Strong 2014 for ITV
DetailsJoseph O'Halloran | 04 March 2015
The UK's leading independent broadcaster ITV has delivered a robust set of results for its 2014 financial year with total external revenue up 8% year on year to £2.590 billion and EBITDA rising 18% to £730 million.
In addition to these headline figures in the full year results for the twelve months ended 31 December 2014, which showed double-digit profit growth for the fifth year in a row, ITV achieved a 6% growth in net advertising revenue (NAR) to £1.629 billion. Non-NAR revenue was up 10%, to £1.327 million, now representing 45% of the firm's total revenue.
Looking at the key lines of business with the increasingly important ITV Studios division delivered £933 million of revenue, up 9% compared with 2013, and an EBITA of £162 million, up 22%. Similar type of strong growth was shown by Broadcast & Online whereby EBITA was up 17% to £568 million and Online, Pay & Interactive revenue soared 30% to £153 million.
Looking at the year ahead, ITV said that it expected another strong performance in 2015 with continued revenue growth in all parts of the business. It predicts NAR to be up 11% in Q1 and up 4-7% in April and to outperform the market again over the full year. The company is bullish about Online, Pay & Interactive revenue and calculates that ITV Studios will deliver around £100 million revenue growth on a constant currency basis in 2015 with a return to good organic growth.
Commenting on the results, ITV Chief Executive, Adam Crozier, said: "ITV delivered another strong performance in 2014 as we continue to rebalance the business, drive new revenue streams and invest in our future growth. All parts of the business are progressing well ...Across ITV we maintained our emphasis on cash generation, cost control and improving margins as we continued to strengthen ITV creatively, commercially and financially. For 2015 we're confident of further good revenue growth in all parts of ITV. In ITV Studios we'll again see upside from our acquired businesses as well as a return to good organic growth as we continue to invest in creative talent and content."