The UK's largest free-to-air commercial broadcaster ITV believes the recovery in TV advertising will continue through to the end of the year, although it is more cautious about prospects in 2011.
This week the group reported an 11 per cent year-on-year increase in revenues for the first nine months of 2010, to £1.45bn. Advertising revenue was up 16 per cent year-on-year for the third quarter to 30 September, and the broadcaster says TV advertising revenues should be up 10 per cent year on year in the final three months of the year; numbers that prompted broker Numis to raise its 2012 pre-tax profit forecast to £340m.
ITV is sensibly concentrating on tackling costs and paying down its £612m of debt. The company delivered £31m of cost savings in the half year to 30 June 2010.
