ITV Profits Hit Hard by COVID-19 Impact, But Productions Back on Track
U.K. broadcaster ITV’s annual results were announced Tuesday and the picture is that of a business severely impacted by COVID-19.
Total external revenue was down 16%. ITV Studios total revenues were down 25%, impacted by the disruption to the majority of ITV productions from March 2020 when the first U.K. lockdown was declared. Total broadcast revenues were down by 8%, with total advertising down 11%.
Adjusted earnings before interest, taxes, and amortization (EBITA) was was down 21% at £573 million ($792.4 million), which the broadcaster said was better than external expectations. Of this, the most severely impacted was ITV Studios where adjusted EBITA was down 43% to £152 million ($210.2 million), impacted by the decline in revenue and the costs associated with COVID-19 safety measures.
“Throughout this last year, we have all been dealing with the effects of the pandemic. As the U.K.’s largest commercial network, we’ve worked hard to fulfil our responsibility as a source of reliable and trusted news and to deliver some of the best entertainment into the country’s homes,” said ITV chief executive Carolyn McCall.
More to follow.