ITV Profits Up 40% But Studios Hit By U.S. Strikes

ITV profits improved in the first half of 2024 following the revelation that it would be making significant staff layoffs.

The commercial net’s adjusted EBITA was up 40% to £212M ($273M), although revenues dipped slightly to £1.9B.

CEO Carolyn McCall said “we are confident of delivering increased adjusted EBITA this year, following the year of peak net investment in 2023.”

Within ITV Studios, the production giant that just announced it was buying Sherlock producer Hartswood Films and selling its share in Blumhouse TV, turnover was down 13%, however, impacted by the 2023 U.S. writers’ and actors’ strikes. Profits were up by around 5%, according to the just-released H1 results.

The broadcasting arm is set to make dozens of layoffs over the coming months that could amount to around 200, while ITV Studios-backed Love Island producer Lifted is making around 10% of its staff redundant.

McCall added: “ITV Studios is performing well despite the expected market backdrop and is forecast to deliver record adjusted EBITA over the full year as a result of its scale, its diversification by product, geography and customer, its outstanding creative output and the actions we are taking to drive efficiencies.”