David BurrowsThe market was less than impressed with ITV’s latest trading statement with total external revenue down 1% to £2,132m (2016: £2,157m) and broadcast and online revenues down 4% to £1,470m (2016: £1,537m).
ITV’s share price dropped over 5% in morning trading to 145.70.
There were some positives numbers from the company total ITV Studios revenue was up 9% at £1,009m (2016: £923m), with good organic growth.
ITV Family share of viewing was up 2% and the company pointed to the further development of its digital business with investment in ITV Hub, ITV Hub+, Britbox US and Cirkus.
The channel said programme investment would be £25m lower as previously announced due to the absence of a major sports tournament.
Rebalancing the business
Commenting on the latest figures, Sir Peter Bazalgette, ITV Executive Chairman, said:
"ITV's performance in the first nine months of 2017 is very much as we anticipated. We've seen improving trends in all our key revenue lines in the quarter and we're on track to deliver on the commitments we set out at the start of the year.
“Total external revenue was down 1% to £2,132m with strong growth in non-advertising revenue largely offsetting the decline in NAR. This is clear evidence of the benefit of rebalancing the business and generating new revenue streams.
He added “We are currently seeing a return to TV advertising from some of the FMCGs and grocers although wider corporate confidence in the UK continues to be impacted by political and economic uncertainty.”