ITV (LSE: ITV) has issued a series of encouraging statements this year.
ITV (LSE: ITV) has advanced 33% to 91p so far during 2012, making the share one of this year's best performers in the FTSE 100 (UKX).
The commercial television network, which operates a number of channels including ITV1 and broadcasts such hit shows as The X Factor and Downton Abbey, seems to have impressed investors with a series of notable statements.
During March, ITV announced 2011 results that showed revenues rise 4% to £2,140 million and profits improve 24% to £398 million. Encouragingly for income investors, a full-year dividend of 1.6p per share was announced -- ITV's first annual payment since 2008.
During May, ITV's first-quarter statement revealed revenues had risen by 13% to £565 million. The main push came from on non-advertising revenues, which jumped 43% to £87 million, with the impetus coming from ITV Studios' productions selling well both in the UK and the US.
Then in July, ITV disclosed half-year results that showed revenues rising by 10% to £1,130 million, profits increasing by 15% to £235 million and an interim dividend that was double that of 2011 at 0.8p per share. The company also revealed a strengthened balance sheet, with net cash of £92 million.
Adam Crozier, ITV's chief executive, said:
"The Transformation Plan continues to gain momentum. External revenues are up 10% with all areas of the business delivering growth. The £106 million increase in non-advertising revenues - from content, pay and online - was particularly significant and is further evidence that our strategy of rebalancing the business and growing new revenue streams is working.
Our relentless focus on cash and costs remains key. We're on track to deliver cost savings of £20 million this year and our cash conversion is over 100%.”
ITV's next trading update will be published on November 13th, which may reveal further stirring news that can impress investors.
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> Barry does not own any share mentioned in this article.
