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ITV ad revenue declines; Carillion; Costain

ITVITV: the broadcaster has reported a 14% fall in annual pre-tax profits to £553m on the back of a 3% fall in advertising revenue.

Chief executive Adam Crozier blamed “wider political and economic uncertainty”. Underlying pre-tax profit was up slightly, from £843m to £847m.

The board is proposing a special dividend of 5p per share, worth just over £200 million.

Total viewing across its channels rose by 1% last year, with the share for the main ITV channel increasing from 15% to 15.4%.

Carillion:  Profits at the construction firm fell partly as a result of fewer public private partnerships and contracts in the Middle East.

In the year ended 31 December, profit before tax was down 5% at £146.7m but total sales climbed 14% to £5.2bn.

The proposed full-year dividend is increased by 1% to 18.45p (2015: 18.25p).

Chairman, Philip Green, said: “In 2016, Carillion’s performance was led by revenue growth and an increased margin in support services, together with good cash flow. Given the size and quality of our order book and pipeline of contract opportunities, our customer-focused culture and integrated business model, we have a good platform from which to develop the business in 2017. 

“We will accelerate the rebalancing of our business into markets and sectors where we can win high-quality contracts and achieve our targets for margin and cash flows, while actively managing the positions we have in challenging markets. 

“We will also begin reducing average net borrowing by stepping up our ongoing cost reduction programmes and our focus on managing working capital.”

Costainthe engineering group has announced a strong performance with significant increases in both revenue and underlying operating profit and a recommended 15% increase in the final dividend.

Underlying operating profit was up 24% to £41.1 million (2015: £33.2m) and the forward order book is maintained at a record level of £3.9 billion (2015: £3.9bn).

The board is recommending a final dividend of 8.4p per share (2015: 7.25p), increasing the total dividend for the year by 15% to 12.7p per share (2015: 11p).

 

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