ITV Plc, Britain's largest free-to-air broadcaster, today reported a narrower-than-forecast fall in first-half operating profit and said advertising prospects were encouraging.
ITV's Executive Chairman Michael Grade said ITV had seen encouraging early signs of recovery over the first six months with ratings declines slowing and the advertising market continuing to improve.
The advertising market was essentially flat in the first half and seen growing in the third quarter.
Finance director and chief operating officer John Cresswell said ITV1's estimated advertising revenue in the third quarter is seen up 1 per cent year-on-year and rising 4 per cent across all ITV channels.
The company said earnings before interest, tax and amortisation in the six months to end June fell to £151 million pounds (€222.04 million) from £202 million (€297.03) a year ago.
According to figures compiled by ITV, the consensus figure for operating EBITA, based on 10 analysts, was £141 million (€207.34).
The company said its business had been affected by the editorial and compliance failures that have blighted the UK television industry in recent months. An independent review being carried out by auditors Deloitte should be completed in October and the findings of this will be published along with measures to address any shortcomings.
Today's results also come ahead of a strategic review of the group being carried out by Grade that is due to be published on September12th.
ITV's interim dividend was maintained at 1.35 pence.