Channel 5 owner and pan-European broadcaster RTL today warned of falling advertising revenues and a slump in full-year earnings.
The group, which also makes range of programmes including Pop Idoland Farmer Wants a Wife, has been hit by the industry-wide slump in advertising, as firms tighten their belts in the slowing global economy.
Chief executive Mr Didier Bellens said: "Advertising markets across Europe have continued to deteriorate since our results announcement in September.
"We now expect that the television advertising market as a whole in Germany, France and the UK will be down year-on-year by up to 10 per cent in the respective markets".
This means earnings before costs this year are now likely to be 35 per cent to 40 per cent lower than last year's figure of ₘ555 million (£347.8 million).
RTL said: "Visibility remains poor and it continues to be difficult to predict the outlook with any certainty. However, based on our forward bookings thus far, we expect that advertising in the first half of 2002 will show continued weakness".
There was, however, some good news from RTL, which was updating shareholders ahead of the end of its financial year on December 31st.
Channel 5 saw its advertising market share edge up in October, from 6.1 per cent the year before to 6.2 per cent, despite a country-wide decline.
PA