H1 Performance in line with expectations
• Total external revenue down 3% at £1,458 million (2016: £1,503 million), with 6% growth in non-NAR partly offsetting the decline in NAR
• Total ITV Studios revenue up 7% at £697 million (2016: £651 million), including £42 million of currency benefit
• Online, Pay & Interactive up 5% at £112 million (2016: £107 million), with double digit growth across Online and Pay
• ITV Family NAR down 8% at £769 million (2016: £838 million)
• Adjusted EBITA down 8% at £403 million (2016: £438 million)
• ITV Studios adjusted EBITA down 9% at £110 million (2016: £121 million) impacted as expected by ongoing investment and the fact that the prior year includes the full benefit of the four year license deal for The Voice of China
• Broadcast & Online adjusted EBITA down 8% at £293 million (2016: £317 million)
• Adjusted EPS down 9% at 7.7p (2016: 8.5p)
• Statutory EPS down 16% at 5.1p (2016: 6.1p)
Confident in underlying strength of Business
• Broadcast business remains robust
- ITV Family SOV flat, ITV2 SOCI for 16 to 34's up 15% and online viewing up 34%
• ITV Studios has a healthy pipeline of new and returning programmes
• Continuing to invest in our digital business in Broadcast and Studios
Strong balance sheet and healthy liquidity
• Flexibility and capacity to continue to invest across the business
• The Board has declared an interim dividend of 2.52p, an increase of 5%, reflecting our confidence in the underlying strength of the business
Outlook for 2017
• No change in full year guidance
• Confident that ITV Studios will deliver good organic revenue growth with adjusted EBITA broadly in line with last year, impacted by ongoing investment in drama and the timing of programme deliveries
• ITV Family NAR forecast to be down around 4% in Q3 and we expect to again outperform the TV ad market in 2017
• Online, Pay & Interactive will deliver good growth driven by a strong performance in Online and Pay
• Will deliver £25m overhead savings and a £25m reduction in the programme budget as previously announced
