03:23 ET<\/span>
\n<\/span><\/p>\nITV has reported pre-tax profits of \u00a3286m for 2010, thanks in large part to a jump in advertising revenue.<\/p>\n
This represents a sharp rise on the \u00a325m the broadcaster made in 2009.<\/p>\n
Helped by the continued success of shows such as X Factor and Coronation Street, net advertising revenue rose to \u00a31.5bn, up from \u00a31.29bn a year earlier.<\/p>\n
The company said its improved performance and reduced debt levels meant it would reinstate dividend payments later this year.<\/p>\n
Net debt fell to \u00a3188m, down from \u00a3612m in 2009.<\/p>\n
Despite the success of in-house productions such as the drama Downton Abbey, ITV studios’ profits fell by \u00a310m to \u00a381m.<\/p>\n
Across both TV and online, ITV’s share of viewing figure fell slightly to 16%, down from 16.7% a year earlier.<\/p>\n
“Our outperformance of the advertising television market, together with the actions taken to reduce the group’s cost base and the focus on cash generation, have delivered substantial debt reduction and a sound financial platform for the challenges ahead,” said chief executive Adam Crozier.<\/p>\n
He added that the company remained focused on its five-year transformation plan to reduce its reliance on advertising and ensure “a more balanced and robust business going forward”.<\/p>\n
The company suffered a loss of \u00a32.7bn in 2008, partly due to a slump in advertising revenue during the downturn.<\/p>\n
“ITV is benefitting enormously from the advertising bounceback that started last year and is continuing this year,” independent media analyst Theresa Wise told the BBC.<\/p>\n
“TV advertising counts for about 75% of ITV’s revenues.”<\/p>\n<\/p><\/div>\n<\/p>\n
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