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ITV downgrades first-half ad revenue forecast

Reuters - UK Focus

LONDON, May 12 (Reuters) - Commercial broadcaster ITV downgraded its forecast for advertising revenue for the first half, saying there would be no pick up in the second quarter when it had previously expected a boost from the European soccer championship.

The British company said on Thursday it expected net advertising revenue to be broadly flat for the first half, although it expected to deliver good profit growth, helped by a 44 percent rise in revenue at its studios production unit in the first quarter.

Overall revenue grew 14 percent to 755 million pounds in the three months to March 31.

It (Other OTC: ITGL - news) said the share of viewing on its main channel was up 3 percent in the first four months of year. (Reporting by Paul Sandle; editing by Kate Holton)