Revenue growth driven by double-digit increase in non-NAR
- Total external revenue up 3% to £3,064m (2015: £2,972m), including currency benefit.
- Total non-NAR revenue up 11% to £1,855m (2015: £1,664m), now 53% of total revenues.
- Total ITV Studios revenue up 13% to £1,395m (2015: £1,237m).
- Online, Pay & Interactive revenue up 23% to £231m (2015: 188m).
- Net Advertising revenue down 3% to £1,672m (2015: £1,719m), performing ahead of the TV ad market.
Rebalanced business delivering adjusted profit growth
- Adjusted EBITA up 2% to £885m (2015: £865m), despite the decline in the ad market.
- Studios adjusted EBITA up 18% to £243m (2015: £206m).
- Broadcast & Online adjusted EBITA down 3% to £642m (2015: £659m).
- Adjusted EPS up 3% to 17.0p (2015: £16.5p).
- Statutory EPS down 10% to 11.2p (2015: 12.4p) impacted by restructuring and earn out costs.
Confident in the underlying strength of the business
- Broadcast business remains robust: Main channel SOV up 3%, online viewing up 42%.
- ITV Studios has a healthy pipeline of new and returning programmes.
- Building our digital business in Studios and Broadcast.
Strong balance sheet, healthy liquidity
- Flexibility and capacity to continue to invest across the business and deliver sustainable returns to our shareholders.
- Given our good performance the Board is proposing a final dividend of 4.8p, giving a full year dividend of 7.2p, up 20%, in line with our policy.
- Reflecting ITV’s strong cash generation and the Board’s confidence in the business, the Board is proposing a special dividend of 5.0p per share, worth just over £200 million.
- The Board is committed to a long term sustainable dividend policy. The ordinary dividend will grow broadly in line with earnings, targeting dividend cover of around 2x adjusted earnings per share over the medium term.