ITV PLC (LON:ITV) delivered a solid 5% increase in revenues for the nine months ended September, aided by the performance of its production arm, ITV Studios.
Richard Hunter, Head of Research at Wilson King tells Proactive: ”ITV has now for some time been trying to lessen its reliance on TV income. Obviously from a traditional perspective that’s where most of its income would have been, but it’s still a big part of the business. One of the few cautionary factors in today’s statement has been about how the current economic and political uncertainty has resulted in quite a steep drop in TV advertising income.”
The company said it expects its earnings for the year to broadly in line with those for 2015 as it revealed it is on track to deliver cost-savings of £25mln.
Story by ProactiveInvestors