ITV has announced its full annual results this morning, and whilst there have been highs over the past 12 months, it’s nonetheless reported a drop in its earnings.

On the bright side, its ITV Studios production company recorded earnings of £243m. Advertising revenue, though, was down 5%. Full year earnings for the group, before taxes and whatnot, dropped to £842m. That was a fall of 5% too.

New CEO Carolyn McCall, commenting on the results, said she was pleased given the “challenging environment”, and that “we are very focused on our strategic refresh. This will enable us to define a clear strategy and priorities that will highlight the opportunities and address the challenges that we face in an increasingly competitive media landscape. This project is well underway

McCall has been the boss of ITV for eight weeks thus far, and isn’t looking to make major changes. Rather that her choice of words of ‘strategic refresh’ rather than ‘strategic review’ were deliberately chosen.