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| ITV profits drop in tough advertising market | ITV profits drop in tough advertising market |
| (35 minutes later) | |
| ITV has reported a fall in annual pre-tax profit due to "ongoing economic and political uncertainty" in the UK. | ITV has reported a fall in annual pre-tax profit due to "ongoing economic and political uncertainty" in the UK. |
| The UK's biggest commercial broadcaster said profit in 2017 fell 10% to £500m, with a drop in advertising revenue partly offset by growth in its studios business. | The UK's biggest commercial broadcaster said profit in 2017 fell 10% to £500m, with a drop in advertising revenue partly offset by growth in its studios business. |
| ITV shares dropped nearly 7% in early trading on the London Stock Exchange. | ITV shares dropped nearly 7% in early trading on the London Stock Exchange. |
| Chief executive Carolyn McCall said its 2017 performance was "strong" in a "challenging environment". | Chief executive Carolyn McCall said its 2017 performance was "strong" in a "challenging environment". |
| She expects 2018 advertising revenue to be up 1% in the first quarter, with a boost from football in the second quarter. | |
| The World Cup, which ITV shares with the BBC, starts in June. | The World Cup, which ITV shares with the BBC, starts in June. |
| Ms McCall, who joined ITV from Easyjet in January, said that the advertising environment in the UK had been tough. | Ms McCall, who joined ITV from Easyjet in January, said that the advertising environment in the UK had been tough. |
| "The uncertainty has undoubtedly had an impact on the demand for television advertising and therefore as expected ITV's financial performance," she said. | "The uncertainty has undoubtedly had an impact on the demand for television advertising and therefore as expected ITV's financial performance," she said. |
| The weaker pound and accompanying inflationary pressures led to some advertisers reducing spending, she said. | |
| High Street retailers and entertainment and leisure businesses had cut their TV ad spending, but supermarkets had increased it. | |
| ITV "had a great start to 2018", she said. | |
| ITV's share of the number of TV viewers has grown this year, while online viewing has had double-digit growth, she said. | ITV's share of the number of TV viewers has grown this year, while online viewing has had double-digit growth, she said. |