The group behind hit TV shows including Britain’s Got Talent and I’m A Celebrity… Get Me Out Of Here! reported a 19% jump in pre-tax profits to £472 million for 2024
Broadcasting titan ITV has unveiled plans for additional cost reductions, as savings and record production earnings contributed to a rise in annual profits.
The company, responsible for popular TV shows such as Britain’s Got Talent and I’m A Celebrity… Get Me Out Of Here!, reported a 19% surge in pre-tax profits to £472m for 2024.
Total advertising revenue (TAR) increased by 2% to £1.82bn, but the group anticipates TAR to remain largely unchanged in the four months leading up to the end of April. Advertising revenues are also expected to be impacted in June and July due to challenging comparisons with the previous year, when ad sales were bolstered by the Euros football tournament.
ITV revealed it cut £60m in costs last year, exceeding expectations by £10m, and aims to achieve another £30m in savings throughout 2025. Its ITV Studios production division saw underlying earnings climb 5% to a record £299m, despite a 6% drop in revenues to £2.04bn.
This was due to ongoing effects from the 2023 US actors and writers strikes, reduced demand from free-to-air broadcasters, and changes in delivery schedules year on year.
