Annual profits

ITV sees turnaround after annual profits fall by more than a third

Library image of Anthony McPartlin (left) and Declan Donnelly, whose Saturday Night Takeaway show is broadcast by ITV.

The group posted pre-tax profit of £ 325m for 2020, down 39% from £ 530m in 2019, as revenue fell 16% to £ 2.8bn .

Underlying profit fell 21% to £ 573million, which she said was better than expected thanks to a strong year-end and £ 116million in cost savings.

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ITV said the first quarter of 2021 was difficult due to the foreclosure, with total ad revenue expected to decline by around 6%, but added that its performance was rebounding from the crisis.

Almost all of its programs are back in production, and total ad revenue is expected to increase by around 8% in March and between 60% and 75% in April, according to the group.

Carolyn McCall, Managing Director of ITV, said: “While total revenue and earnings were down, our financial performance exceeded expectations thanks to a good end of the fourth quarter and our firm cost control.

“We are encouraged by the roadmap to get out of containment. We are seeing more positive trends in the advertising market in March and April and the majority of our programs are now back in production.

“However, there remains uncertainty in all markets around the world with the potential risk of lockdowns, which, if they materialize, will affect revenues.

“We are committed to further reducing business costs while investing more to accelerate the implementation of our strategy and digital transformation. “

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