ITV: 28 per cent profit fall

ITV has announced a 28 per cent fall in profits for the first half of the year, causing an immediate slump of 10 per cent in the broadcaster's share price. Pre-tax profits were £91m as ITV, in common with other media organisations, suffered the knock-on effects of the credit crunch as advertisers slashed their budgets.

The company also revealed a £1.6bn write-down on acquisitions made between 2000 and 2004, including the merger of Granada with Carlton in 2004.

ITV's executive chairman Michael Grade said: "Despite some dire predictions UK television advertising held up relatively well over the first half of the year and through the summer." But he added that ITV expected advertising revenues to be flat across the first eight months of 2008.