The ITV (LON: ITV) share price jumped more than 7% to 83.15p on Thursday after the broadcaster said first-half results came in ahead of expectations, despite a sharp drop in profit. The stock is now up nearly 13% for the year to date.
Group adjusted EBITA fell 31% to £146 million for the six months to June 30, reflecting tough comparisons with a strong 2024 boosted by the Men's Euros.
Revenue slipped 3% to £1.85 billion. Statutory profit before tax dropped to £67 million from £330 million.
Still, ITV highlighted strong momentum in its digital and production businesses.
ITV Studios' external revenue rose 11%, buoyed by demand from global streamers such as Netflix and Amazon. Digital advertising revenue grew 12%, and ITVX delivered a 15% rise in streaming hours.
CEO Carolyn McCall said, “ITV is now a leaner, more digital business in a strong position to compete and succeed in a changing market.”
The group announced £15 million in new permanent cost savings, bringing the 2025 total to £45 million.
ITV also lowered its full-year content costs guidance to £1.23 billion, down from £1.25 billion.
Despite macroeconomic uncertainty, ITV expects a stronger full-year outcome, helped by cost efficiencies and a second-half skew in high-margin productions.
The board declared an interim dividend of 1.7p, in line with last year.
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