ITV shares soar as studios business proves a hit
The group's studios business, which is responsible for shows like Amazon Prime's The Devil's Hour and Netflix's Run Away, saw revenue growth of 3 per cent in the first six months of the year.
ITV told shareholders the division's profits are set to rise in the second half due to the phasing of higher-margin sales, including Rivals season 2 for Disney+ and the third season of The Reluctant Traveller for Apple TV.
Studios produces in 12 countries, with over 60 production companies around the world
It helped offset a 7 per cent decline in total advertising revenue for the period, owing to a tough comparison with last year's men's UEFA European Football Championship.
The decline was better than forecasts of an 8 per cent fall.
ITVX sees spike in streaming hours
Meanwhile, streaming platform ITVX maintained bumper growth, with viewing hours rising 15 per cent.
ITV also said it found an additional £15million of permanent non-content cost savings, taking its 2025 streamlining tally to £45 million, and the group expects to spend slightly less than it had previously indicated on content this year.
'We are on track to deliver our 2026 key financial targets, with sustained good growth in ITV Studios and ITVX coupled with strategic cost management as we reshape our cost base,' boss Carolyn McCall said.
ITV shares were 8.4 per cent to 84p in early trading, taking 2025 gains to 15.1 per cent.
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said ITV's near-term outlook for ad revenues 'remains soft' but performance should improve as the comparisons with last year's Euro's fade.
He added: 'Given the low valuation of ITV and the quality of the Studios business, there's been plenty of speculation about takeover bids in recent times.
'That's likely to remain the case in the near term, and the main driver of the share price until other parts of the business improve performance.
'But given the structural decline in broadcasting advertising, it's not likely to be a swift turnaround.'
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