ITV reports drop in ad revenue.
ITV ad revenue dropped in 2016 by 3% to £1.67bn and predicts a drop of 6% for Q1 in 2017. This is the first drop since 2009 following the financial crisis and the economic uncertainty is being blamed for 2016.
However, ITV says that it outperformed the advertising market as a whole and predicts it will do the same in 2017.
Supermarkets, banking, retail, finance, and food sectors decreased their spend.
Entertainment, leisure, cars, cosmetics and household goods continued to spend.
Production revenues helped its pre-tax profit rise 4% to £847m.