ITV, Britain's biggest free-to-air commercial broadcaster, has reported a 6% drop in second-quarter advertising revenue. It said it saw the decline continuing as it remained cautious about the TV ad market and the UK economy.
The company, which is one year into a five-year transformation plan under new management, reported a 4% increase in total external revenue to just over £1 billion for the first half of the year.
Earnings before interest, tax and amortisation (EBITA) and before exceptional items rose to £240m, a 45% increase from a year earlier when it had costs associated with the World Cup.
ITV's competitors include the BBC and satellite broadcaster BSkyB - part of Rupert Murdoch's media empire.
Under chief executive Adam Crozier, who took up his post last year, ITV plans to reduce its dependence on volatile advertising markets by increasing pay-TV services and reinvesting in programming to sell internationally and online. The broadcaster, whose top programmes include talent show the X Factor and long-running soap Coronation Street, increased its audience share by one point to 40%.
'We're encouraged by our progress to date and the prospects for ITV in the medium to long term, although we remain cautious about both the TV advertising market and the economy,' Crozier said in a statement.
