Shares in ITV (ITV) slid 5 per cent after organic sales at its studio division slumped 10 per cent last quarter. That's a stark contrast to their 20 per cent growth last year.
ITV blames the decline on the phasing of programme delivery. Moreover, once acquisitions are included, they fell only 4 per cent to £192m. But that wasn't the only issue: ITV's main and family channels lost 5 and 8 per cent of their respective share of viewing audiences, after growing them last year.
Overall, external revenues rose 2 per cent to £585m, driven by higher net advertising revenues and a 14 per cent rise in its online, pay and interactive division. Those gains may well continue - ITV's ad sales are expected to increase 12-13 per cent year on year this quarter, and could rise further if its upcoming pay-TV channel, ITV Encore, gets a good reception. ITV has also expanded its content library by buying a majority stake in Leftfield Entertainment - the US producer behind 'Real Housewives of New Jersey' - for an initial cash payment of $360m (£214m).