ITV: results on track after first-quarter 'in line'.

(CercleFinance.com) - British broadcaster ITV said on Wednesday that it was on track to deliver its full-year guidance after a first-quarter that was in line with expectations.


Total external revenue was down 3% in the first three months of the year, at 731 million pounds.

ITV expects TV advertising revenues to fall by between 8% and 9% in first-half.

While the economic environment remains "uncertain", the group's guidance over the full year remains unchanged. ITV expects to increase its broadcast share.

"Operationally, ITV continues to gain audience share, which is an obvious positive, and the passing of the Digital Economy Bill means it can now charge Virgin Media at least retransmission fees for ITV1, which is not in our forecasts," Liberum said.

The broker hence reiterates its "buy" rating on the shares, with a target price of 340 pence.

After this trading update, ITV shares were down 1.6% at 197.5 pence on the London Stock Exchange.

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