May 10, 2017
ITV combats advertising declines with £50m savings
ITV has warned investors to expect a marked decline in advertising revenues in the first half of 2017 as the UK's biggest commercial broadcaster reported a 9 per cent fall in ad sales to £393m in the first three months of the year. After recording its first annual drop in advertising revenues since 2009 last year, the broadcaster was already braced for further falls in the early part of 2017. On Wednesday, in his final trading update before he stands down as chief executive next month, Adam Crozier confirmed those fears, forecasting that advertising revenues would fall 8-9 per cent in the first six months. Overall revenues declined 3 per cent in the first quarter to £731m, despite the group's production arm ITV Studios increasing revenues by 7 per cent. Under Mr Crozier, ITV has expanded its production business in an effort to reduce the effects of the sort of advertising downturn currently being experienced by the UK TV market.
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