ITV to make £25m worth of cuts as result of Brexit
ITV will make £25m worth of cuts in the wake of the EU Referendum result.
These cuts will come partly in the form of staff redundancies, as the broadcaster stressed it would not affect programming budgets.
ITV Chief executive Adam Crozier said: “We’re conscious of the ongoing uncertainty following the Brexit decision and we’ve put in place a robust plan to help us meet the opportunities and challenges ahead.
“The [cuts] will come from across the board. There’s no one specific area. It doesn’t involve money we spend on programmes. It may involve some people. I wouldn’t like to speculate on how many.”
Crozier was speaking at the announcement of ITV’s first half financial results, which saw an 11% increase in revenues from £1.38bn to £1.53bn.
However, net advertising revenue during the period remained flat following uncertainty over Brexit.
Investors were told that advertising sales in August were expected to be down 7pc and in September by as much as 10pc. Crozier blamed this on heavy competition with the BBC due to the Olympics and the comparison against September 2015, which was a particularly strong one for the broadcaster.
He continued: “ITV’s advertising performance is [going in the direction] expected and it is too early to say what impact the Brexit vote will have post September.
“I don’t think the result of the vote really changed anything so far. I think people are starting to realise that actually nothing much is going to happen soon and that this is going to be a two to five year process.”