BRITAIN’S ITV reported a 32 per cent drop in full-year adjusted operating profit to £489 million (S$833 million) on Thursday (Mar 7), reflecting a tough advertising market and investment in its ITVX streaming service.
Chief executive Carolyn McCall said ITV was “well placed to grow profits from here”, forecasting continued progress in its Studios business after a record 2023, a drop in funding for ITVX after last year’s peak and cash generation from advertising.
The broadcaster, which had its biggest drama success in over a decade in January with Mr Bates vs the Post Office, said it was on track to deliver at least £750 million of digital revenue by 2026.
ITV said its total advertising revenue in the first quarter of 2024 was expected to be up 3 per cent. REUTERS
