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ITV Studios’ Double-Digit Revenue Increase Boosts Nine-Month Results

ITV Studios recorded a 10% year-on-year increase in revenues over the first nine months of 2018, driving up overall company revenues by 6% to £2.3 billion ($3 billion), the company said Wednesday.

CEO Carolyn McCall described the results as in line with expectations and highlighted the performance of ITV Studios, which posted sales of £1.1 billion ($1.45 billion) in the year to end-September. McCall said organic revenue growth at the content and distribution arm of Britain’s biggest commercial broadcaster is expected to be about 3% over the full year.

“We continue to have a strong pipeline of programs which will be delivered in 2019 and beyond, with entertainment shows in new territories, including ‘Love Island U.S.’ and ‘Sunday Night Takeaway’ in Australia, new dramas including ‘World on Fire,’ ‘Noughts and Crosses,’ ‘Wild Bill,’ ‘The Bay’ and ‘Zero Zero Zero,’ and returning dramas ‘Gomorrah’ and ‘Line of Duty,’” McCall said.

She also noted that ad revenues were up 2% and online advertising 43%.

McCall, who succeeded Adam Crozier as CEO earlier this year, has outlined cost savings and a “More than TV” strategy for ITV, which includes plans for a new SVOD service.

“We are making good progress with implementing the strategy – the investment and cost saving programs which we set out in July are on track, and as previously mentioned, we will update the market in February on our SVOD plans,” she said.

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