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