ITV Reports 11% Profit Growth Amid Revenue Decline, Fueled by Streaming Success

ITV reported strong profit growth for 2024, with adjusted EBITA rising 11% to £542 million, bolstered by record earnings from its production unit ITV Studios, despite a 3% decline in total revenue to £4.1 billion. The production arm benefited from successful shows such as 'Mr Bates' and 'Fool Me Once', although overall ITV Studios revenue fell by 6% due to the impact of U.S. writers' strikes. The company's streaming platform ITVX also performed well, with digital viewing up 12% and digital advertising revenue increasing by 15%. ITV's ongoing efficiency program delivered £60 million in savings, supporting its profitability amid challenges in traditional broadcasting. CEO Carolyn McCall expressed confidence in ITV's resilience and growth potential, particularly in production and digital sectors. However, ITV's share price has seen a significant decline since the pandemic, reflecting investor concerns despite the positive earnings report.