Ads cash is rolling back, reveals ITV
LOVE Island and the Euro 21 football championships should accelerate the rebound in ITV’s advertising revenues this summer, said chief executive Dame Carolyn McCall.
At its first quarter trading update yesterday, she said the broadcaster’s April ad revenues were up 68 per cent on last year and she expects May’s to be 85 per cent higher than in 2020.
However for June, she said the combination of the economy reopening, looser Covid-19 restrictions, the return of reality TV show Love Island and Euro 21 could send income from advertisers up 90 per cent. She said: “We have made a good start to 2021 with total revenue and total viewing both up, despite the continuing impact of the pandemic. “We finished the quarter strongly with the substantial majority of our shows back in production and a recovery in the advertising market. We are encouraged by the UK roadmap out of lockdown and remain cautiously optimistic about the year ahead.” ITV said that external revenues for the first quarter were up two per cent to £709million, compared with the same quarter last year.
Its work included making police drama Line Of Duty for the BBC.
Revenues from its production arm rose nine per cent to £372million.
Richard Hunter of Interactive Investor, said that with the share price more than doubling since September – when it was relegated from the FTSE 100 – the broadcaster is on track to return to the blue chip index in the summer.
He said: “At current levels ITV could be a contender for a return...in June. Investor support for strengthening prospects is also in evidence.” ITV closed at 127.5p last night.