ITV warns of plunging advertising revenues but insists Clarkson row hasn’t damaged its brand

Ad sales will drop sharply by 11% in the first quarter, broadcaster warns

ITV’s chief executive Carolyn McCall, Jeremy Clarkson and Meghan Markle (Getty)

ITV has revealed falling annual profits and warned of tumbling advertising revenues – but its boss insists the storm over Jeremy Clarkson’s comments about Meghan Markle hasn’t harmed its brand.

The Love Island and I’m A Celebrity... Get Me Out of Here! broadcaster reported underlying pre-tax profits of £672m for 2022, down from £774m in 2021, as total advertising revenues fell 1 per cent and it spent heavily on content and its ITVX online hub.

It warned of a “challenging” ad spend outlook amid economic uncertainty, predicting ad sales will plunge by around 11 per cent year-on-year in the first quarter – falling by as much as 16 per cent in March – and to remain down by between 10 per cent and 15 per cent in April.