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Investing.com -- ITV (LON:ITV) shares rose higher on Thursday after the broadcaster reported a better-than-expected first-half performance, driven by stronger advertising revenue and solid growth at its Studios division.
The company said it was on track to meet its full-year targets, pushing its shares up more than 8% in London toward one-year highs.
ITV said it had outperformed in a challenging advertising environment, especially when compared to the same period last year, which had benefited from the Men’s Euros football tournament.
"We’ve been able to mitigate a softer market," CEO Carolyn McCall said.
Total (EPA:TTEF) advertising revenue (TAR) fell 7% in the first half, a better result than the 8% decline analysts had forecast.
ITV also announced an additional £15 million ($20.4 million) in permanent non-content cost savings for 2025. It now plans to spend £1.23 billion on content next year, down slightly from the previous £1.25 billion estimate.
ITV Studios delivered a 3% rise in first-half revenue and maintained its outlook for the full year.
The company noted that profit in the division will be second-half weighted, driven by the timing of high-margin releases such as the second season of Rivals for Disney+.
Underlying pre-tax profit fell 44% to £99 million for the six months ended June 30, down from £178 million in the same period last year.