The 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: