Published: Thu, July 27, 2017
Global Media | By Garry Long

ITV reports slump in advertising

ITV reports slump in advertising

U.K. TV giant ITV on Wednesday reported lower earnings for the first half of the year amid a decline at the ITV Studios production arm and a drop in advertising revenue.

ITV reports that there will be no change in full-year guidance and is confident that ITV Studios will deliver good organic revenue growth with adjusted EBITA broadly in line with 2016, impacted by ongoing investment in drama and the timing of programme deliveries.

"Love Island demonstrates that young viewers engage in great TV content", said ITV.

ITV said online, pay and interactive revenues were up 5% to £112m, with online viewing up 34%.

Love Island began in early June and ran until Monday night's final, which brought ITV2's biggest ever audience with an average of 2.4 million viewers, so should help boost the broadcaster's performance in the second half of the year.

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Statutory pre-tax profit slumped 16 per cent to £259 million in the period as chairman Sir Peter Bazalgette said advertising revenue is again likely to continue its downward trajectory.

Total external revenues, including advertising, programme sales and online, fell 3% to £1.46bn in the the first half of the year.

Analysts expect ITV's ad revenue to be down about 6% for the full year, which will be its worst annual performance since a 9.4% fall in 2009.

Fully aggregated data, which is now available up until 9th July, shows that Love Island has to date hit a top total cross-platform audience of 3.8m viewers (for the episode broadcast on 7th July).

He further said that the company was looking forward to the arrival of easyJet's (LON:EZJ) chief executive Carolyn McCall who is scheduled to take the helm at the blue-chip broadcaster on January 8.

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