By Greg Wright

Published 27th Jul 2023, 11:32 BST

The group behind hit shows Love Island and I’m A Celebrity… Get Me Out Of Here! reported group pre-tax profits plunging by 79 per cent to £45m for the six months to June 30, down from £219m a year ago.

It posted underlying earnings down 52 per cent to £152m, which it said reflected the challenging advertising market and the investment in its ITVX online streaming service.

Total advertising revenues dropped 11 per cent to £811m in the first half after a 12 per cent fall in the second quarter, but it said it was looking to an improved performance in the final six months of 2023, thanks to the Women’s Football World Cup, the Rugby World Cup and next series of Big Brother.

Broadcasting giant ITV has seen its first half earnings tumble after battling a "very tough" advertising market as companies slash their marketing spend. (Photo by Ian West/PA Wire)

Carolyn McCall, ITV chief executive, said: “The continued momentum behind ITV’s strategic transformation delivered strong growth in Studios and digital revenues in the first half of the year, largely offsetting the expected weakness in the UK advertising market – with total revenue declining just 1% in the first half, even in a very tough advertising market.”

Broadcasting giant ITV's earnings tumble in ‘very tough’ advertising market