ITV results turn off investors

The price of shares in FTSE 100 broadcaster ITV (LON:ITV) slumped 11.12% to 103.55p (as of 14:00 GMT) after statutory EBITDA dropped 12% during 2019. Advertising revenue for the year fell by 1.5% and while Q1 2020 is seeing a return to growth, April is set to decline by 10%.

Chief executive Carolyn McCall said: “Thanks to the hard work of our teams across the business, our full year results have come in ahead of expectations helped by revenue growth in the second half of the year in ITV Studios, advertising and online. We are making good progress in each area of our strategy and our investments in data, technology, online and in streaming will enable ITV to be a sustainable, diversified and structurally sound digital media and entertainment business“.