Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

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  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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  Print      Mail a friend       Annual reports

Monday 14 November, 2011


Interim Management Statement

RNS Number : 9724R
14 November 2011

14th November 2011



ITV plc Interim Management Statement for the nine months ended 30th September 2011


Continued progress in five year Transformation Plan


·     Total external revenues up 4% to £1,515m (2010: £1,456m) in the first nine months.

·     ITV Family NAR up 1% in Q3, up 2% in the first nine months and on track to outperform the TV advertising market in 2011.

·     ITV Studios external revenues up 9% to £224m (2010: £205m) in the first nine months, driven by strong growth in the international business.

·     Bond buybacks of £80m since H1, taking the total to £264m this year.

·     Capex is forecast to be c.£50m in 2011 compared to previous guidance of £80m. This is primarily due to phasing in the payment schedule relating to our move to Media City, which remains on track.

·     Continued focus on cash and costs has seen net debt fall to £43m (from £188m at the start of the year). We expect to be net cash positive at year end.

·     We remain cautious on the outlook for 2012 - quarterly revenue trends are likely to follow a different pattern to 2011 with tough comparatives continuing into the first quarter before easing from the second quarter onwards, helped by Euro 2012.



Adam Crozier, CEO of ITV, said:

Our relentless focus on delivering the Transformation Plan is now impacting positively on our results. Despite difficult economic and market conditions our revenues are up 4% to £1,515m in the first nine months of the year.


The continued management emphasis on cash generation and cost reduction has delivered further improvements to our financial position and we are on track to be net cash positive at year end. This is a substantial improvement given that our net debt stood at £612m at the beginning of 2010.


The new ITV Studios management team is delivering ahead of expectations, fuelled by our continued investment in revitalising the creative pipeline, with particularly strong growth in our international business. So far this year ITVS has had 89 new commissions of which 40 are international including Prime Suspect which we have sold to 30 countries and Titanic, a major new drama for 2012 by Julian Fellowes, which has been sold to 57 countries.


Maximising audience share in Broadcast remains a key part of our strategy. Our on-screen performance has been strong with ITV Family share of viewing (SOV) year-to-date up 2% year on year to 23.0%. ITV1 SOV is broadly flat at 15.6% and our digital channels have grown strongly with ITV2 SOV up 8% year on year, and ITV3 and ITV4 both up 10%. Online, long form video views are up by 62% in the first nine months of the year.


Our on-screen performance in the Autumn is being driven by a strong schedule which includes the Rugby World Cup, Downton Abbey, Doc Martin, and the X-Factor, as well as The Jury and I'm a Celebrity.


We remain cautious on the outlook for 2012 - quarterly revenue trends are likely to follow a different pattern to 2011 with tough comparatives continuing into the first quarter before easing from the second quarter onwards, helped by Euro 2012.


We are still in the early stages of our five year Transformation Plan which we are on track to deliver, and we remain optimistic about ITV's prospects in the medium to long term.





1.   ITV Family NAR was down 2% in July, down 3% in August and up 7% in September. Overall, Q3 was up 1%, ahead of our expectations of slightly down and also ahead of the TV advertising market.

2.   We currently expect ITV Family NAR to be down 2% in Q4, with October down less than 1%, November up 3% and December down around 10%.

3.   ITV plc confirmed the longevity swap executed by ITV Pension Scheme on August 22nd. This represented a further significant step in reducing the exposure of our business to pension risk.

4.   ITV plc announced on October 18th that it had entered into an agreement with Yattendon plc to acquire Channel Television subject to the approval of the Jersey Competition Regulatory Authority.

5.   Unless otherwise stated, all figures refer to the nine month period ending 30th September 2011, with growth compared to the same period in 2010.



Revenues for 9 months to 30th September 2011 (£m)



y-on-y change

ITV Broadcasting & Online




ITV Studios (external revenues)








Note: ITV Studios internal revenues were £192m (2010: £181m)


7.   Figures for the UK Television advertising market are based on ITV plc estimates and current forecasts.


8.   Broadcasting and Online performance indicators:




ITV family share of viewing - year to 30th October (%)




ITV1 share of viewing - year to 30th October (%)




ITV family adult SOCI - year to 30th October (%)




ITV1 adult SOCI - year to 30th October (%)




ITV1 adult impacts - year to 30th October (%) (bill)



2% average monthly unique users - 9mths to 30th September (mill)




Total long form video views (all platforms) - 9mths to 30th September (mill)





Commercial impacts and share of commercial impacts ("SOCI") data based on BARB / DDS data for adults; viewing figures based on BARB / Infosys data for individuals.  ITV family includes ITV1, ITV2, ITV3, ITV4, CITV, ITV Breakfast, Men&Motors and time-shift and HD variants.  Video views based on internal ITV data and Nedstat data.Unique user figures based on Omniture and Nedstat data. unique users and video views include ITV Breakfast from July 2010.


9.   Figures presented in this interim management statement are not audited.  This announcement contains certain statements that are or may be forward-looking with respect to the financial condition, results or operations and business of ITV. By their nature forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to (i) adverse changes to the current outlook for the UK television advertising market, (ii) adverse changes to tax laws or changes to the regulatory environment, (iii) the risks associated with the introduction of new products and services, (iv) pricing, product and programme initiatives of competitors, including increased competition for programmes, (v) changes in technology or consumer demand, (vi) the termination or delay of key contracts and (vii) fluctuations in exchange rates.


For further information please contact:



Ed Steel                      0207 157 6560 or 07810 528529


Media Relations       

Mary Fagan                 020 7157 3965 or 07736 786448
Mike Large                   020 7157 3021 or 07768 261528

Caroline Cook             0207 157 3709 or 07799 071509

This information is provided by RNS
The company news service from the London Stock Exchange

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