ITV has announced a 44% decline in pre-tax profits to £99m in its H1 results, as the broadcaster’s total advertising revenue fell by 7% to £824m.

The group’s total revenue was down 3% in the six months to 30 June against last year, reaching £1.85bn.

In response to its falling figures, ITV has also announced new plans for cost savings totalling £15m, which it said would come from a combination of new initiatives and annualised benefits from the 2024 savings. On top of £30m worth of cost savings previously announced, the broadcaster is expecting to deliver £45m of “permanent non-content savings”.

ITV added that it remains “on track” to deliver its 5% target of total organic revenue growth on average per year between 2021 and 2026, ahead of the market and at a margin of 13 to 15%.

Chief executive, Carolyn McCall, said that ITV is now a “leaner, more digital business” and 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,” she added.

“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.”

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