Mar 1, 2017

ITV posts first fall in ad revenue for 7 years

ITV has blamed economic and political uncertainty for the first annual fall in advertising revenue since 2009 when the UK economy was hit by the global banking crisis. Despite reporting record revenues of more than £3bn for the year ended December 31, the UK's biggest commercial broadcaster said advertising spend dropped 3 last year to £1.7bn. It predicted this would fall as much as 6 in the first four months of 2017 given the "Current economic uncertainty". Studio revenues grew 13 per cent last year to £1.4bn but that figure benefited from the sharp fall in the value of the pound since Brexit. ITV said organic revenue, which excludes current and previous-year acquisitions, was down 3 per cent, and excluding foreign exchange movements, was down 7 per cent. With uncertainty in the ad market and profits from ITV Studios predicted to be flat in 2017, Mr Crozier has been the subject of speculation after seven years in charge.

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