Business
Trading update, Annual Report and Notice of AGM
Trading update, Annual Report and Notice of AGM.
About this update from Itv Plc
[{"type":"text","content":"\n \n \n RNS Number : 1212H\n ITV PLC\n 23 March 2020\n \n \n \n \n 23 March 2020\n \n \n \n \n \n ITV plc \n \n \n Trading update, Annual Report and Accounts and Notice of AGM \n \n \n \n \n \n Carolyn McCall, ITV Chief Executive, said\n \n \n \"We are operating in unprecedented and uncertain times, requiring us to take difficult decisions, plan carefully and act with speed. Our absolute priority is to protect our people, while trying to ensure that we deliver the news and programmes our viewers value and love to watch, and to keep them informed. We are actively taking measures to reduce costs and manage our cash flow so that we are best positioned to continue to deliver our strategy of building a digitally led media and entertainment company over the medium term.\" \n \n \n \n \n \n Trading Update\n \n \n ITV plc (\"ITV\" or the \"Company\") continues to closely monitor the evolving COVID-19 (coronavirus) situation and its impact on the business. ITV's priority remains to protect its people and we will continue to follow all government guidelines.\n \n \n \n \n \n The recent restrictions on working practices are now having a significant impact on ITV Studios' ability to film productions. We have had to pause a significant number of productions in the UK and internationally, which we are doing in a systematic manner to ensure that we are well placed to resume production as soon as we are able to and to minimise the costs of disruption. We are implementing contingency plans to enable us to continue to produce as many programmes as possible, particularly our news output and live productions. \n It is too early to quantify the impact of this on ITV Studios' revenue and profit. This depends on how long the restrictions are in place.\n \n \n \n \n \n ITV Studios cost base is largely variable. We expect to benefit from an additional offset due to increased demand for library sales. As a leading global distributor, we are well placed to deliver this, with a high quality library and strong relationships with broadcasters and platform owners. Demand for quality content remains strong and therefore we continue to work on our development slate and we are ready to resume production as soon as we are able. As one of the largest international producers of unscripted content which has ...