Monday 24 October 2016 3:36 pm

ITV announces 120 job cuts as part of £25m savings push after Brexit vote

ITV is cutting 120 jobs, with the broadcaster blaming “political and economic uncertainty”.

The company’s chief executive, Adam Crozier, announced he would be seeking £25m of cuts when reporting its half-year results.

ITV said the cost savings were part of a “robust plan to allow us to meet the opportunities and challenges” resulting from the Brexit vote.

ITV’s share price dipped nearly five per cent at the end of last week amid reports that it was facing its worst year for advertising growth since 2009.

Ian Whittaker, an analyst at Liberum, suggested though that consensus estimates on ITV advertising revenue appeared to be “factoring in a recession for the UK or marking that assumption that TV and/or ITV will lose significant share, which we think is too pessimistic”.

An ITV spokesman said:

At a time of political and economic uncertainty in our key markets, it’s important that we are in the strongest possible position to continue to invest in our strategy and to meet any challenges and opportunities ahead, as we continue to grow a successful business.

We have taken costs out across ITV in a managed and sensible way over the last six years and we must continue to keep a tight control on spending to ensure that we are operating as efficiently and effectively as possible whilst maximising our ability to invest in the high quality programming that drives ITV’s success.

Last month there was an uproar from unions over ITV plans to close its defined benefits pension scheme to future accruals.