Broadcaster ITV has posted a 13pc drop in annual profits and warned over tumbling advertising revenues against a difficult economic background.
The group behind hit shows Love Island and I'm A Celebrity... Get Me Out Of Here! reported underlying pre-tax profits of 672m for 2022, down from 774m in 2021 as total advertising revenues fell 1pc.
ITV cautioned over a "challenging" outlook amid economic uncertainty in the UK, forecasting that ad sales are set to plunge by around 11pc year-on-year in the first quarter - falling by as much as 16pc in March - and to remain down by between 10pc and 15pc in April.
However, its ITV Studios arm, which makes hit shows like I’m A Celebrity… and Coronation Street, increased revenues by 19pc to 2.1bn.
It is expected to deliver at least 5pc average growth per year over the next three years.
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