ITV delivers record profits in FY24

(Sharecast News) - Television network ITV said on Thursday that it had made record profits in FY24 despite seeing a modest decline in revenues throughout the year. ITV said revenues were down 3% at £4.1bn in FY24, with total advertising revenues growth of 2% being offset by a 6% decline in revenues at its production arm as a result of recent strike action in Hollywood and softer-than-expected demand from free-to-air broadcasters.

However, ITV also revealed it had delivered record underlying earnings of £542.0m, up 11% year-on-year, principally due to the success of titles such as Mr Bates vs the Post Office, Fool Me Once, Rivals, and Love Island USA. Adjusted earnings per share were up 23% to 9.6p.

Also helping drive profits was £60.0m of efficiencies delivered by ITV in FY24, with the group noting that its cost-cutting programme was looking to make a further £30.0m of savings in FY25.

Chief executive Carolyn McCall said: "ITV Studios has delivered record profits this year, despite the one off impact of the writers and actors strike and a softer demand from free-to-air broadcasters, which reflects the strength, scale, diversification and creativity of ITV Studios production companies across the world.

"Our significant competitive advantages give us confidence that we will continue to deliver good growth in both ITV Studios and digital revenues, underpinned by the powerful reach and strong cash generation of Broadcast."

As of 1030 GMT, ITV shares were up 4.09% at 72.45p.

Reporting by Iain Gilbert at Sharecast.com