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(Sharecast News) - ITV said it was cautiously optimistic about the year ahead as advertising revenue recovered from the Covid-19 crisis.
Total external revenue rose 2% to £709m in the first quarter. ITV Studios revenue rose 9% to £372m as media and entertainment income fell 3% to £484m.
Advertising revenue fell 6% in three months to the end of March but rose 68% in April with May expected to be up 85% and a rise of 85-90% predicted for June. The FTSE 250 broadcaster said its expectations were based on the relaxing of Covid-19 restrictions and a strong schedule including Love Island and the Euros soccer tournament.
ITV's total viewing rose 1%, boosted by Saturday Night Takeaway and the Six Nations rugby contest.
Chief Executive Carolyn McCall said: "We have made a good start to 2021 with total revenue and total viewing both up, despite the continuing impact of the pandemic. We finished the quarter strongly with the substantial majority of our shows back in production and a recovery in the advertising market.
"We are encouraged by the UK roadmap out of lockdown and remain cautiously optimistic about the year ahead."
McCall said she was heartened by the outlook for advertising, which she predicted would be up by about 26% in the first half from a year earlier. She said she was confident about achieving a £30m cost-cut target for 2021.
19 Apr 2022 16:12
UK shares fall as consumer staples stocks, brokerage actions weigh
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