ITV says 'we expect to benefit from ... increased demand for library sales' amid the coronavirus pandemic. 'We will be able to ramp up production quickly' once possible. Overall, it warns 'it is too early to quantify the impact' on ITV Studios' financials.
"Management is very focused on cash and has implemented measures to reduce our costs and to tightly manage our cash flow" amid an"increasing" advertising impact.
ITV added that it has also "taken steps to reduce discretionary spending by £20 million in 2020. ... Further, we have identified £30 million of savings in our capital expenditures." ITV also provided an update on advertising trends from social distancing and self-isolation measures. "The additional measures implemented by [the U.K.] government, which have led to the closure of shops, factories and entertainment facilities, have had an increasing impact on our advertising revenues, and therefore forecasts for March and April have deteriorated since we last updated the market on March 16," it said.
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