ISLAMABAD          -     ITV saw profits fall sharply after a ‘significant decline’ in demand for advertising in the second quarter as large advertisers continued to pull back in the wake of the economic slump caused by the coronavirus crisis. 

And the broadcaster said it had decided not to pay a dividend so to retain cash going forward in light of the ‘continued economic uncertainty’. But the group, which had to suspend programme making in mid-March due to the lockdown, said it has now restarted production on about 70 per cent of its 230 TV shows.

Coronation Street and Emmerdale restarted filming in June and while the group is looking at cutting costs, it still expects to spend £960million on programming this year.ITV’s profit before tax dropped 93 per cent to £15 million in the first half of the financial year. Adjusted pre-tax profit fell 52 percent to £143million in the first half.