Double-digit revenue delivered less than halfway into the group's five-year plan.
ITV (LSE: ITV) today released its half-yearly report, ending 30 June 2012. It has been just under two years since ITV launched its five-year "transformation plan" in August 2010, and the re-focusing certainly seems to be having a positive effect, with them delivering double-digit revenue and profit growth.
External revenues are up 10% to £1,130m (from £1,027m in 2011), and it has seen growth in all areas of the business, including a £106m increase in non-advertising revenues. Profit is up to £235m (from £204m in 2011), and dividends have increased from 0.4p to 0.8p.
The best-performing sector in the ITV group was undoubtedly ITV studios, which saw a jump in revenue of £91m to £355m. A 34% change for the better. This could also continue to rise in the coming years, as ITV look to continue their investment in creativity.
Chief executive Adam Crozier said:
"We continue to invest in our creative pipeline. In the first half we had 61 new commissions and 61 recommissions as we increasingly look to formats that return. In the UK we have grown our revenues both on and off ITV and over the full year expect to grow content globally. We now have eight ITV Studios programmes that are produced in three or more countries, compared to four in 2011 and are building scale in our distribution business with our own and third party content."
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> Chris doesn't own any shares in ITV.