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ITV Q1 2023 trading update

ended 11. May 2023

ITV has just published its Q1 trading update. You can read it >> here <<. Any thoughts, whizz them over ASAP as this story is breaking. Some key points below:

  • Total external revenue down 7% at £776 million (2022: £834 million)
  • Total advertising revenue in Q1 was down 10%. Within this, digital advertising revenue was up 30% at £87 million compared to the same period in 2022
  • ITVX, our free, ad-funded streaming service, continued to perform strongly. Total digital revenues were up 29% and total streaming hours were up 49% in Q1
  • We remain committed to delivering £15 million of cost savings in 2023 as part of our previously announced £50 million cost saving target by 2026. This is in addition to the £106 million cost programme delivered between 2018 and 2022.

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John Choong
Senior Equity Research Analyst at Investing Reviews
Despite the market not taking a decline in overall revenue kindly this morning, there were still several bright spots surrounding ITV's Q1 results — most specifically, the long-term potential surrounding ITVX. The free, ad-funded streaming service performed extremely well as it saw digital revenues rise by strong double digits, backed by a steep rise in streaming hours. This goes to show that the content it's offering is resonating well with viewers, and as long as this continues, ITV will be well-positioned to capitalise on a rebounding advertising market in the medium term. The group is guiding for a decline in EPS this year, but if the strong momentum from ITVX continues, there could be more upside potential for the ITV share price, given that the stock has been trading sideways since the start of the year.