ITV Raises Brexit Advertising Fear

Broadcasting giant ITV has posted a revenues rise in the last quarter but warned that fears over Brexit was hitting advertising demand.
The group said total revenues rose 14% to £755million in the three months to March 31. Broadcast and online revenues rose 2% with production group ITV Studios up 44% helped by acquisitions.
Its share of viewing was up 3% and it said it was on track to deliver good group profit growth in the first half of the year. It added that it had confidence for the full year and into 2017 with a healthy pipeline of new and returning programmes such as Cold Feet and The Voice.
However, it said that advertising revenues had dropped by 13% in April and are expected to be flat this month. ITV partly blamed nervousness around the EU referendum for the fall.
Chief executive Adam Crozier said: “ITV is now a much stronger and more diverse business and we expect to deliver good profit growth in H1. This is against the backdrop of uncertainty in the UK advertising market, which we have experienced since the debate over Brexit began, and significantly higher share of our programme spend in the first six months.”