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A company sign is displayed outside an ITV studio in London Reuters

Commercial TV network ITV reported total revenue amounting to £731m ($948m) for the first quarter of 2017, registering a 3% decrease from the first three months of the prior year.

The steepest revenue drop was reported in the Broadcast & Online Department, which experienced a revenue decrease of 6% to £507m compared to the first quarter of 2017.

However, the ITV Studios division reported a revenue increase of 7% to £343m compared to the £322m reported in the first quarter of last year. A beneficial foreign exchange rate and a strong performance from ITV America were attributed to the increase. The studio operations makes programmes such as Cold Feet.

The first quarter earnings report was in line with expectations, the network said.

"ITV's overall performance and the shape of the UK advertising market are very much as we anticipated and our guidance for the full year remains unchanged", said ITV Chief Executive Adam Crozier.

"External revenue was down 3% over the first quarter with the good growth in non-spot advertising revenues offset by the expected decline in ITV Family NAR, down 9%.

"Online, Pay & Interactive continued to grow strongly driven by increased demand for online advertising, up 22%. ITV Studios total revenues grew 7%, including currency benefit, with a solid pipeline of new and returning programmes coming through."

Crozier highlighted that the expectations for the full year remain unchanged despite an uncertain economic environment. He also expressed his approval of the Digital Economy Bill receiving a Royal Assent, as it would pave the way for the introduction of retransmission fees.