ITV almost triples profits as ad revenue roars back

Strong recovery for ITV.

ITV reported that pre-tax profits at the broadcasting giant almost tripled last year thanks to strong growth in television advertising around hit shows like X Factor.

The broadcaster said this morning that underlying pre-tax profits rose to £321m for 2010 - up from £108 million in 2009 - as total revenue increased ten per cent year on year to £2.06bn.

Reporting full year results, ITV said its resurgence came on the back of ad revenue increasing 16 per cent year on year in 2010 to £1.5bn - outpacing the general recovery in the television ad market by one per cent, the broadcaster said.

The strength of the businesses recovery allowed it to reduce debt to £188m last year from the £612m debt of the previous year and for the ITV board to indicate that it would restore payment of a dividend from July this year.

Despite the strong ad growth, the general improvement in fortunes and the success of in-house production Downton Abbey, ITV said profits from its ITV Studios business declined by £10m to £81m last year.

Full Story at Press Gazette