ITV chief executive Carolym McCall said on Wednesday the broadcaster was “cautiously optimistic for the year ahead” after reporting total first quarter revenue of £ 709million, up 2 % compared to same period last year (£ 694million).
McCall said advertising revenue rebounded significantly after the pandemic-induced drop last year. The month of April was up 68% year-over-year and the company predicts May up 85% and June 85-90%.
ITV Studios’ total revenue rose 9% in the first quarter to £ 372million, while media and entertainment revenue fell 3% to £ 484million, with nationwide foreclosure measures continuing to have an impact. Total advertising fell 6%, but online revenue increased 14%.
“The advertising market and global productions remain exposed to the risks associated with the pandemic,” McCall warned. “As a result, we continue to closely monitor the situation in all the countries in which we operate.”
As the UK looks to continue its exit from lockdown, the upcoming schedule looks bright for ITV, with the European Football Championships starting in mid-June and a popular reality TV series. Love island on the horizon.
ITV noted that Covid-19 restrictions around the world continue to delay delivery or productions, especially international dramas, but said the majority of its show has been able to go into production.
McCall added, “We remain committed to investing in accelerating our ITV digital transformation strategy which will, in part, be funded by the achievement of our cost reduction targets.”