StockMarketWire.com - Broadcaster ITV reported a sharp decline in profit in the first half of the year as its production and advertising was 'significantly' impacted by the pandemic.

For the six months ended June 30, pre-tax profit plunged to £15m from £222m on-year as revenue fell 17% to £1.45bn.

The company reported a 'significant' decline in the demand for advertising across most advertising categories with advertising revenue down 43% in second quarter and down 21% in the first half.

Broadcast revenue to fell 17% to £824m and external revenue was down 17% to £1,218m.

Looking ahead, the company said admitted the outlook remained uncertain, though said it was having more 'positive conversations with advertisers and seeing some signs of improvement in advertising.'

'Given the level of uncertainty for both ITV studios and broadcast it is not possible to provide financial guidance for Q3 or the remainder of the year,' it added.




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