ITV H1 up 9%, cuts loom after Brexit
July 27, 2016
ITV has reported a 9 per cent increase in pre-tax profits to £425 million (€506m) in the first half of the year. It said net advertising revenue would slip by about 1 per cent in the first nine months of the year. The broadcaster said revenue increased by 11 per cent in the first half of the year to £1.5 billion. Online, pay and interactive revenue were up 26 per cent to £107 million.
Meanwhile, the company says it will need to cut costs to prepare for economic uncertainty initiated by the UK’s decision to quit the European Union. ITV will target £25 million in cost savings in 2017.
ITV was among the hardest-hit companies by the vote to leave the EU. Its shares plummeted to 154p from 219p following the referendum result.