Half Yearly Report
ITV delivers strong growth and continues to rebalance
Continued double digit growth in Non-NAR revenues
· Total Non-NAR revenues up 11% to £568m driven by ITV Studios and Online, Pay & Interactive
· Total ITV Studios revenues up 11% to £395m
· Online, Pay & Interactive revenues up 19% to £56m
· ITV Family NAR down 3% as expected
· Total external revenues up 1% to £1,144m
Improved margins and double digit profit growth
· EBITA before exceptional items up 11% to £291m
· ITV Studios EBITA up 26% to £63m
· Broadcast & Online EBITA up 7% to £228m
· Adjusted PBT up 16% to £270m
· Adjusted EPS up 15% to 5.3p
Investing in strategic acquisitions and delivering increased shareholder returns
· ITV Studios completed acquisitions in the UK and the US
· £20m cost savings on track
· Profit to cash conversion strong at 100%
· Net debt of £52m following acquisitions, dividends and further debt repayments
· Board has declared an interim dividend of 1.1p up 38%
Positive outlook underpins performance for the rest of 2013
· Expect ITV Family NAR for nine months to the end of September to be broadly flat following a good Q3 up 9%
· Confident of delivering double digit revenue growth in Online, Pay & Interactive and ITV Studios over the full year