Reflecting their confidence in the business and their strategy, as well as the continued strong cash generation, ITV has declared an interim dividend of 1.7p (2023: 1.7p). Their board remains committed to paying a full year ordinary dividend of at least 5.0p in 2024, which it expects to grow over the medium term, whilst balancing further investment in their strategy and commitment to investment grade metrics over the medium term.
Other financial highlights include:
- Total revenue was down 3% at £1,903 million (2023: £1,964 million), with growth in total advertising revenue (TAR) offset by the expected decline in ITV Studios revenue
- Total external revenue was down 2% at £1,599 million (2023: £1,639 million)
- Group adjusted EBITA was up 40% at £213 million (2023: £152 million), reflecting the operational gearing of Media & Entertainment, the higher margin in ITV Studios and delivery of £23 million of cost savings. Adjusted EPS was up 43% at 3.3p (2023: 2.3p)
- EBITA was £200 million (2023: £133 million). Statutory profit before tax was £330 million (2023: £45 million) and statutory EPS was 6.6p (2023: 1.0p). The main adjustments between adjusted and statutory results are exceptional items and the profit on disposal of BritBox International
- Profit to cash conversion of 73% on a rolling 12-month basis. Profit to cash conversion in H1 was unusually low at 17% reflecting a significant increase in working capital as a result of the resumption of production in the US following the strikes in 2023
- Robust balance sheet, with net debt of £515 million (31 Dec 2023: £553 million, 30 June 2023: £724 million) and net debt to adjusted EBITDA leverage of 0.9x (31 Dec 2023: 1.0x, 30 June 2023: 1.2x)
