ITV shares down after 2018 results announced

Shares in broadcaster ITV (LON:ITV) dropped by 3.62% to 126.55p (as of 13:15 GMT) after EBITDA for the year ended 31st December fell by 3%. Total revenues rose by 3% despite a weaker advertising performance. Management said that they were confident going into 2019, but warned that its first-half comparatives would be difficult to meet due to last year’s World Cup and the schedule for ITV Studios’ major projects.

Chief executive Carolyn McCall commented: “ITV’s operational performance across 2018 was strong despite the uncertain economic and political environment, with total external revenue up 3%, including total advertising revenues up 1%. We delivered great viewing figures on air and online with ITV setting a host of new records and achieving an impressive 3% growth in total viewing.

“ITV Studios continued to show good growth producing a range of great shows including The Voice, Bodyguard, Love Island and a host of other hits.

“ITV is making good progress as we invest in our More than TV strategy – repositioning the ITV brand, developing our data and digital capabilities, increasing our ability to offer addressable advertising and expanding our direct to consumer activities. Cost savings, which will partly offset this essential investment are on track“.