World Cup helps ITV deliver 'solid' first half
ITV's Financial Performance and Outlook
LONDON, July 31 (Reuters) - ITV, the British broadcaster that has agreed to sell its channels and streaming platform to Comcast's Sky, said on Friday it had a "solid" first half, with the football World Cup driving 3% growth in advertising and record viewing figures.
Advertising Growth Driven by World Cup
The company, which will be a standalone production business after the Sky deal, reported flat adjusted operating profit of £146 million ($196.2 million) for the first half, just shy of analyst expectations.
Studios Business Performance
It said the growth in advertising was offset by an expected decline in profit in its Studios business, which was impacted by scheduling changes to its soap operas, including "Coronation Street".
Outlook for Second Half
It said revenue and profit in Studios would be weighted towards the second half of the year, reflecting a strong delivery schedule of shows and keeping it on track to meet its full-year guidance to produce "good" revenue growth.
Executive Commentary
Chief Executive Carolyn McCall said: "ITV delivered a solid first-half performance and we remain on track to deliver our full-year guidance, including good revenue growth in ITV Studios and strong, profitable digital revenue growth within Media & Entertainment."
Additional Information
($1 = 0.7440 pounds)
(Reporting by Paul Sandle; editing by Sarah Young)
