ITV’s earnings halved

Broadcasting giant ITV has seen its first half earnings tumble after battling a “very tough” advertising market as companies slash their marketing spend.

The group behind hit shows Love Island and I’m A Celebrity… Get Me Out Of Here! reported group pre-tax profits plunging by 79% to £45 million for the six months to June 30, down from £219 million a year ago.

It posted underlying earnings down 52% to £152 million, which it said reflected the challenging advertising market and the investment in its ITVX online streaming service. Jersey Evening Post