ITV ratings rise - as advertising income falls

The group says "political and economic uncertainty" are hurting its business

ITV ratings rise - as advertising income falls

ITV Sport pundits Roy Keane and Ian Wright on duty for ITV / Mike Egerton / EMPICS Sport

ITV has announced a 3% drop in its net advertising revenue - but it has cautioned that this performance is ahead of the rest of the struggling TV ad market.

Chief executive Adam Crozier said, "The continued growth in revenue and adjusted profit, despite a 3% decline in spot advertising revenues resulting from wider political and economic uncertainty, is clear evidence that our strategy is working and remains the right one for ITV."

TV companies have also struggled to attract advertisers as more and more consumers 'cut the cord' and only view content through playback and streaming services.

Viewing across its channels grew by 1% during the 12 months.

The group's online revenue increased by 23% to £231m - while its online audience swelled by 42% as "around half of all the UK’s 16 to 24-year-olds" registered with its online hub.

Its total external revenue grew by 3% to £3bn (including currency benefits).

ITV Studios has hit a streak of good form, its revenue is up by 13% to £1.4bn - its shows include Coronation St, Come Dine With Me and I'm a Celebrity Get Me Out of Here.

“ITV delivered a good performance in 2016 as we continue our strategy of rebalancing and strengthening the business creatively, commercially and financially," Mr Crozier added.

In 2017 the media company will seek cost savings of £25m.