Feb 28, 2018

ITV boss warns of Brexit uncertainty as advertising market hit

Carolyn McCall, the new chief executive of ITV, has warned of continuing uncertainty among advertisers until the government firms up its plans for a Brexit transition agreement. ITV's net advertising revenue slid 5 per cent to £1.6bn in the year to December 31, although its share of the television advertising market increased from 47.4 to 47.6 per cent. Total group revenues rose 2 per cent year on year to £3.1bn, while pre-tax profits slipped 6 per cent to £800m. In 2018, foreign exchange effects could hit revenues by about £35m and profits by about £5m, ITV added. The media group is counting heavily on March advertising spending to drive that improvement - net advertising revenues fell 3 per cent in January and were down 2 per cent in February. "ITV delivered a great viewing performance on-screen and online and double-digit revenue growth in video on-demand advertising and ITV Studios. This gives us a solid foundation to build on for the next phase of ITV's development."

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