Carlton slides amid further ad concerns

LONDON - Shares in Carlton slid 1.4% this morning after investment bank UBS Warburg cut its earnings forecasts amid concerns of a further slowdown in the advertising market.

Carlton's shares dropped 5p to 346p this morning as reports emerged that ITV advertising is set to fall by 20% in September compared with last time.

UBS lowered its pre-exceptional, pre-digital, pre-tax profit forecast for the company to £129m from £150m.

"While the stock offers some long-term value, the continued ad weakness may cause some near-term weakness following its recent rebound," the brokerage said in a statement.

Carlton's ITV counterpart Granada's stock also slid 4p to 155p this morning in London.

Claire Billings, recommends

Carlton Communications

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