ITV Studios helps drive strong ITV results

ITV’s production and distribution arm ITV Studios has posted strong financial results with prodco acquisitions and increased international programme sales key contributors.

In the wake of full-year results Adam Crozier, CEO of the UK-listed commercial broadcaster, said that ITV Studios had a key role to play in his ongoing attempts to re-engineer the broadcaster’s business.

“While we’ve made good progress to date there is still much to do,” he said. “We remain committed to our strategy for rebalancing the business, with growth increasingly coming from Online, Pay & Interactive and from ITV Studios internationally.”

ITV Studios posted revenues of £857 million in 2013, a 20% increase on the £712 million recorded a year earlier. EBITA profit came in at £133 million for 2013 compared with £107 million in 2012, a 24% uptick.

ITV said that there were significant increases in growth in international production. “The good growth in our UK and international production businesses is starting to feed our global distribution business but this is a process that does take time,” Crozier said.

The company added that it will continue to look at acquisitions.

Overall 2013 revenues were £2.8 billion, an 8% year-on-year increase. Pre-tax profit for 2013 was £581 million, a 27% increase year-on-year.