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ITV profits boosted by Downton Abbey and X Factor | ITV profits boosted by Downton Abbey and X Factor |
(40 minutes later) | |
Profits at commercial broadcaster ITV rose by 14% last year thanks to strong advertising on hit shows Downton Abbey and the X Factor. | |
>Pre-tax profits were £327m in the year to December 2011. | |
The broadcaster said it gained market share thanks to its digital channels, which include ITV2, ITV3 and ITV4. | The broadcaster said it gained market share thanks to its digital channels, which include ITV2, ITV3 and ITV4. |
ITV's shares were more than 8% higher after the release of the results, which also showed it was becoming less reliant on income from advertising. | ITV's shares were more than 8% higher after the release of the results, which also showed it was becoming less reliant on income from advertising. |
However, despite the success of its two leading hit shows and perennial favourite Coronation Street, market share on the flagship ITV1 channel dipped 1%. | However, despite the success of its two leading hit shows and perennial favourite Coronation Street, market share on the flagship ITV1 channel dipped 1%. |
The broadcaster said that its warning last year that advertising revenues would fall in 2012 was proving correct. | The broadcaster said that its warning last year that advertising revenues would fall in 2012 was proving correct. |
New programmes | New programmes |
ITV is two years into a five-year transformation plan which is intended to lessen the company's reliance on advertising income by increasing its revenue from programme production. | ITV is two years into a five-year transformation plan which is intended to lessen the company's reliance on advertising income by increasing its revenue from programme production. |
ITV's chief executive, Adam Crozier, said the plan was beginning to pay off, with non-advertising revenues up by 11% to £922m. | ITV's chief executive, Adam Crozier, said the plan was beginning to pay off, with non-advertising revenues up by 11% to £922m. |
Profits were also helped by £20m of cost savings, higher than the £15m it originally thought it could make. | Profits were also helped by £20m of cost savings, higher than the £15m it originally thought it could make. |
The studios business saw a 28% increase in new commissions to 111. | The studios business saw a 28% increase in new commissions to 111. |
ITV said it had sold its yet-to-be broadcast Titanic drama, written by Downton author Julian Fellowes, to 86 countries. | ITV said it had sold its yet-to-be broadcast Titanic drama, written by Downton author Julian Fellowes, to 86 countries. |
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