ITV Plc Q1 Total External Revenue Up 18%

ITV plc (ITV.L), on Wednesday, reported strong Q1 revenues driven by a robust operational and financial performance with 23% revenue growth in ITV Studios, a 16% increase in total advertising revenue or TAR as expected and 24% increase in digital revenues.

Carolyn McCall, ITV Chief Executive said, "We are growing Studios with a strong quarter and an exciting pipeline of scripted and unscripted programmes as we further diversify the business by genre, by geography and by customer and grow ahead of the market. In Media and Entertainment, we maintained the strength of our linear business where we secured 93% of the largest commercial audiences."

First-quarter total revenue was £1.0 billion, 17% higher than the previous year's revenue of £856 million.

The company's Q1 total external revenue was up 18% at £834 million compared to £709 million last year.

Total ITV Studios revenue totaled £458 million versus £373 million reported in the prior year period. M&E revenue was up 13% at £545 million versus £483 million last year.

Looking ahead, the company expects Q2 TAR to be down around 6% against strong comparatives in Q2 2021 when TAR was up 89% compared to 2020. H1 is expected to be up around 5% compared to the same period in 2021.

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