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  /  News   /  London Markets: ‘Love Island’ producer ITV shares surge from streaming and advertising demand

London Markets: ‘Love Island’ producer ITV shares surge from streaming and advertising demand

Shares in ITV surged on Wednesday, as the U.K. television broadcaster showed benefits from rising revenue from its studios division that produces shows including “Love Island,” as well as a rebound in advertising revenue.


shares rose 13% as the company reported a 28% rise in nine-month revenue, or an 8% gain compared to 2019. Studio revenue jumped 32% and advertising revenue surged 30%.

ITV said the advertising performance will help profit to cash conversion of 60%, up from its previous estimate of 30%.

ITV’s studios have produced shows including “Vigil” for BBC, “Physical” for Apple TV+, “Snowpiercer” for Netflix, and “Love Island,” which airs on CBS in the U.S. and ITV in the U.K.

Marks & Spencer

was also sizzling, up 16% with the U.K. retailer upgrading profit guidance for the second time since August. “Rather than a department store which sells food as an extra, Marks is metamorphosing into a grocery powerhouse which sells clothes and homewear as add-ons,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, pointing to the 10% rise in food sales from 2019 levels as clothing and home revenue fell 1%.

The FTSE 100

rose 0.6% in afternoon trade, defying the global selloff after stronger-than-forecast U.S. inflation data. A rotation into defensive plays including drugmakers AstraZeneca

and GlaxoSmithKline

lifted the U.K. index.

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