ITV ramps up cost cutting as profits fall
It reported a 44% drop in underlying pre-tax profits to £99 million for the six months to June 30, down sharply from £178 million a year ago.
Operating profits were 44% lower at £76 million.
But ITV said cost-cutting actions would help offset a tough advertising market.
'While the economic environment remains uncertain, we now expect a better outturn for the full year 2025, driven by these cost efficiencies,' it said.
Shares lifted 9% in morning trading on Thursday
Total advertising revenues fell 7% in the first half after a 12% plunge between April and June, although it said the half-year fall was better than feared.
It expects ad revenues to be down 'marginally' in the third quarter, 'reflecting the tough comparative from the final knockout matches of the men's Euros in July 2024'.
Carolyn McCall, ITV chief executive, said: 'ITV is now a leaner, more digital business in a strong position to compete and succeed in a changing market.
'We are on track to deliver our 2026 key financial targets, with sustained good growth in ITV Studios and ITVX coupled with strategic cost management as we reshape our cost base to reflect the dynamics of the industry in which we operate.'
The group flagged using technology among efforts to drive the latest round of cost cutting.
It said on unveiling full-year results in March that it had been able to strip out £60 million of costs in 2024, £10 million more than first forecast.
At the time, the group said there would not be any impact on jobs this year from the cost savings after its overhaul saw it shed more than 220 roles in 2024, largely from its media and entertainment division.
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