Bertelsmann-owned broadcaster RTL Group offered little cheer to those awaiting an ad recovery as it unveiled first-half results.

The group – which operates 24 TV channels and 18 radio stations across Europe – posted EBITDA (earnings before interest, tax, depreciation and amortization) of €197 million (€195.5m; £125.3m), falling from €273m in the same period last year.

Chief executive Didier Bellens warned there was little sign of an imminent upturn in advertising.

“Visibility is still extremely low,” he cautioned, “and, while there are some small positive signs in the UK and the Netherlands, the weak German market and a flat French market do not encourage us to call any sort of recovery at this stage.”

Data sourced from: BrandRepublic (UK); additional content by WARC staff