ITV profits rise 9%, but Brexit uncertainty looms

ITV has recorded pre-tax profits of £425m in the first six months of the year, a 9% increase.

Total revenues grew 11% to £1.5bn, however net advertising revenue remained flat, but strong, at £838m.

The broadcaster’s investment in its production arm, ITV Studios, has proved a winner with total revenue up 31% to £651m

However, ITV said the decision to leave the EU, and the economic uncertainty that has followed, means it will target a £25m reduction in overheads for 2017.

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“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,” said Adam Crozier, ITV chief executive.

“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 £25 million reduction in overheads for 2017.

“Looking forward to the full year, we expect to deliver double-digit revenue and EBITA growth in ITV Studios as the acquisitions continue to deliver and double digit revenue growth in Online, Pay & Interactive.”

Share of viewing on the main ITV channel was up 7% while at the same time long form video consumption increased by 50%.

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