British commercial broadcaster ITV has recorded an 11% increase in revenues over the last three months as a result of a strong advertising recovery. However, ITV Studios, the company’s international production and distribution division, saw revenues fall by 10%.
The company saw revenues reach £1.46 billion (1.72 billion) in its latest financial quarter, compared to £1.31 billion last year. It attributed this to a 16% rise in advertising revenues.
Chief executive Adam Crozier said that despite these positive results, it was still an uncertain time for the broadcaster, emphasising the need for a creative renewal for its production and distribution arm.
“The television advertising market has continued to recover strongly. However, this does not disguise the significant challenges ITV faces and we remain focused on delivering the five-year transformation plan. The economic outlook for 2011 is uncertain and we continue to plan on a cautious basis,” he said.
