ITV has announced an additional £15 million in cost cuts after reporting a sharp decline in half-year profits. The broadcaster, known for shows such as Britain’s Got Talent and Love Island, said underlying pre-tax profits fell 44% to £99 million for the six months to June 30, down from £178 million a year earlier.
The new savings come on top of £30 million previously announced, with spending on content being reduced. ITV said the cost-cutting measures would help offset a tough advertising market, and it now expects a better outcome for the full year 2025 due to these efficiencies.
Total advertising revenues dropped 7% in the first half, following a 12% decline between April and June. However, the company noted that the half-year fall was better than feared. ITV expects ad revenues to be down “marginally” in the third quarter, citing a tough comparison with the men’s Euros knockout matches in July 2024.
Chief executive Carolyn McCall said: “ITV is now a leaner, more digital business in a strong position to compete and succeed in a changing market.” She added that the company is on track to deliver its 2026 financial targets, with growth in ITV Studios and ITVX alongside strategic cost management.
The group flagged the use of technology in its latest cost-cutting drive. In March, ITV said it had stripped out £60 million of costs in 2024, £10 million more than initially forecast, with no job impacts this year after more than 220 roles were cut in 2024, mainly from its media and entertainment division.
