ITV returns to profit

Archie Norman, the new chairman of ITV, has said that developing its own content would be crucial to the future of the commercial broadcaster, as full-year figures showed the company had returned to profit.

Figures for the year to December 31st showed ITV turned to a pre-tax profit of £25 million (E27.5m) after a loss of £2.73 billion in 2008. It achieved earnings per share of 2.3p compared with a loss per share of 65.9p in 2009, but the board opted against paying a final dividend for a second consecutive year.

ITV will see Adam Crozier join as its new chief executive in late April, but Norman said a strategic review was already under way as the group faces the challenge of growing revenues with less money and fewer staff.

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