ITV: first-half numbers beat expectations.
(CercleFinance.com) - British commercial broadcaster ITV did not change its full-year guidance on Wednesday after reporting better than expected trading for the first half of the year.
"ITV's performance in the first six months of the year is very much as we anticipated and our guidance for the full year remains unchanged," said executive chairman Peter Bazalgette.
Overall, revenues from the broadcasting and online division were down 6 per cent in the six months, to 1 billion pounds, with revenues from ITV Studios up 7 per cent to 697 million pounds.
Total revenue decreased by 1 per cent to less than 1.7 billion pounds.
First-half adjusted operating profit (EBITA) came in at 403 million pounds (-8%) versus consensus of 371 million pounds.
"We expect the first-half results to provide some reassurance and, at the least, stop further downgrades," analysts at Liberum said, reiterating their "preferred buy" rating on the shares with a target price of 320 pence.
Shares in the group were up 3 per cent at 181.2 pence, valuing the firm at over 7 billion pounds.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
"ITV's performance in the first six months of the year is very much as we anticipated and our guidance for the full year remains unchanged," said executive chairman Peter Bazalgette.
Overall, revenues from the broadcasting and online division were down 6 per cent in the six months, to 1 billion pounds, with revenues from ITV Studios up 7 per cent to 697 million pounds.
Total revenue decreased by 1 per cent to less than 1.7 billion pounds.
First-half adjusted operating profit (EBITA) came in at 403 million pounds (-8%) versus consensus of 371 million pounds.
"We expect the first-half results to provide some reassurance and, at the least, stop further downgrades," analysts at Liberum said, reiterating their "preferred buy" rating on the shares with a target price of 320 pence.
Shares in the group were up 3 per cent at 181.2 pence, valuing the firm at over 7 billion pounds.
Copyright (c) 2017 CercleFinance.com. All rights reserved.