ITV weathers Brexit slowdown with revenue growth

ITV has reported stronger-than-expected first-half earnings despite weak advertising income, showing that new boss, former EasyJet chief Carolyn McCall, will inherit a media group better placed to withstand economic downturns than in the past.

Shares in Britain’s biggest free-to-air commercial broadcaster rose 4% after the group reiterated its full-year targets helped by revenue growth from its programme production and online businesses.

That helped to cushion an 8% fall in advertising revenue recorded by its network of television channels, which it attributed to uncertainty sparked by Brexit and an inconclusive UK general election.

While the group expects advertising to remain tough, it sees the pressures easing in the third quarter of the year and said it would outperform the wider market in 2017.

“We’re a different business to what we were the last time the market had to face into a downturn in advertising,” finance director and chief operating officer Ian Griffiths said.

“In the first half of this year our broadcast business made 50% more profit than the whole of the ITV group made the last time the ad market dropped.”

The broadcaster of Coronation Street and Britain’s Got Talent said it had success on screen as viewers tuned in to watch reality programmes such as Love Island, while its production arm sold television formats and drama shows around the world.


Lifestyle

Fiann Ó Nualláin follows in the footsteps of the Fianna as he explores a province’s hills and vales.Munster marvels: Plants that are unique to a province

Cupid must be something of a motoring enthusiast, as he had most definitely steered his way in the neighbourhood when Amie Gould and Shane O’Neill met at the Rally of the Lakes 12 years ago.Wedding of the Week: Cupid steers couple to right track

When it comes to podcasting, all it takes is one idea — and who knows where it can take you.Podcast Corner: Crimes and creatures rule at Cork’s first podcast fest

Claymation meets science fiction in this enchanting film, writes Esther McCarthy.Latest Shaun adventure is out of this world

More From The Irish Examiner