ITV reports profits up 45% to £240 million

ITV boss Adam Crozier reported improved half-year profits today as he signalled an end to the lean years for the company's production arm.

The group - home to hit shows such as X-Factor and Coronation Street - is one year into a five-year transformation plan, which has seen it focus on "re-energising" the creative pipeline of its ITV Studios business.

ITV posted a 45% rise in underlying profits to £240 million in the six months to June 30 and said advertising revenues were up 2% in the half-year, despite a 14% drop in June due to comparisons with World Cup trading a year ago.

It said the revenues figure was likely to be down 2% this month and by 4% in August as economic conditions continue to hamper its recovery plan.

An overhaul of the ITV Studios management team, including the recruitment of former Channel 4 director Kevin Lygo, has resulted in 68 new commissions so far this year, with successes including dramas Vera, Marchlands and Monroe.

The division accounts for around half of ITV1's spending on original commissions but has not created an international entertainment hit since Dancing On Ice in 2006.

Other new commissions include Red Or Black, a game show due to be hosted by Ant and Dec and which will be ITV's first co-production with Simon Cowell's entertainment production business, Syco.

Mr Crozier, who joined ITV from Royal Mail last year, said: "These are all early signs of the potential for ITV Studios' creative output as we renew our commitment to the producer/broadcaster model."

ITV Studios' external revenues increased 11% to £140 million, driven by strong international revenues, although earnings for the division fell £5 million to £38 million as a result of investment in new programming.

Mr Crozier added: "There are clear signs of momentum building in the delivery of our five-year transformation plan but we know there is still much to be done to rebalance the business as we adapt to the digital future."

PA

Start your day with The Independent, sign up for daily news emails
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Media

SThree: Trainee Recruitment Consultant - Dublin (based in London)

£20000 - £25000 per annum + commission: SThree: Real Staffing's Pharmaceutical...

Recruitment Genius: Graphic Designer

£25000 - £35000 per annum: Recruitment Genius: A great opportunity has arisen ...

Ashdown Group: HR Assistant - Immediate Start - Central Manchester - £20K

£18000 - £20000 per annum + Benefits: Ashdown Group: HR Assistant - Immediate ...

Ashdown Group: Senior PHP Developer - Sheffield - £50,000

£40000 - £50000 per annum: Ashdown Group: Senior PHP Developer position with a...

Day In a Page

Revealed: Why Mohammed Emwazi chose the 'safe option' of fighting for Isis, rather than following his friends to al-Shabaab in Somalia

Why Mohammed Emwazi chose Isis

His friends were betrayed and killed by al-Shabaab
'The solution can never be to impassively watch on while desperate people drown'
An open letter to David Cameron: Building fortress Europe has had deadly results

Open letter to David Cameron

Building the walls of fortress Europe has had deadly results
Tory candidates' tweets not as 'spontaneous' as they seem - you don't say!

You don't say!

Tory candidates' election tweets not as 'spontaneous' as they appear
Mubi: Netflix for people who want to stop just watching trash

So what is Mubi?

Netflix for people who want to stop just watching trash all the time
The impossible job: how to follow Kevin Spacey?

The hardest job in theatre?

How to follow Kevin Spacey
Armenian genocide: To continue to deny the truth of this mass human cruelty is close to a criminal lie

Armenian genocide and the 'good Turks'

To continue to deny the truth of this mass human cruelty is close to a criminal lie
Lou Reed: The truth about the singer's upbringing beyond the biographers' and memoirists' myths

'Lou needed care, but what he got was ECT'

The truth about the singer's upbringing beyond
Migrant boat disaster: This human tragedy has been brewing for four years and EU states can't say they were not warned

This human tragedy has been brewing for years

EU states can't say they were not warned
Women's sportswear: From tackling a marathon to a jog in the park, the right kit can help

Women's sportswear

From tackling a marathon to a jog in the park, the right kit can help
Hillary Clinton's outfits will be as important as her policies in her presidential bid

Clinton's clothes

Like it or not, her outfits will be as important as her policies
NHS struggling to monitor the safety and efficacy of its services outsourced to private providers

Who's monitoring the outsourced NHS services?

A report finds that private firms are not being properly assessed for their quality of care
Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

The Tory MP said he did not want to stand again unless his party's manifesto ruled out a third runway. But he's doing so. Watch this space
How do Greek voters feel about Syriza's backtracking on its anti-austerity pledge?

How do Greeks feel about Syriza?

Five voters from different backgrounds tell us what they expect from Syriza's charismatic leader Alexis Tsipras
From Iraq to Libya and Syria: The wars that come back to haunt us

The wars that come back to haunt us

David Cameron should not escape blame for his role in conflicts that are still raging, argues Patrick Cockburn
Sam Baker and Lauren Laverne: Too busy to surf? Head to The Pool

Too busy to surf? Head to The Pool

A new website is trying to declutter the internet to help busy women. Holly Williams meets the founders