ITV, Britain's biggest private terrestrial broadcaster, has seen revenues rise 4% in the nine months to the end of September compared to the same period of 2010.
Net advertising revenue for the group was up 1% in the third quarter and over the last nine months the Studios division saw revenues grow by 9%.
ITV also spent £80m on bond buy-backs, making a total of £264m for the year. In his statement on the results the Chief Executive of ITV, Adam Crozier, says there has been a "substantial improvement" in net debt. As of the beginning of 2010 it stood at a worrying £612m, a precise figure for its current level was not provided by today's management statement.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Aside from the financials, the other metrics which ITV takes very seriously are audience numbers which are described in terms of ""share-of-viewing". The total share of viewing for the whole "ITV Family" which includes ITV1 and the three digital channels was up 2% year on year at a total figure of 23%.
Despite these encouraging figures investors will note that ITV says it "remains cautious" for 2012, adding: "quarterly revenue trends are likely to follow a different pattern to 2011 with tough comparatives continuing into the first quarter before easing from the second quarter onwards, helped by Euro 2012".
ITV's share performance over the year has been down 9%, broadly in line with the FTSE 100 but since 2006 ITV's value has fallen by 42%.
BS
-
Fund flows rose in April but did investors sell in May?ISA season prompted the highest level of inflows into investment funds during April but the mood may have changed in May
-
Pension Schemes Bill: what’s changing and what it means for youThe government’s latest reforms to pensions are designed to make saving for retirement easier and better value for money – but will they leave you better off?
