ITV reported a 28% increase in revenue of £1.76 billion against a 2020 figure of £1.37 billion as it released a wave of strong financial results.
The entertainment company saw an adjusted EBITA of £813 million against a £573 million result in 2020.
ITV further reported an operating profit of £519 million compared to £356 million in 2020.
“ITV Studios has enjoyed both ratings and critical success and currently has around 500 programmes in production in the UK and internationally,” said ITV CEO Carolyn McCall.
“Media and Entertainment kept viewers and advertisers alike happy with a compelling slate of entertainment shows and dramas and must watch sport across ITV’s channels and streaming.”
The company also highlighted its 2022 target launch of its new ITVX, the first integrated AVOD/SVOD streaming platform across the UK.
“With the success of ITV Hub, ITV Hub+, Planet V and BritBox we see an exciting opportunity to at least double our digital revenues to £750m by 2026,” said McCall.
“At its heart will be ITVX – the first integrated AVOD/SVOD streaming platform in the UK. It will be a seamless viewer experience with a digital first content and windowing strategy and significant content investment providing weekly premieres and over 15,000 hours of content at launch.”
“This will enable ITV to double streaming viewing, double monthly active users, double subscribers and deliver valuable addressable advertising inventory at scale.”
ITV said that the launch of its ITVX service in 2022 is estimated to help double the company’s digital revenues to £750 million by 2026.
However, analysts pointed to the costs associated with the new service and lack of innovation as reason for investor concerns on Thursday.
“ITVX is not as revolutionary as the company might like you to believe. It is effectively offering viewers a chance to see some of its programmes before they are broadcast on linear TV as well as its back catalogue of shows,” said AJ Bell investment director Russ Mould.
ITV’s share price dropped 13.7% to 95.4p on Thursday morning trading despite the strong financial results.
