FY2022 was in line with expectation. Total advertising revenue was down -1% and ITV Studios revenue increased by +19% o/w +14% organically. Digital revenue was up +18%. The lower adjusted EBITA margin (19% of revenue, -5pts) was due to higher content costs (+5%) and infrastructure and overhead costs (+9%) in Media & Entertainment. The start to 2023 has been challenging for total advertising revenue (-11% expected in Q1 23). Revenue growth and margin improvement are expected for ITV Studios in 20 ....