EU vote blamed for slowdown

ITV cuts £25m from costs as ad rev stalls

itvITV is to implement £25 million of cost reductions as a result of uncertainty surrounding the EU referendum.

Chief executive Adam Crozier said: “Against a backdrop of wider economic uncertainty following the EU referendum we have put in place a robust plan to allow us to meet the opportunities and challenges ahead.

“As part of this we are targeting a £25m reduction in overheads for 2017.”

There was no elaboration on where the cuts will fall, though its half-year figures showed that advertising revenue is flat at £838m.

Adjusted profit before tax was up 9% to £425m (2015: £391m) on an 11% rise in turnover to £1.5bn (2015: £1.36bn).

The company predicted double-digit profit and revenue growth for its full-year and declared a 26% increase in its dividend to 2.4p per share.

Mr Crozier added: “Our strategy of rebalancing and strengthening ITV and building a global production business of scale continues to deliver with double-digit revenue and adjusted EBITA growth in the first half of the year.

“On screen we’ve performed strongly with Share of Viewing on our main channel up 7% while at the same time long form video consumption increased by 50%.”

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