The latest estimates circulated Tuesday by Credit Suisse in London portend woe for the UK ad industry at large - and thrice woe for Britain's largest commercial broadcaster ITV and its beleaguered ceo Charles Allen.
The bank's circular warns of a "deteriorating trend [which] bodes negatively [for] all UK advertising names". It points a Cassandra-like finger especially at ITV's flagship channel ITV1, warning of a 22% revenue slide in its third quarter and a 20% decline in Q4.
If the bank has got it right, this equates to a drop of 15% in revenues for 2006 as a whole. However, a consensus of media buyers believe the deficit will be slightly less - around 12%.
ITV declined to comment on Credit Suisse's predictions, citing legal restrictions ahead of publishing its interim results on August 9.
Data sourced from The Times Online (UK); additional content by WARC staff