ITV Plc, the UK's biggest commercial broadcaster, said profit almost tripled last year on a rebound in television advertising and the company's cost cutting measures.
Net income advanced to £269 million (€317 million) from £91 million in 2009, the London-based company said in a statement today. Revenue rose 10 per cent to £2.06 billion.
ITV, whose shows include Britain's Got Talent and X Factor, said a recovery of the ad market was "very helpful," and the company is continuing to invest in technology and online operations, as well as creating more content, to help protect it against future volatile advertising.
The company will also pay its first dividend to shareholders in several years.
"We remain cautious and will continue to plan prudently, in terms of the economic outlook and its impact on the TV advertising market," chief executive Adam Crozier said in a statement.
First-quarter revenue from TV advertising should rise by 12 per cent, while initial forecasts are for April to be 8 per cent to 12 per cent higher, he said. "The outlook into the rest of 2011 remains uncertain."
ITV cut £40 million of costs in 2010, and will trim a further £15 million this year, Mr Crozier said.
The company plans to spend £25 million this year on online, content and digital channels, today's statement said.
Bloomberg
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/OEJH4J26O5AYXCS2RGZU5JOCXY.png)