LONDON (ShareCast) - (Sharecast News) - Broadcaster ITV reported a slump in April advertising revenues and a drop in total first-quarter revenues as it took a hit from the coronavirus pandemic.
In the three months to the end of March, total external revenues declined 7% to ?694m, with total ITV Studios revenue down 11% to ?342m. The company said it had been impacted by the phasing of deliveries and restrictions on working practices due to the Covid-19 pandemic.

Broadcast revenue rose 2% to ?500m, with ITV total advertising revenue up 2% as originally guided, and online revenues 26% higher.

ITV noted that since mid-March, Studios has had to pause most of its productions globally due to restrictions on working practices. In addition, it has seen a "significant" impact on demand for advertising across most categories, particularly from April, when ad revenue slumped 42%.

Chief executive Carolyn McCall said: "ITV has taken swift and decisive action to manage and mitigate the impact of Covid-19, by focusing on our people and their safety, and by continuing to reduce costs and tightly manage our cashflow and liquidity.

"We are now very focused on emerging from this crisis in a strong position, continuing to offer advertisers effective marketing opportunities and making preparations to restart productions safely."

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