Jul 26, 2017

Bumpy landing ahead: ITV ad revenues slide in run-up to McCall’s arrival

Dame Carolyn McCall knew she might face a bumpy landing when she arrives at ITV from easyJet next January. Announcing half year results to the end of June, the UK's biggest commercial broadcaster and carrier of hit shows like the Voice, X Factor and, more recently Love Island, announced an 8 per cent drop in net advertising revenues from £838m to £769m. The weaker performance in the TV ad market driven, ITV says, by continuing "Political and economic uncertainty", could lead to a further 4 per cent drop in the third quarter, although the company reiterated that it was on track to hit its forecasts for 2017. The drop in ad revenues was partly offset by a 7 per cent increase in revenues from ITV's production arm, ITV Studios. Overall, ITV's external revenues fell 3 per cent to £1.46bn while profit before tax dropped to £259m from 309m over the same period in 2016. The Broadcast business remains robust despite the 8% decline in net advertising revenues caused by ongoing economic and political uncertainty.

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