LONDON (ShareCast) - (Sharecast News) - Broadcaster ITV said on Friday that it was on track to meet full-year guidance as it said its performance in the first half was in line with expectations, and announced a £100m share buyback.
In the six months to the end of June, total group revenue rose 2% to £1.9bn, with external revenue up 1% year-on-year to £1.6bn.

Group adjusted earnings before interest, tax and amortisation were flat year-on-year at £146m, with growth in total advertising revenue offset by the expected decline in ITV Studios adjusted EBITA. ITV said this reflects the weighting of large productions and high-margin licensing deals within Global Partnerships, toward the second half of 2026, as previously guided.

Statutory pre-tax profit was ahead 16% at £78m and statutory earnings per share grew 25% to 1.5p.

Total revenue at ITV Studios was up 2% at £912m, driven by a 9% increase in internal revenue and strong growth in distribution revenues. Total revenue from Media & Entertainment was also 2% higher, at £975m.

ITV also announced a £100m share buyback on Friday. This represents an early return of part of the previously announced £950m net cash return expected once it completes the £1.6bn sale of its Media & Entertainment business to Sky.

Chief executive Carolyn McCall said: "ITV delivered a solid H1 performance and we remain on track to deliver our full-year guidance, including good revenue growth in ITV Studios and strong, profitable digital revenue growth within Media & Entertainment.

"ITV Studios' H1 performance reflects the year-on-year phasing of our production slate, with revenue, profit, and margin weighted as usual towards the second half of the year as previously guided. This reflects a significant volume of large deliveries and high-margin licensing deals in H2, over which we have good visibility.

"In M&E, ITVX continues to perform strongly, delivering double-digit growth in both viewing and digital advertising revenues during the period, while total advertising revenue (TAR) grew strongly in the first half and into July, reflecting a very successful Men's Football World Cup and continued strong demand from advertisers."

At 1530 BST, ITV shares were down 1% at 74.55p.

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