Head of Business and Features

Published 7th Nov 2024, 11:27 GMT

The broadcaster’s revenues for the first nine months of the year are down by eight per cent from £2,975 million to £2,741 million.

In a trading update, the company said despite the situation it still expects to deliver an increase in group profit this year – driven in part by an ongoing cost-saving programme.

It said the company’s efforts to save a previously-confirmed £40m this year through restructuring and efficiencies is “progressing well”, while it now also intends to deliver a further £20m in additional savings – half from reducing content costs and half from delivering other cuts planned for 2025 early.

David Mitchell in BBC show Ludwig, which was produced in association with ITV Studios. (Image: BBC/Big Talk Studios/Colin Hutton)

Its ITV Studios is on course to deliver record profits in 2024 despite a 20 per cent drop in revenue so far this year attributed in part to a US writers’ strike.

ITV chief executive Carolyn McCall said the programme-making arm of the business has “great creative and commercial momentum” following the recent releases of hit detective show Ludwig for the BBC and Jilly Cooper adaptation Rivals for Disney+.

She said: “ITV Studios has had an excellent start to Q4, in line with expectations, which will ensure it achieves record profits in 2024.”

ITV reveals extra £20m in cuts but Ludwig and Rivals successes are hailed

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