ITV has recorded a sharp drop in annual profits as the brutal advertising downturn experienced last year outweighed record revenues in its studios business, which made the recent hit drama Mr Bates v the Post Office.
The UK’s largest free-to-air commercial broadcaster said pre-tax profits had fallen by 61% to £193m in 2023, against £501m in 2022, after it was hit by a drop in advertising revenue as well as the planned investment costs in its ITVX streaming service.
