Transformation Plan Working Says ITV Boss
Interim Results for the half year ended 30 June 2012 show ITV's much-vaunted “Transformation Plan” is working, according to the company.
Highlights include the fact that non-NAR revenues (ie non-advertising revenues) were up £106 million (26%) to £514m, compared with 2011. This increase was primarily driven by ITV Studios, which saw revenues rise £91m (34%) “with double digit growth from UK and international businesses”.
Adam Crozier, ITV plc Chief Executive, said: â€¨“The Transformation Plan continues to gain momentum. The £106 million increase in non-advertising revenues – from content, pay and online – was particularly significant and is further evidence that our strategy of rebalancing the business and growing new revenue streams is working. ITV Studios is performing strongly both in the UK and internationally with double digit revenue growth across all divisions and an increasing share of ITVS programmes aired on ITV1.”
ITV says: “Our investment in the creative pipeline is now clearly coming through in the financial results.” During the period in question, it 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.”
As for online, Crozier said: “We performed well with long form video requests up 20% and further improvements in the reliability and distribution of ITV Player. Our pay and online strategy has made good progress with the launch of our archive pay deals and YouView, and is soon to take another step forward with the roll out of ITV Pay Player.”