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Broadcaster ITV warned revenue in April will fall 10% as the spread of the coronavirus weighed on travel companies' marketing spend. The company also reported a fall in annual profit amid a fall in advertising revenue.
'Total advertising revenue is expected to be up 2% in the first quarter. Early indications are that total advertising revenue will be down 10% in April. In March and April, we have seen an impact from travel advertising deferments relating to the Coronavirus,' the company warned.
For 2019, pre-tac profit fell 7% to £530m on-year as total advertising revenue declined by 1.5% due to a decrease in net advertising revenue, though this was more than offset by a 21% growth in online revenues and the increase in sponsorship and creative partnerships.
ITV studios saw total revenue increased 9% driven by ITV Studios US and ITV Studios International.
The full year dividend was unchanged at 8p a share.
'ITV Studios will deliver revenue growth over the full year, but as previously guided it will be impacted by the phasing of deliveries in 2019,' the company said. 'Over the medium term we continue to expect that ITV Studios revenues will grow by at least 5% CAGR with a 14%-16% margin,' it added.
At 8:22am: (LON:ITV) Itv PLC share price was -9.17p at 107.33p