Struggling British broadcaster ITV expects the rate of advertising revenue decline to ease slightly in the second half of the year, after it posted a more than 60 per cent fall in first-half underlying earnings.
ITV, Britain's biggest commercial free-to-air broadcaster, said operating earnings before one-off items was down to £46 million from £121 million in 2008.
Net advertising revenue (NAR) for the family of ITV channels was down 15 per cent in the first half, while the wider market was down 17 per cent.
It said the rate of market decline had eased slightly in the second half and that ITV NAR was forecast to be down 12 per cent for the third quarter and down 7 per cent for September.
The group's share of the commercial audience was down slightly.
"Our financial results for the half year reflect the impact of the unprecedented downturn in television advertising, offset by the comprehensive action we are taking in mitigation," executive chairman Michael Grade said in a statement.
"We are maintaining our peak audience share across our channel family and are growing our share of television advertising, while delivering our targeted cost-savings."
The group also announced that it had agreed to sell its social network Friends Reunited, which it bought for over £170 million in 2005, for £25 million to DC Thomson.
Analysts had been expecting adjusted operating EBITA of £43 million, according to a Reuters poll of 8 analysts.
Its pension deficit ballooned to 538 million pounds at the end of June, compared with £178 million at the end of 2008. Net debt was held steady.
Reuters