ITV sees record advertising revenue as economy rebounds

UK broadcaster ITV said it expected advertising revenue to hit new records this year, as the economy opened up after the impact of the Covid pandemic.

The company said it expected revenues to rise 11% - 13% in the fourth quarter and 24% over the year.

External revenue rose 28% to £2.38bn for the nine months to September 30, driven by strong performances from its broadcast and studios businesses.

Profit to cash conversion was expected to be around 60% in 2021, up from previous guidance of 30%, due to the stronger than expected total advertising revenue performance

"With the combination of Broadcast and ITV Hub's mass simultaneous reach, our brand safe addressable advertising product and the strong economy, 2021 looks set to have the highest advertising revenue in ITV's history, despite the lockdown in Q1,” said chief executive Carolyn McCall.