ITV advertising falls; KPMG fined over Co-op audit
ITV said fewer big sports tournaments and launch costs for its BBC join venture will hit its figures. Total advertising is expected to be down 6% over the first half, after falling 7% in the first quarter, while total revenue was 4% lower in the three month period, although it beat expectations.
In an update the broadcaster said: “As we guided, the first half of the year will be impacted by the continuing economic and political uncertainty and its effect on the demand for advertising; the absence of the Football World Cup; the planned essential investments; the pre-launch costs of BritBox; and the timing of ITV Studios deliveries.”
ITV is working with the BBC to create Britbox, a rival to Netflix in the second half of 2019. ITV said that plan was on track.
Big Four accountant KPMH has been fined £4m and “severely reprimanded” over its audit of The Co-operative Bank in 2009.
KPMG partner Andrew Walker has been fined £100,000 and has also been severely reprimanded.