WC Coverage Helps ITV to Near Treble Annual Profits
By Community | March 3, 2011
UK broadcaster ITV reported a near trebling in annual profits yesterday, March 2, hailing a successful World Cup as well as a strong line-up of programmes, particularly in the final quarter as the secret to their success.
However, ITV1’s share of viewing dropped in 2010 despite the autumn boost and the company gave a cautious outlook for the year ahead as it fears the impact of tough comparatives and an uncertain wider economy.
The group confirmed an ITV1 network programme budget of around US$1.3bn in 2011, which is down on the $1.33bn in 2010 due to the expense of the World Cup coverage.
ITV posted underlying pre-tax profits of $522m for 2010, up from $175.7m in 2009, and said it outperformed a resurgent television advertising market.
Total revenues rose 10 per cent to $3,357.5m, from $3,056.5m over the same period last year, while net debt was cut to $305.9m, from $995.8m.