ITV profits were slashed by 30% during the first half of this year.
The broadcaster in the main put this down to a strong first half of 2024 due to advertising for the men’s Euro’s soccer tournament, but nevertheless the Love Island network still experienced a painful drop in profits that saw group adjusted EBITA fall from £212M to £142M. Adjusted EBITA margin was down from 13% to 9% for the first six months of 2025.
Profit in the ITV Studios production division, which makes the likes of Rivals and Fool Me Once, was also down 20% to £136M, which ITV said had been “previously guided due to the phasing of high margin sales being weighted to the second half” of 2025.
Overall, turnover was down 3% to £1.8B in what was a tricky six months. ITV said the performance was “ahead of market expectations” and put the declines in the main down to “a very strong advertising period in H1 2024, driven by the Men’s Euros.”
The network announced an additional £15m in permanent non-content cost savings, taking the total group permanent non-content savings in 2025 to £45m. To achieve the total group savings, it said it would take a one-off cost of £40m.
Content spend for the full year has been revised down slightly £1.23B.
ITV CEO Carolyn McCall said: “ITV is now a leaner, more digital business 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 that ITV remains on track to “deliver key financial targets” next year, with “sustained good growth” in ITV Studios and the ITV Streamer.
The results come with an ITV sale still very much up for discussion. Reports have connected Banijay and RedBird IMI with a potential purchase of ITV.
The first half of 2024 saw ITV profits rise by 40% although revenue dipped slightly.
