British television company ITV reported Wednesday that its external revenue rose 3% to £3.06 billion ($3.79 billion) last year, with adjusted EBITA up 2% to £885 million ($1.09 billion).

Adam Crozier, ITV’s chief executive, said there had been a 3% decline in spot advertising revenues “resulting from wider political and economic uncertainty.” Revenue from its production division, ITV Studios, was up 13% to £1.4 billion ($1.73 billion), half of which came from outside the U.K.

ITV America’s revenue declined 27% to £235 million ($291 million), which was predominantly driven by the cancellation of two shows, “Texas Rising” and “Best Time Ever,” and the phasing of “Hell’s Kitchen,” which was not delivered last year but will return for two seasons this year.

ITV’s advertising revenue is expected to be down around 6% in the four months to the end of April, “impacted by the ongoing economic uncertainty.” Inflation in the U.K. economy, largely driven by the fall in the pound following Britain’s decision to leave the European Union, has been cited as a major factor in the uncertainty.

Crozier remains optimistic about the longer-term prospects. “The economy is in a reasonably good state. Television remains structurally very sound and strong, and competitive,” he said.

To offset the decline in advertising revenue, ITV has increasingly turned to backing or buying production companies. Its latest purchase was announced Tuesday, a majority stake in French production company Tetra Media Studio.