ITV views profits rise and sees shares bounce
ITV, the commercial broadcaster, has reported a 36% rise in profits as it revealed plans to launch a ‘participation TV’ channel and the market reacted to the good news by marking its shares up 2.2% at 113.5p.
Pre-tax profits rose to £452m from £331 last year, with revenues up by 6% to £2.17bn, although advertising revenues fell at ITV1 by 3.3% to £1.46bn.
“These are pretty good figures and ITV is coping well with the transition from analogue services to digital ones,” said media analyst Tony Sparkes.
“We are seeing a revolution in television broadcasting as profound as the one 50 years ago when the medium began to catch on with the public big-time. ITV is surfing the wave very nicely.”