ITV sees half-year profits drop amid advertising dip

ITV expects revenues to continue falling in 2017 said chairman Bazalgette
ITV expects revenues to continue falling in 2017 said chairman Bazalgette

Broadcasting giant ITV has reported a fall in half-year sales and profits as advertising revenue continues to dip following the Brexit vote and economic uncertainty.

The group, home to shows such as The X Factor and Broadchurch, said net advertising revenues dropped 8% to £769 million as it pointed to “continued economic and political uncertainty”.

ITV’s total external revenues, including advertising, programme sales and online, fell 3% to £1.45 billion in the six months to June 30.

Statutory pre-tax profit slumped 16% to £259m as chairman Peter Bazalgette said revenue is again likely to continue its downward trajectory.

“ITV’s performance in the first six months of the year is very much as we anticipated and our guidance for the full year remains unchanged.

“We expect ITV Family net advertising revenues in quarter three to be down around 4%, again impacted by wider economic uncertainty, and over the full year we expect to outperform the TV advertising market.”

ITV Studios revenue rose by 7% to £697m as it benefited from new dramas including Unforgotten, Little Boy Blue and The Loch.