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ITV set for solid end to the year after third-quarter advertising grows

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By Reuters
ITV set for solid end to the year after third-quarter advertising grows
FILE PHOTO: A company sign is displayed outside an ITV studio in London, Britain July 27, 2016. REUTERS/Neil Hall   -   Copyright  Neil Hall(Reuters)

LONDON (Reuters) – British broadcaster ITV <ITV.L> said advertising revenue came in at the top end of the range in the third quarter and demand for programming, particularly in the United States, would underpin a solid end to the year.

Shares in ITV are up more than 27% in the last three months after the home to the X Factor and Coronation Street reported half-year results in July that showed the group was performing better than expected.

Advertiser demand for programs such as hit dating show Love Island and the Rugby World Cup have helped to boost overall revenue while its ITV Studios division is forecast to deliver at least 5% growth over the year.

England’s run to the final of the World Cup in Japan also helped viewing figures.

Advertising revenue was up 1% in the third quarter, at the top end of a range of down 1% to up 1%, and it is forecast to be between flat and up 1% in the final quarter.

“On screen and online viewing performed well with highlights including four of the five highest rating new dramas so far this year and the Rugby World Cup which saw a peak audience of 12.8 million viewers during the final,” Chief Executive Carolyn McCall said.

The group reiterated the rest of its outlook for cost savings, program production growth and online growth.

(Reporting by Kate Holton, editing by James Davey)