Struggling British broadcaster ITV has announced an increase in profits, but says it continues to battle an increasingly tough advertising market.
The group reported a 12% rise in pre-tax profits to £173m for the six months to June 30, but anticipated a 14% fall in advertising revenue in the three months to September.
The UK's biggest commercial broadcaster, which yesterday confirmed its chief executive Charles Allen would step down, also said advertising revenues at its flagship ITV1 channel fell 8% to £654m during the half-year period.
Mr Allen said the profits improvement reflected the development of digital channels, following the launch of new services such as ITV Play.
The results made no mention of a decision on the company's investment in TV3. It has until later this month to decide whether to match private equity group Doughty Hanson & Co's offer for the station.
