Profits and ad revenues down at ITV

Investors tuned out of ITV yesterday after the broadcaster was struck by a double-whammy hit of falling profits and sliding advertising revenues.

Shares in the group closed down more than 7%, or 13.2p to 160p, helping to drag the FTSE 100 Index down 50.54 points to 7,231.91.

ITV, which airs Dancing On Ice and detective drama Endeavour, booked pre-tax profits of £800 million last year, down from £847 million in 2016, after advertising sales fell 5% to £1.6 billion.

New boss Carolyn McCall, who took on the top job last month after seven years as chief executive of easyJet, praised a strong performance in difficult conditions and said a “strategic refresh” was under way.

Sterling was 0.8% lower against the greenback at 1.37 dollars in response to the Prime Minister’s snub of a draft withdrawal agreement drawn up by the European Commission.

Theresa May said the text, which proposes a “common regulatory area” between the EU and Northern Ireland, would “threaten the constitutional integrity of the UK”. She told the House of Commons: “No UK prime minster could ever agree to it”.

Against the euro, the pound dropped 0.7% to 1.129 euro.

The biggest risers on the FTSE 100 were St James’s Place up 29p to 1,154.5p, International Consolidated Airlines Group up 11.2p to 614.6p, Shire up 55p to 3,109p, Tesco up 3.7p to 210.8p.

The biggest fallers were ITV down 13.2p to 160p, Admiral Group down 88p to 1,843p, Fresnillo down 53.5p to 1,219.5p, Taylor Wimpey down 7.8p to 186p.