the level of pension deficit funding contributions through to 2014.    

5.   Figures presented in this interim management statement are not audited.  This announcement contains certain statements that are or may be forward-looking with respect to the financial condition, results or operations and business of ITV. By their nature forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to (i) adverse changes to the current outlook for the UK television advertising market, (ii) adverse changes in tax laws or failure to achieve regulatory relaxation, (iii) the risks associated with the introduction of new products and services, (iv) pricing, product and programme initiatives of competitors, including increased competition for programmes, (v) changes in technology or consumer demand, (vi) the termination or delay of key contracts and (vii) fluctuations in exchange rates.

For further information please contact:

Investors

Christy Swords           0207 157 6572 or 07881 505 783

Pippa Foulds               0207 157 6555 or 07778 031 097

Press                                                                         

Ruth Settle                  0207 156 7233 or 07956 346 698

Tulchan Communications Group              0207 353 4200

Susanna Voyle

 

END

 

 

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