UK ITV's first-half earnings drop 50% after COVID-19 hits advertising

Credit: REUTERS/NEIL HALL

ITV, Britain's biggest free-to-air commercial broadcaster, reported a 50% drop in adjusted earnings for the first half after the COVID-19 pandemic hit advertising revenues and interrupted the production of shows.

LONDON, Aug 6 (Reuters) - ITV ITV.L, Britain's biggest free-to-air commercial broadcaster, reported a 50% drop in adjusted earnings for the first half after the COVID-19 pandemic hit advertising revenues and interrupted the production of shows.

The company said ad revenue for the second quarter fell 43%, driving a 17% decline in total external revenue for the six months to end-June to 1.22 billion pounds ($1.61 billion). Adjusted earnings before interest tax and amortization halved to 165 million pounds, it said on Thursday.

($1 = 0.7590 pounds)

(Reporting by Paul Sandle; editing by Sarah Young)

((paul.sandle@thomsonreuters.com; +44 20 7542 6843; Reuters Messaging: paul.sandle.thomsonreuters.com@reuters.net))

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