British TV company Granada reported a 10.6 per cent drop in nine-month advertising revenues today - alongside a decline in first half profit.
The production and broadcasting company, a major stakeholder in ITV and maker of Coronation Street, also said it was on track to deliver £30 million sterling in cost savings next year as it integrates the United TV assets purchased last year.
A further £30 million in cost cuts would follow the next year.
Operating profit before digital investments and exceptionals fell to £119 million in the first half to the end of March.
Most of the digital spending went towards ONdigital, the terrestrial digital pay TV service operated jointly with Carlton Communications.
The company set its interim dividend at 1.0 pence per share.
