ITV looks to cut costs following Brexit28 July 2016
ITV is looking to save £25 million throughout 2017 as it prepares for ‘economic uncertainty’ following the UK’s exit from the European Union.
The media industry has been fearing the worst since the votes were tallied, with advertising spending expected to take a significant dive as consumers lower spending.
CEO Adam Crozier said, “Our strategy of rebalancing and strengthening ITV and building a global production business of scale continues to deliver with double-digit revenue growth in the first half of the year,” said chief executive Adam Crozier.
“ITV’s advertising performance is [going in the direction]expected and it is too early to say what impact the Brexit vote will have post-September.
“I don’t think the result of the vote really changed anything so far. I think people are starting to realise that actually nothing much is going to happen soon and that this is going to be a two- to five-year process.”
Crozier said the cost cuts would come from across the business and could include job cuts.
Around half of ITV’s revenues and most of its profits are drawn from advertising.