French commercial broadcaster TF1 recorded a 79% rise in operating profit in the first six months of the year as a result of falling programming costs and an increase in advertising revenues.
However, the broadcaster, which is 43% owned by conglomerate Bouygues, said that it expects its full year revenues to be flat.
Analysts agreed with these advertising forecasts as a result of low visibility. Investment bank Morgan Stanley noted that it expects national advertising growth to be 0.3% in the second half of the year. “Feedback from the largest French TV buyers suggest that TV adspend looks poised for low growth in 2011. TF1’s audience has been erratic and lacklustre TV adspend in Q1 led us to reduce FY11 forecasts,” it noted.