Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

ITV Predicts 10% Coronavirus Hit To April Ad Demand

Total external revenue rose 3% to 3.31 billion pounds, helped by a strong end to the year, with the final quarter coming in more than 5% ahead of consensus.

Photo Credit :

1583397491_pWSbJU_2020_03_05T075829Z_1_LYNXMPEG240G8_RTROPTP_4_BRITAIN_ITV_JEREMYKYLE.JPG

ITV's ad revenue for April could fall by about 10% as travel companies deferred campaigns due to coronavirus, the British commercial broadcaster said on Thursday, taking the shine off better-than-expected 2019 earnings.

The company, which had a recent hit with "The Masked Singer", said ad revenue for the first three months was forecast to be up 2%, lower than some analysts had forecast, as it said the drop in travel advertising demand also impacted March.

"At this stage it is too difficult to assess the further implications of the coronavirus but we continue to monitor the situation closely," ITV said in a statement.

ITV reported full-year adjusted earnings of 729 million pounds ($939 million) for 2019, down 10% on a year earlier but beating consensus, reflecting a decline in ad revenue and strategic investments in the business.

Total external revenue rose 3% to 3.31 billion pounds, helped by a strong end to the year, with the final quarter coming in more than 5% ahead of consensus.

Chief Executive Carolyn McCall said the results "have come in ahead of expectations helped by revenue growth in the second half of the year in ITV Studios, advertising and online".

ITV said it would pay a dividend for 2020 of 8 pence a share, the same payout it announced for 2019.

(Reuters)


Tags assigned to this article:
iTV coronavirus outbreak external revenue