ITV has reported an 11 per cent year-on-year increase in revenues for the first nine months of 2010 to £1.45 billion (€1.71bn) and forecast that the TV advertising recovery will continue until the end of the year. The commercial broadcaster said it expected TV ad revenues to be up 10 per cent year on year in the final three months of 2010.
ITV’s ad revenue was up 16 per cent year on year for the third quarter. However, ITV’s advertising recovery was offset to some extent by declining revenues from ITV Studios, with income from commissions from other broadcasters down 10 per cent year on year in the first nine months to £205 million.
Despite the strong recovery of advertising, the broadcaster said it was planning “cautiously” for 2011 due to the “uncertain economic outlook”.
For 2010, ITV is on track to outperform the overall UK TV market – which is expected to be up 14 per cent year on year – with a full-year performance of 15 per cent to 16 per cent depending on the strength of December.
While pleased with the performance, the ITV chief executive, Adam Crozier, pointed out that the figures “do not disguise the significant challenges ITV faces and we remain focused on delivering the five-year transformation plan”.