The ITV share price fell over 10 per cent on the week as investors digest forecasts of a TV ad sales slump in July and August – the famine after the feast of the Euros when June’s take is expected to be up 17 per cent.

The company’s revenues for the first half of 2012 are also expected to be boosted by a big performance from ITV Studios. However, a combination of the market overhyping the revenue benefit of the London Olympics and increasing concern about a wider malaise among TV advertisers has led to a fears of a summer slump after June.

While the summer months of July and August are generally the slowest in terms of TV ad revenue spend, there is concern that the lack of advertiser confidence could be a worrying broader market trend.

How TV ad spend pans out in September will be key as it is always a solid indicator of the strength of the final three months of the year, when big ITV shows such as The X Factor return. Early predictions for September, the largest TV ad revenue month in the third quarter, put the market at best flat and perhaps 1 per cent or 2 per cent down year on year.

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