Its comments came as it reported a 9% increase in pre-tax profits to £425m in the first half of the year.
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GlaxoSmithKline plans 275 million pounds ($361 million) of new investments at three drug manufacturing sites in Britain, signalling its confidence in the country despite last month’s vote to leave the European Union.
But the group, which broadcasts such shows as “Coronation Street” and “Britain’s Got Talent”, met first-half forecasts with flat net ad revenue in the first half and said it would slip around 1 per cent in the first nine months to the end of September.
Production arm ITV Studios saw first-half results grow stronger than the overall company.
“Looking forward to the full year, we expect to deliver double-digit revenue and EBITA growth in ITV Studios as the acquisitions continue to deliver and double digit revenue growth in Online, Pay & Interactive”.
ITV has been expanding its ITV Studios unit to become less reliant on advertising revenue.
Revenue from external sources, a key metric, rose 11% on the year to GBP1.5 billion.
The production arm was buoyed by recent acquisitions including “The Voice” creator Talpa Media and Mammoth Screen, which is now making a lavish biopic on Queen Victoria, titled “Victoria”.
He added: “As part of this we are targeting a £25m reduction in overheads for 2017”. And asked if job cuts will be involved, he added that the measures “may involve some people as well”.
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Crozier said uncertainty in the ad market kicked in this February when the referendum was called.
