Broadcasting giant ITV has announced plans for further cost cutting as savings and record production earnings helped it notch up a hike in annual profits.
The group behind hit TV shows including Britain’s Got Talent and I’m A Celebrity… Get Me Out Of Here! reported a 19% jump in pre-tax profits to £472 million for 2024.
Total advertising revenue (TAR) lifted 2% to £1.82 billion, but the group said TAR is expected to remain largely flat in the four months to the end of April.
Ad revenues will also be affected in June and July as it comes up against tough comparisons from a year earlier, when ad sales were boosted by the Euros football tournament.
ITV said it stripped out £60 million of costs last year, £10 million more than expected, and is looking to make another £30 million in savings over 2025.
Its ITV Studios production arm saw underlying earnings rise 5% to a record £299 million, despite revenues slumping 6% to £2.04 billion, as it continued to take a hit from the 2023 US actors and writers strikes, as well as softer demand from free-to-air broadcasters and the phasing of deliveries year on year.
