ITV has announced another £15 million in savings after pre-tax profits fell by 44% year-on-year.
There were also hints at a reduction in its programming budget, which will now be around £1.23 billion in 2025, rather than the £1.25 billion previously indicated.
Total revenues were 3% lower, although the comparison was difficult, given the Men’s Euros taking place during the period in 2024.
Carolyn McCall, ITV Chief Executive, said: “ITV is now a leaner, more digital business in a strong position to compete and succeed in a changing market. We have the agility and capability to make the most of new revenue opportunities while driving profitable growth, strong cash generation and attractive returns to shareholders.”
ITVX continues to be a high spot, reaching breakeven two years earlier than expected, and already returning its entire investment. In recent weeks there have been strategic content partnerships with YouTube and Disney+, along with increased targetable inventory with linear addressable advertising.
Total streaming hours increased by 15% year on year to 1.1 billion, at the same time monthly active users rose by 9% to 16.4 million.
ITV’s Studios division continues to produce high-profile shows for external streamers, such as Rivals S2 for Disney+, The Reluctant Traveller S3 for Apple TV+, Gomorrah – Origins for Sky, and Love Island: Beyond the Villa for Peacock in the United States.
