ITV to rejoin FTSE 100
ITV is poised to make a triumphant return to the top tier of British companies with a placing on the FTSE 100 share index after the firms share price soared by more than 9% to 90.66p on the back of a strong financial performance - its highest level since 2007.
The top 90 UK companies are automatically admitted to the prestigious index every quarter when a committee reviews current stock rankings. ITV is currently placed at around 81st.
An official verdict will be given next Wednesday but barring calamity ITV will regain the perch it lost September 2008, when the advertising downturn saw it record a loss of £2.7bn.
One cloud on the horizon of Britain’s largest commercial broadcaster is its studio division, revenues fell 12.5% year on year as lucrative franchises such as “I’m a Celebrity…” wound up internationally. The division hasn’t now produced a hit since Dancing on ice in 2006.
Media firms currently represented by the index include Pearson, WPP, BSkyB and reed Elsevier.