ITV's quarterly ad sales expected to fall further

ITV, Britain's biggest free-to-air commercial broadcaster, reported a six per cent drop in second-quarter national advertising revenue and saw the decline continuing as it remained cautious about the TV ad market and the economy. The company, which is one year into a five-year transformation plan under new management, Wednesday reported a four per cent increase in total external revenue to £1.03 billion (Dh6.1 billion) for the first half of the year. Earnings before interest, tax and amortisation and before exceptional items rose to £240 million (Dh1,144 million) a 45 per cent increase from the year-ago period when it had costs associated with the soccer World Cup. Under Chief Executive Adam Crozier, ITV plans to reduce its dependence on volatile advertising markets by increasing pay-TV services and reinvesting in programming to sell internationally and online. Article continues below "We're encouraged by our progress to date and the prospects for ITV in the medium to long term, although we remain cautious about both the TV advertising market and the economy," Crozier said in a statement.