The Board of ITV Plc recognises the importance of the ordinary dividend to ITV shareholders. Reflecting its confidence in the business and its strategy, as well as the continued strong cash generation, in line with ITV's dividend policy, the Board has declared an interim dividend of 1.7p (2024: 1.7p). The Board remains committed to paying a total dividend of at least 5.0p for the full year, which it expects to grow over the medium term, while balancing further investment to support its strategy and commitment to investment-grade metrics over the medium term.
Dividends are distributed based on the realised distributable reserves (within retained earnings) of ITV plc (the Company) and not based on the Group's retained earnings.
Other financial highlights:
● Total Group external revenue was down 1% at £1,585m (2024: £1,599m), with growth in ITV Studios external revenue largely offsetting the decline in TAR
● Total Group revenue was down 3% at £1,848m (2024: £1,903m)
● Delivered £23m of non-content cost savings, which helped fund investments and offset inflation
● Group adjusted EBITA was down 31% at £146m (2024: £213m), reflecting the previously guided revenue impacts
● Adjusted EPS was down 45% at 1.8p (2024: 3.3p)
● EBITA was £145m (2024: £200m). Statutory profit before tax was £67m (2024: £330m) and statutory EPS was 1.2p (2024: 6.6p). The prior period benefited from the profit on the sale of BritBox International, which was sold to the BBC for £255m
● Profit to cash conversion of 109% on a rolling 12-month basis; Net debt of £586m (31 Dec 2024: £431m, 30 June 2024: £515m); Net debt to adjusted EBITDA leverage of 1.1x (31 Dec 2024: 0.7x, 30 June 2024: 0.9x)
