Group revenues also dip alongisde slide in ITVS earnings
ITV profits fell by a third in the first half of 2025 to hit £146m, according to the broadcaster’s financial results released today.
The 31% decline year-on-year from 2024’s figure of £213m was the headline of a tricky financial performance in which total group revenue fell by 3% to £1.8bn from £1.9bn last year. The company also revealed plans to make £15m in permanent non-content cost savings across the rest of the year, bringing it its total savings to £45m - above its guidance of £30m.
It is not clear whether the latest round of £15m cuts will include job losses, but the company said the savings would come from “operational and technology efficiencies, organisational redesign savings and permanent reductions in discretionary spend”.
The profit dip led to ITV delivering a lower margin of 9% from 13% last year. Adjusted profit before tax decreased by 44% to £99m from £178m in 2024, and statutory profit dropped 80% to £67m from £330m. ITV said the declines were due to beefed up total advertising revenue (TAR) in 2024 due to the men’s Euros football and benefiting from the profit on the sale of BritBox International to BBC Studios for £255m.
Group profit was also mirrored by declines at ITV Studios, where EBITA fell by 21% to £107m from £146m, despite an increase in revenue of 3% on H1 2024 to reach £893m, up from £869m. In a statement, the company said it remained “on track to deliver our target of total organic revenue growth of 5% per year to 2026, with a margin between 13% to 15%”.
The Love Island broadcaster has lowered its predicted content spend for the whole of 2025 from £1.25bn to £1.23bn.
Total media and entertainment non-advertising revenue fell by 10% to £131m, down from £145m in 2024.
Despite the falls in revenue, the company described its H1 performance as “ahead of market expectations” pointing out that advertising revenue was high in H1 2024 as a result of the Men’s Football Euros, and was up 2% on H1 in 2023. It said shows delivered for ITV and by ITVS such as Fortune Hotel S2 and The Better Sister for Amazon Prime Video would bolster the broadcaster’s performance in H2.
The company said it was “confident in delivering good revenue growth in ITV Studios and ITVX, with continued strategic cost management and strong cash generation” and that it was on track to deliver £750m of digital revenues by 2026.
In May this year, ITV revealed plans to overhaul its Daytime offering as part of its programme of cost-cutting, with the production teams behind the three shows set to be merged and share resources and operations, while remaining editorially distinct brands – with the expected loss off around 200 jobs.
ITV chief executive Carolyn McCall said: “ITV is now a leaner, more digital business in a strong position to compete and succeed in a changing market. We have the agility and capability to make the most of new revenue opportunities while driving profitable growth, strong cash generation and attractive returns to shareholders.
“In M&E, ITVX continued its strong performance despite comparatives of the men’s Euros, and Broadcast maintained its strength in delivering the biggest commercial audiences in the UK. This reinforces M&E’s market-leading position in UK Streaming and Broadcast, delivering strong cash generation.
“We are on track to deliver our 2026 key financial targets, with sustained good growth in ITV Studios and ITVX coupled with strategic cost management as we reshape our cost base to reflect the dynamics of the industry in which we operate.”
She said ITV Studios continued “to see positive momentum, with strong growth in external revenues in H1, driven by content for the global streaming platforms, including The Devil’s Hour for Amazon Prime Video, and Run Away for Netflix”.
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