Shares in ITV (ITV) have advanced nearly 30% over the past six months as the free-to-air broadcaster has found success with its on-demand streaming service ITVX.

Total streaming hours were up 16% in the first quarter and digital advertising revenues grew by 14%.

The company said ITVX’s monthly active users ‘continue to grow in line with expectations’ and it remains on track to deliver at least £750 million of digital revenues by 2026. ITV sold its Britbox joint venture with the BBC for £255 million back in March.

The only damp squib for the free-to-air broadcaster was the first-quarter performance of its ITV Studios production business which reported a 16% fall in total revenue to £382 million due to the strike by Hollywood writers and actors last year.

However, ITV Studios continues to deliver popular programming for ITV itself like Mr Bates vs The Post Office, formats such as Love Island – which has been sold to 27 countries – as well as shows like  The Reluctant Traveller for Apple TV+ and The Red King for Alibi.

ITV is also set to benefit from the forthcoming Euros football tournament this summer, which will provide the usual kicker to advertising spend. 

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