Newspaper article Manchester Evening News

ITV Blames Brexit on Income Fall

Newspaper article Manchester Evening News

ITV Blames Brexit on Income Fall

Article excerpt

BROADCASTING giant ITV has blamed Brexit vote uncertainty for its first drop in full-year advertising revenues since 2009 and warned over further falls as ad spend remains under pressure.

The group, home to shows such as The X Factor and Broadchurch , said net advertising revenues dropped 3 per cent to Pounds 1.67bn, amid "political and economic uncertainty" and cautioned it expects declines of around 6 per cent in the first four months of 2017.

But the group held underlying pre-tax profits largely firm at Pounds 847m in 2016 against Pounds 843m in 2015 as its push into content helped offset the television advertising woes.

ITV said ongoing economic uncertainty is set to see net ad revenues fall by 5 per cent in January, 7 per cent in February and as much as 15 per cent in March due to the timing of Easter, before recovering in April, with the group forecasting a 5 per cent rise. …

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