has posted its earnings for the first half of 2020, and unsurprisingly it is not a pretty picture after the coronavirus pandemic wiped out advertising revenue and shut down production. But, the UK commercial broadcaster and production powerhouse said there is light at the end of the tunnel.
ITV’s total group revenue in the first six months of the year dropped to £1.45BN , down 17% from £1.74BN over the same period last year. ITV Studios’ revenue was also down 17% to £630M, while advertising revenue fell 21% to £671M. In the second quarter, ad income was down a whopping 43% — the worst decline in ITV’s 65-year history.
Adjusted group EBITA halved to £165M and the company yanked its dividend “in light of continued economic uncertainty.” It said the dividend will be restored “as soon as circumstances permit.”'Top Gear' Presenter Andrew Flintoff To Host Ambitious ITV Rowing Competition Series From South Shore ITV CEO Carolyn McCall was stark in her reflections on the first half of the year. She said: “This has been one of the most challenging times in the history of ITV. I am really proud of the way that our colleagues have responded to the Covid-19 pandemic and helped demonstrate the enduring value of ITV as a public service broadcaster.”
McCall struck an upbeat tone when looking ahead to the rest of the year, however. She said that “advertisers are returning,” with the July being down 23% as car companies and retailers begin spending more money. ITV Studios has also remounted 70% of the shows it was forced to halt during the height of the pandemic., remained on air during the crisis, while brands includingin Australia have restarted filming in recent weeks.
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