ITV risks job losses in costcutting drive as ad revenues fall

ITV’S chief executive has refused to rule out job losses as the company announced plans for further cuts amid a slump in advertising revenues.

The broadcaster said yesterday that it would cut costs faster than previously expected, completing a £150m savings plan a year earlier than planned.

It said it will also conduct a fresh restructuring programme to save another £50m a year.

Dame Carolyn Mccall, chief executive, said it was “too early to say” if the plans would lead to redundancies.

She said: “It is all about being resilient and totally robust going forward over the next five years. And that’s why we’ve accelerated what we’re doing and it’s across everything. It’s never over.”

Dame Carolyn said it was “way too early to say specifically” where the cuts would be made but added that “we have a team of people working on it across the whole company”. ITV employs more than 7,000 people.

It came as the company reported fullyear profits of £193m for 2023, down from £501m in 2022, as advertising income dropped by 8pc. Revenue fell by 2pc to £4.3bn, which was still the second-highest turnover in its history.

Dame Carolyn said the advertising market in broadcast television had been “challenging”. TV advertising fell by 15pc in 2023, although this was partly offset by growing digital advertising from its streaming service, ITVX.

The company pointed to strong growth in its production business, ITV Studios, but said sales will be blunted by last year’s US writers and actors strikes.

Shares closed up 12pc in response to yesterday’s update.

Last week it sold its stake in Britbox International to partner BBC for £255m.

‘It’s all about being resilient and robust going forward over the next five years. It’s never over’