Broadcasting giant ITV has revealed annual profits slumped by more than a third after the pandemic hit advertising revenues, but said it was seeing a turnaround despite a tough start to 2021.
The group aired Oprah Winfrey's interview with the Duke and Duchess of Sussex last night.
It posted a 39% plunge in pre-tax profits to £325m for 2020 as revenues fell 16% to £2.8 billion.
Underlying earnings dropped 21% to £573m, which it said was better than expected thanks to a strong end to the year and £116m of cost savings.
ITV said the ad market in 2021 was "challenging" due to Covid-19 lockdowns and restrictions, with total ad revenues set to be down around 6% in the first quarter, but added its performance was bouncing back from the crisis.
Nearly all its programmes are back in production and total ad revenues are set to be up by around 8% in March and by between 60% and 75% in April, according to the group.
Carolyn McCall, chief executive of ITV, said the company was encouraged by the road map out of lockdown.
"We are seeing more positive trends in the advertising market in March and April and the majority of our programmes are now back in production," the CEO said.
"However, there remains uncertainty in all markets around the world with the potential risk of lockdowns, which if they materialise will affect revenues," she added.
Ms McCall said the group was "committed to taking further cost out of the business", with higher-than-expected permanent cost savings of around £100m a year due by 2022 - with £30m of this due in 2021.
The group said it would resume paying dividends to shareholders "as soon as circumstances permit".
