ITV has reported a drop of three per cent in revenues, weighed down in part by a decline in profits at its production and distribution arm, ITV Studios.
The broadcaster saw net advertising revenues drop from £838 million to £769 million. It reported pre-tax profit fell 16 per cent to £259 million in the six months to 30th June.
Total external revenues, including advertising, programme sales and online, fell three per cent to £1.46 billion in the the first half of the year.
ITV blamed the decline at ITV Studios on its investment in its US drama business and the absence of revenues from The Voice of China. Revenue at ITV Studios rose seven per cent, to £697 million, but profit went down nine per cent to £110 million.
ITV executive chairman and interim CEO Peter Bazalgette said the overall numbers were in line with expectations and that the strategy of re-balancing the business is working.
He pointed to recent ITV2 hit Love Island as a show that is helping the broadcaster attract viewers in the key 16-34 age bracket.
“ITV’s performance in the first six months of the year is very much as we anticipated and our guidance for the full year remains unchanged,” Bazalgette said. “We are confident in the underlying strength of the business as we continue to invest both organically and through acquisitions.”
ITV America, the part of the broadcaster’s US business that makes unscripted programming, recorded a 49 per cent rise in interim revenues of £143 million.