ITV ad revenue drives strong first quarter

The UK’s largest free-to-air broadcaster ITV has reported an 8% increased in 1Q10 advertising revenue and forecast 22% growth for the second quarter. The advertising uptick drove overall sales and the broadcaster’s overall group revenue increased 6%, taking the total to £450m (€517m).

However, ITV noted that the strong performance needs to be seen in context after sharp declines in 2009 and added that the outlook for the second half of the year remains uncertain.

 “ITV’s financial performance over the first quarter reflects growth in UK television advertising following last year’s record declines,” said recently installed ITV CEO Adam Crozier. “Over two years, revenues are still tracking below 2008 levels. 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.”