ITV Q1 revenues grow amid 'robust' operational and financial performance

Television network ITV reported "strong" first-quarter revenues on Wednesday, driven by a "robust" operational and financial performance throughout the period.

ITV stated Q1 revenues grew 23% year-on-year to £458.0m, with total advertising revenues rising 16% to £468.0m, as expected, and digital revenues increasing 24% to £82.0m.

The FTSE 100-listed firm added that its ITV Studios unit was "performing strongly" and was on track for the year as it continued to take advantage of "strong global demand" for content.

In its media and entertainment division, ITV added it had maintained the strength of its linear business where it secured 93% of the largest commercial audiences.

Chief executive Carolyn McCall said: "ITV has achieved strong Q1 revenues driven by a robust operational and financial performance with 23% revenue growth in ITV Studios, a 16% increase in total advertising revenue as expected and 24% increase in digital revenues.

"All of this provides a solid foundation for ITVX - our free, ad-funded streaming service - which is on track for launch in Q4 and we remain confident that we will deliver at least £750.0m of digital revenue by 2026."

Reporting by Iain Gilbert at Sharecast.com