ITV reports 9-month revenue up 1% to GBP 2.47 billion

ITV shares were on the back foot after its third quarter trading update

The group - home to shows such as The X Factor and I'm A Celebrity - posted a 4% decline in net advertising revenues in its third quarter, better than the 8% tumble in its first half. However, total external revenue for the period declined 1 percent to 2.132 billion pounds from 2.157 billion pounds previous year. (ITV.L) reported that its total revenue for the nine-month ended 30 September 2017 rose 1 percent to 2.479 billion euros from 2.460 billion pounds in the prior year.

Analysts at Liberum said: "These roughly stable revenues show that broadcasters are now higher quality companies that do not only rely on TV advertising revenues but also have other sources of revenue that can be high margin and offset any decline in TV ad revenues".

He said ITV is seeing a return to TV advertising from some of fast-moving consumer goods companies and grocers but business confidence remains weighed down by worries about the implications of Brexit.

Chairman Sir Peter Bazalgette said: "We will enter 2018 in good shape with a strong operating performance underpinned by a robust balance sheet, and we look forward to the arrival of our new CEO, Carolyn McCall, early in the New Year".

Shares were down 1.75 per cent to 151.3p in early trading.

Looking ahead, the company said it is confident that ITV Studios will deliver good organic revenue growth with profit broadly in line with past year. Online viewing was up 41 percent over the nine months, with long-form video requests up 36 percent. Broadcast and online revenues fell 4 per cent over the same period, however, to £1.47 billion.

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