ITV Half-Year Profits Plunge in Tough Advertising Market
variety.comNaman Ramachandran U.K. broadcaster ITV’s total external revenues declined 2% to £1.63 billion ($2.11 billion), according to half year financial results released on Thursday.
The decline, which is due to a challenging advertising market, was offset by growth in ITV Studios and digital revenues. Earnings before interest, taxes, and amortization (EBITA) plunged to £133 million from £295 million during the same period last year.
Statutory profit before tax was £45 million, a steep drop from the £219 million declared during the 2022 half yearly results.
Group adjusted EBITA was down 52% at £152 million, which the “Love Island” broadcaster said was “as expected” and reflected the challenging advertising market and the planned investment in streamer ITVX.
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