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ITV: Advertising flat but further online growth

ITV's Carolyn McCall warned of an "uncertain economic environment" for the broadcaster, despite reporting growth in external and online revenues.

ITV delivered 6% growth in external revenues with total advertising up 2%, driven by 43% growth in online revenues, and 10% growth in total ITV Studios revenues. Time spent using the ITV Hub rose by 37%, with the broadcaster promising to update investors on its subscription video-on-demand plans by February 2019.

But advertising revenue across the business was expected to be flat, with online advertising offsetting losses elsewhere.

Commenting on the figures, the ITV Chief Executive said:
“Online advertising continues to deliver strong double digit revenue growth. We are seeing some softening in ITV Family Net Annualised Return in Q4 due to the increasingly uncertain economic environment and as a result we expect total advertising to be down around 3% in Q4 and broadly flat over the full year. 
“We are very focused on executing our strategy to create a stronger, structurally sound business, building on our strong operating performance in the areas of the business which are under our control. We are making good progress with implementing the strategy - the investment and cost saving programmes which we set out in July are on track, and as previously mentioned, we will update the market in February on our SVOD plans.”