British broadcaster ITV today unveiled a 57% rise in profits in its first full-year results as a unified company.
The broadcaster said a combination of rising turnover and lower costs since it was created by a merger of Granada and Carlton in February last year had contributed to the profits surge.
Advertising revenues in 2004 were 4.7% higher at £1.59 billion and gains were made in all key sectors including retail, food, entertainment and finance.
Pre-tax profits of £340m were ahead of the £282m forecast by analysts after ITV said cost savings from the merger were 'ahead of expectations in both speed and amount'.
Details emerged in the week that ITV1 suffered one of its worst ratings slumps, with audiences for the first two months of 2005 down 10% compared with a year ago.
ITV chief executive Charles Allen said today that 2005 had started strongly and first-quarter revenues across its stable of channels were £56m ahead of a year earlier. In addition to its main ITV terrestrial channel, the group also owns 75% of the GMTV breakfast channel and has a trio of digital channels in ITV2, ITV3, the ITV News Channel.
