ITV profits rocket despite dwindling audience share

ITV plc has reported a 57% rise in profits at the end of the first full year since it was spawned from the merger of Granada and Carlton - pre-tax profits for the group were £340 million.
ITV 1, the central plank of the regional broadcasters business, has seen its audience share fall by 2% over all, but a £120 million efficiency drive has helped pare down costs.
The stronger than expected results for ITV as a whole are due to the success of digital channels ITV2 and ITV3, and an impressive 4.7% growth in advertising revenue.
Charles Allen, Chief Executive of ITV said: “ITV has had an outstanding first year, delivering substantial growth in turnover which combined with cost savings has delivered a 49% increase in pro forma operating profit. We have built a vibrant multichannel proposition and have a clear strategy for future growth.”
(GB)