Picture brighter at ITV

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.

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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