ITV ad revenue still falling

14th May 2009 07:45

Broadcaster ITV said today it expects net television advertising revenue to fall 16% this month and 18% in June, worse than the 15% reported for the first quarter.Despite this it still outperformed the total UK television advertising market, which fell an estimated 16% in the first three months of 2009. ITV forecasts a 16% drop for its first half versus 17% for the total market.The group is making "good progress" with its programme to save £155m in 2009 and says it wants to cut costs by another £40m in 2010. Total cost savings will rise to £215m in 2010 and £285m in 2011."The television advertising market remains weak. However ITV continues to outperform the market, reflecting the continued strength of our on-screen performance, particularly in peak time," said executive chairman Michael Grade, who'll relinquish his CEO responsibilities by the end of the year. Revenue fell 14% to £425m, with broadcasting down 12% to £359m, while the company said it held its audience share at 23.4%.