LONDON -- ITV (LSE: ITV.L) today released its half-yearly report, ending June 30, 2012. It has been just under two years since ITV launched its five-year "transformation plan" in August 2010, and the refocusing certainly seems to be having a positive effect, with the company delivering double-digit revenue and profit growth.
External revenues are up 10% to 1,130 million pounds (from 1,027 million pounds in 2011), and it has seen growth in all areas of the business, including a 106 million pound increase in non-advertising revenues. Profit is up to 235 million pounds (from 204 million pounds in 2011), and dividends have increased from 0.4 pence to 0.8 pence.
The best-performing sector in the ITV group was undoubtedly ITV studios, which saw a jump in revenue of 91 million pounds to 355 million pounds: a 34% change for the better. This could also continue to rise in the coming years, as ITV looks to continue its investment in creativity.
Chief Executive Adam Crozier said:
We continue to invest in our creative pipeline. In the first half we had 61 new commissions and 61 recommissions as we increasingly look to formats that return. In the UK we have grown our revenues both on and off ITV and over the full year expect to grow content globally. We now have eight ITV Studios programmes that are produced in three or more countries, compared to four in 2011 and are building scale in our distribution business with our own and third party content.
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