Britain’s ITV set for solid end to the year after Q3 advertising grows

South African won the Rugby World Cup, but England’s run to the final helped viewing figures. (AFP)
Updated 12 November 2019

Britain’s ITV set for solid end to the year after Q3 advertising grows

  • ITV Studios division is forecast to deliver at least 5% growth over the year

LONDON: British broadcaster ITV said advertising revenue came in at the top end of the range in the third quarter and demand for programming, particularly in the US, would underpin a solid end to the year.
Shares in ITV are up more than 27% in the last three months after the home to the X Factor and Coronation Street reported half-year results in July that showed the group was performing better than expected.
Advertiser demand for programs such as hit dating show Love Island and the Rugby World Cup have helped to boost overall revenue while its ITV Studios division is forecast to deliver at least 5% growth over the year.
England’s run to the final of the World Cup in Japan also helped viewing figures.
Advertising revenue was up 1% in the third quarter, at the top end of a range of down 1% to up 1%, and it is forecast to be between flat and up 1% in the final quarter.
“On screen and online viewing performed well with highlights including four of the five highest rating new dramas so far this year and the Rugby World Cup which saw a peak audience of 12.8 million viewers during the final,” Chief Executive Carolyn McCall said.
The group reiterated the rest of its outlook for cost savings, program production growth and online growth.


S&P downgrades trio of Dubai developers as pandemic hits property and retail

Updated 31 min 39 sec ago

S&P downgrades trio of Dubai developers as pandemic hits property and retail

  • Gulf states are being hit hard by the coronavirus pandemic that has come at a time of weak oil prices

RIYADH: The credit ratings of three Dubai property companies were downgraded by S&P as the coronavirus pandemic hits confidence in the retail and real estate sectors.
S&P Global Ratings reduced the credit ratings for the real estate developer Emaar Properties as well as Emaar Malls to +BB from -BBB with a negative forward outlook, adding that it sees a “weakening across all its business segments” in 2020. S&P also cut its rating for DIFC Investments to +BB from -BBB, while keeping a stable outlook.
Gulf states are being hit hard by the coronavirus pandemic that has come at a time of weak oil prices, heaping pressure on governments, companies and employees.
The ratings agency expects the emirate’s economy to shrink by 11 percent this year
“The supply-demand imbalance in the realty sector appears to have been exacerbated by the pandemic. We now expect to see international demand for Dubai’s property to be subdued, and the fall in residential prices to be steeper than we had expected, lingering well into 2021” S&P reported.
Despite easing restrictions and the opening of the economy, S&P said that overall macroeconomic conditions remained challenging.
Global travel restrictions and social distancing constraints “significantly weigh on Dubai’s tourism and hospitality sectors” the rating agency reported.
Still, Dubai’s tourism chief was upbeat on the emirate’s prospects when international tourism resumes.
“Once we do get to the other side, as we start to talk about next year and later on, we see very much a quick uptick. Because once things normalize, people will go back to travel again,” Helal Al-Marri, director general of Dubai’s Department of Tourism and Commerce Marketing told AFP in an interview.