ITV has eked out an increase in revenues so far this year as gains for its production arm ITV Studios offset a decline in television advertising revenues.
The UK’s largest commercial broadcaster said on Wednesday it had generated revenues of £2.52bn for the first nine months of 2022, a year-on-year increase of 6 per cent.
The performance was led by a 16 per cent rise at ITV Studios, which makes shows for other broadcasters as well as the parent company. ITV is actively reviewing the future of the division, including the possibility of selling a stake to help buoy its depressed share price, the Financial Times reported last month.
In contrast to the buoyant Studios performance, ITV said advertising sales slipped 2 per cent over the nine-month period and the decline accelerated to 14 per cent in the third quarter, which the company said was due to “tough comparatives” with the same period a year earlier.
The sales figures come at an important moment for the broadcaster, which plans to launch its eagerly anticipated new streaming service ITVX next month.