ITV share price continues to slide ahead of full-year results
The British broadcaster continues to see its share price tumble ahead of its full-year results on Thursday, with the stock down more than 60% since its August 2015 peak.
ITV continues to see its share price fall ahead of its full-year results on Thursday, with the stock down more than 60% since its peak in August 2015.
Despite a challenging backdrop, the British broadcaster said that it remains on track to deliver its full-year guidance in its third quarter trading update in November, with it confident that ITV Studios will record revenue growth of at least 5% at a 14% - 16% margin.
However, the company continues to see revenues from advertising fall, with the broadcaster forecasting a 2% decline for the 2019 financial year.
ITV remains on track to deliver £20 million in savings in 2019, helping it to maintain a healthy balance sheet and offer a full year dividend of at least 8p per share. ITV plans to save between £55 million - £60 million over the four years to 2022.
In November, ITV sold its famous London headquarters, the London Television Centre, for £145.6 million, which may support its full-year results on Thursday.
ITV closed at 116p a share on Wednesday, with the stock down 22% year-to-date.
ITV launches BritBox
ITV successfully launch BritBox, its online streaming service, with the company’s CEO Carolyn McCall saying that the broadcaster has received ‘positive feedback’ on the service so far.
On screen and online viewing have also performed well for ITV, with highlights including its coverage of the Rugby World Cup which saw a peak audience of 12.8 million during the final.
'We remain very focused on building a digitally led media and entertainment company to create a stronger, more diversified and structurally sound business,’ McCall said.
‘We have a solid balance sheet which enables us to make the right investment decisions and deliver returns to shareholders in line with our guidance of at least an 8p dividend for 2019.’
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