ITV's picture looking bleak as group reveals 28% slump in pre-tax gains

Published on Wednesday 6 August 2008 10:36

ITV, Britain's biggest free-to-air commercial broadcaster, has revealed underlying profits for the half year to June 30 slumped 28 per cent as it battled an advertising slowdown.

The adjusted pre-tax profits came in at 91 million for the period, compared with 127m a year ago.

The firm, headed by industry veteran Michael Grade, said its total net advertising revenue (NAR) was flat in the eight months to August compared with a year earlier.

However, September's NAR is expected to be down 20 per cent because of a weaker market and the impact of last year's Rugby World Cup on the figures.

The broadcaster said it was targeting an extra 35m of savings by the end of 2010.

ITV1's schedule was re-launched early in the year with notable successes including Wild at Heart and Benidorm, starring Johnny Vegas. Mr Grade said: "We cannot control the economic environment in which we operate.

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