ITV shares (LON:ITV) fell on Wednesday after the company reported its full-year results for the year ending 31st December 2018.

The TV broadcaster said total external revenue for the year was up 3% to £3,211 million, compared to £3,130 million in 2017, with total non-advertising revenues rose 5% to £1,971 million compared to a year ago.

Meanwhile, total revenue for ITV studios rose 6% to £1,670 million, with 4% growth in organic revenue at constant currency.

Total advertising revenue was up 1%, with 36% growth in online, which company said offset declines. 

In addition, ITV announced it was in talks with BBC to create a joint venture in BritBox, a new collaborative streaming service, which they expect other partners also to join.

Commenting on the annual results, Chief Executive Carolyn McCall said:

“We have started 2019 with strong onscreen and online viewing. However, the economic and political headwinds for the UK will have an effect on the advertising market and while ITV is increasingly diversified, we remain sensitive to this.

She added: “We continue to be very focused on delivering in the areas we can control and actively mitigating the factors outside the company’s control.”

ITV Studios released a number of popular TV programmes over the course of the year including The Bodyguard, which it produced for the BBC, as well as Love Island.

Shares in the company (LON:ITV) are currently trading -3.20% as of 12:36PM (GMT).