Carlton sees no let-up in advertising downturn
The slump in ITV advertising is continuing to batter Carlton's performance, and the group is to cut a further 100 jobs.
It warns that the downturn will continue into the first quarter of next year, but declines to give any further outlook.
Advertising revenue from ITV fell by 12.7% on a like-for-like basis for the year ended September.
Carlton has forecast a 13% fall for its first quarter ended December, but it says it can not predict revenues beyond that.
Pre-tax profits for the year to September fell to £118m, 40% down on the previous year.
The group, whose franchises include Central TV, Carlton and HTV, shed 300 jobs in the year just ended and the extra cuts will take its workforce to 3,200.
Carlton is burdened by heavy investment in the loss making ITV Digital network, a joint venture with Granada, and it plans to cut costs at the operation by £45m a year
The subscriber TV network, which feeds digital TV signals through conventional aerials, has so far cost its backers around £800m - with Carlton providing more than half of the total.
Chairman Michael Green says: "In the current environment, it is important to concentrate on issues which in the long term deliver value, both in our wholly-owned businesses and in ITV Digital: improving our product, looking after our customers and minimising costs.
"These will be our touchstones over the coming year."
