Shares in ITV (LON:ITV) fell in early morning trading on Wednesday, after a mixed set of third quarter results and the announcement of a new growth strategy.
First-half adjusted profit fell by 7 percent, but revenue rose by 8 percent. Total EBITA was down 7 percent to £375 million, but broadcast and online revenues rose 3 percent to £1.05 billion.
The group benefitted from revenue growth across all areas, with first-half total advertising revenue up 2 percent as expected and total non-advertising revenue growth of 14 percent to £958 million.
The group announced its new strategy for growth, ‘More than TV’, focusing on strengthening the integrated producer broadcaster (IPB), Growing UK and Global production and creating a scaled direct to consumer business, the company said. It will cut costs and make the company more competitive in the internet age, generating double digit online revenue growth per year and growing direct to consumer revenues to at least £100 million by 2021.
“These revenue benefits will more than cover the net impact, but will be back end loaded,” the company said.
Shares in ITV are currently down 0.26 percent at 170.00 (0815GMT).
