ITV PLC said Wednesday that it expects advertising revenue to rebound sharply in the second quarter, following a decline in the first quarter, and that the recovery of its studios division remains on rack.
The British broadcaster said total external revenue for the first three months of the year was 709 million pounds ($984.7 million) compared with GBP694 million for the same period last year. Studios revenue was up 9%, while advertising revenue was down 6%.
However, ITV said advertising revenue increased 68% in April, and that it expects May advertising revenue to be up around 85% and June to be up between 85% and 90%. For the first half as a whole, advertising revenue is expected to rise 26% on year.
The company had previously said it expected advertising revenue to grow by between 60% and 75% in April following a 6% drop in the first quarter.
ITV said productions at its studios arm are largely continuing despite varying global lockdown restrictions, particularly across Europe, which continue to hurt the delivery of productions with international travel and multi-location shoots.