ITV outlines five-year plan for Studios unit

ITV said it was now hoping for total organic growth to recover to 2019 levels in 2022 and grow by an average of at least 5% per year thereafter.

Adjusted underlying earnings margins were targeted at 13-15% over the medium-term, reflecting the "changing mix" of its revenues.

The FTSE 100-listed firm, which will look to expand the number of global formats produced in three or more countries to 20, aims to double the number of high-end scripted hours and increase the proportion of revenues from streamers to around 25%.

Chief executive Carolyn McCall said: "We are operating in a growth market and strategically pivoting our business to align with the key drivers of that growth. Therefore, we are confident that we will grow ahead of the global content market, with our total Studios revenues growing by at least 5% on average per annum over the medium-term."

As of 0845 GMT, ITV shares were down 0.97% at 111.90p.