ITV announces new cost-cutting drive as half-year profits fall 44%
by Mark Sweney from World news | The Guardian on (#6YVRY)
Broadcaster plans 15m in savings and flags 20m cut to programme budget amid continued dip in advertising
ITV has launched a further 15m in cost cuts after profits at the broadcaster plummeted by more than 40% in the first half of the year, after struggling to repeat the success of an advertising boom in last year's men's European football championships.
Pre-tax profits were down by 44% year-on-year to 99m in the first six months, as total advertising revenues fell by 7% to 824m.
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