ITV’s profits slid by more than 12% last year reflecting “planned investment in content and ITVX,” according to the network.
Unveiling its full-year 2022 results in the past few minutes, the Love Island and Nolly commercial broadcaster showed a revenue boost of 7% to £4.3B ($5.2B) but adjusted EBITDA for the group slid by 12% to £723M ($865M).
The slide was a reversal of the previous year, when a post-Covid uplift saw profits shoot upwards by an impressive 42%. In 2022, group adjusted EBITDA margin fell from 24% to 19% and pre-tax profit rose from £480M to £501M.
Total advertising revenue virtually flatlined to stay around the £1.9B mark, reflecting difficulties in the market, although digital advertising revenue rose by 17% to £343M in line with ITV’s expectations.
Read more on deadline.com