ITV returns to profit - Licensing.biz

ITV returns to profit

Firm makes profit of £25m in 2009, compared with a loss of £2.7bn in 2008.
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ITV said its advertising revenues for the year were down nine per cent, but that the wider market fell by 11 per cent.

The firm also said that the advertising market is now recovering and it expects a seven per cent rise in advertising revenues for the first quarter.

The overall sales for 2009 were £1.88bn, down from £2.03 billion in 2008.

Meanwhile, the firm had made cost savings of £169m during the year as it streamlined operations and reduced its spending on programme making.

John Cresswell, ITV's interim chief exec commented: "Faced with the worst television advertising downturn on record, we took decisive action to improve our operational performance, deliver substantial cost savings and strengthen our balance sheet."

ITV also announced the appointment of Adam Crozier as chief executive from April 26th 2010. Crozier joins from the Royal Mail, which returned to profit during his time there.

Archie Norman, ITV chairman commented: "Under Adam Crozier's leadership, ITV will set out on the journey to become a very different business over the next five years."

Norman confirmed that content and production would be at the heart of the company's revamp.

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