ITV predicts ad revenue surge on back of World Cup
ITV has reported a 6% increase in TV ad revenue to £450m for the first quarter, with a 22% surge predicted for the second quarter on the back of the World Cup.
The second half remains, however, "highly uncertain" the broadcaster warns, given the unclear result of the election.
ITV chief executive Adam Crozier, giving his first management update after taking over the reins less than two weeks ago, said “the outlook for the latter part of 2010 and early 2011 is tough with more testing year-on-year comparators and uncertain market conditions post-election".
"Given also the long-term challenges facing the free-to-air market, change remains an imperative at ITV and we are focused on driving the transformation of the business over the next 3-5 years," he added.
The broadcaster has pledged "incremental investment" into its programming and digital operations during the second half of the year to try "provide a stronger platform going into 2011", with the cash benefiting ITV2 and daytime television.
"ITV's financial performance over the first quarter reflects growth in UK television advertising following last year's record declines," said Crozier.
"Over two years, revenues are still tracking below 2008 levels. Given also the long-term challenges facing the free-to-air market, change remains an imperative at ITV and we are focused on driving the transformation of the business over the next three to five years."