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ITV announces new cost-cutting drive as half-year profits fall 44%

Media | The Guardian · Mark Sweney · last updated

Broadcaster plans £15m in savings and flags £20m cut to programme budget amid continued dip in advertising

ITV has launched a further £15m in cost cuts after profits at the broadcaster plummeted by more than 40% in the first half of the year, after struggling to repeat the success of an advertising boom in last year’s men’s European football championships.

Pre-tax profits were down by 44% year-on-year to £99m in the first six months, as total advertising revenues fell by 7% to £824m.

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