ITV’s underlying earnings in the six months to June 30 fell to £151 million from £202 million a year ago, less than analysts had previously predicted.
ITV1 advertising revenue is estimated to grow by 1%, whilst for all ITV channels a 4% increase is estimated, against a wider TV ad market rise of 6%.
ITV1’s net advertising revenues fell to £595 million from £654 million a year ago.
Revenues from outside ITV1’s net advertising income now account for 41% of total revenues, up from 39% a year ago, said ITV.
Michael Grade, Executive Chairman of ITV, said: “I’m very pleased with progress in ITV1’s schedule performance and the outlook for revenue in Q3 is encouraging. The launch of the Autumn schedule was well received with a number of returning hit series and major events including the Rugby World Cup.
“We have been carrying out a detailed business review and I will be updating the market on 12 September.”
Grade added: “The process of refreshing the Board has begun and I am delighted that Agnès Touraine and Heather Killen have agreed to join ITV as non-executive directors. With their knowledge of the sector, these very successful individuals bring extensive and relevant experience in digital and new media: digital talent for the digital age. They will make a valuable contribution to our board discussions.
“John McGrath will retire from the Board at the end of 2007 and I and my board colleagues would like to thank him for his significant contribution to ITV, through the merger process in 2003 and as a director and chairman of our audit committee over the last three years. Mike Clasper will take over as audit committee Chairman in due course.”
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