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ITV to slash £25m costs because of Brexit vote

Published 27/07/2016

ITV says it has a
ITV says it has a "robust plan" to meet the challenges posed by Brexit

ITV will slash £25 million in costs next year as a direct result of Britain's decision to quit the European Union.

The broadcaster said it has put in place a "robust plan" to meet the challenges Brexit is set to pose.

Chief executive Adam Crozier said: "Against a backdrop of wider economic uncertainty following the EU referendum we have put in place a robust plan to allow us to meet the opportunities and challenges ahead.

"As part of this we are targeting a £25 million reduction in overheads for 2017."

ITV made the announcement alongside results for the first half of the year, which saw total external revenue rise 11% to £1.5 billion.

Pre-tax profits increased 9% to £425 million but the firm warned that advertising revenue is set to dip 1% in the nine months to the end of September.

Mr Crozier added: "Our strategy of strengthening and rebalancing the business is clearly working and remains the right one for ITV. We have a strong balance sheet and the capacity to continue to invest behind our strategy, while at the same time delivering returns to our shareholders."

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