ITV plans to cut its costs by £25m following the Brexit result

It's worried that advertisers are tightening their purse strings...

ITV plans to cut its costs by £25m following the Brexit result

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ITV has announced that it has increased its pre-tax profits by 9% during the first half of 2016 - with an upswing in its production arm canceling-out a fall in advertising revenue.

Total external revenues rose to £1.5bn - an increase of 11% with revenue at ITV's studios 31% higher.

However, the company still hopes to cut costs by £25m by the end of this year - citing uncertainty caused by the Brexit vote as the main factor for this decision.

It expects advertising revenue to fall by 1% during the first three quarters of 2016.

In a conference call, ITV chief executive Adam Crozier said that these cut-backs will come from "right across the business" and that this "may involve" job cuts.

Business Insider reports that the company has imposed an informal freeze on recruitment, pay rises, and bonuses.

Viewer figures in the latest quarter were buoyed by ITV's exclusive rights to air Euro 2016 matches.

Mr Crozier continued, "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."

ITV has beefed-up its production arm by acquiring Talpa Media - the company behind The Voice, and Mammoth Screen which is currently making "Victoria" a high budget series about Queen Victoria.