ITVS offsets weak NAR: ITV H1 2017 results

3 August 2017

ITV H1 2017 results are in line with guidance contained in its Q1 trading update issued in May, while full year guidance has remained largely unaltered

The 8% decline in TV NAR, timing of programme deliveries and increased business investment were main reasons for the 8% drop in group EBITA despite growth elsewhere limiting the decline in group external revenues to 3%

ITV continues to deliver strong group profit margins of close to 30%; however, online poses several threats to TV NAR. The threats can only be increased by the quest for retransmission fees, whilst the spate of production acquisitions raises questions about risk management

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Netflix: Looking towards 2025

3 June 2020

Netflix had an excellent first quarter in 2020 with the tail end encompassing lockdown and likely eliminating churn, as usage exploded

Looking forward, there are lessons to be learnt from Netflix's performance in the US market, which is maturing and stabilising: we model strategy around pricing, content spend and subscription-tier mix

However, differences in other markets remain stark—such as the varying propensities to absorb price rises, and the attachment to locally-produced content

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Trends shoring up: UK mobile market in Q1 2020

3 June 2020

The slow recovery in UK mobile continued this quarter with a 1ppt improvement in service revenue trends.

In spite of operator guidance to the negative, the sector is likely to remain relatively resilient in the face of COVID-19 in the short term, with its various impacts affecting operators differently depending on their business mix.

The outlook is relatively robust with the impact of some regulatory initiatives muted by lockdown measures and the annualization of some financial drags from the middle of next quarter.

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April retail sales in freefall: Online reaches record share

28 May 2020

Retail sales in April, the first full month of lockdown in the UK, declined a massive 18% in volume, excluding fuels. As shops open, retail will rise month-on-month, but continue to decline year-on-year as the level of retail remains durably impacted by recession.

Online soared to 30% of retail sales in April, up from 22% in March. The share of online will retreat in the second half of the year as lockdown eases and expenditure returns to the high street, but it will still claim 25-27% of retail sales excluding fuels in 2020, up from 19% in 2019.

COVID-19 is accelerating a significant consumer shift to online, and is bringing to a head the crisis of physical retail sales, setting the stage for paradigm shift.

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