The UK’s biggest commercial television broadcaster ITV has reported pre-tax profits of £288m in the 12 months to 31 December down from £311m in 2005.
Advertising revenue at the flagship ITV1 channel was down 12% but this was partly offset by a 41% revenue growth across the broadcaster’s bouquet of digital channels.
�The company has promised to accelerate commissioning of new programmes with focus on longer running, more contemporary, drama and new entertainment formats and has identified the ownership of intellectual property as a "e;key"e; priority.
This producer/broadcaster will allow the company to exploit content beyond ITV1, including overseas exploitation. It’s also been announced that ITV Local regional broadband operations for London and Central will go live today.
�There was good news at ITVs SDN operation which provides capacity on the Freeview network. The growth of the platform saw a 56% increase in revenue at the unit.
Executive Chairman ITV Michael Grade said the broadcaster’s "e;overall strategy is right, but we need to improve our allocation of resources in order to accelerate the rate of improvement across all our businesses."e;
�Responding to critics Grade said "e;ITV is a hugely popular brand with the UK’s largest family of commercial channels, driven by quality programmes from the biggest and most successful commercial production business in the UK"e; adding that this would enable the company "e;to extend our value chain with online distribution.”
It’s also emerged that the company "e;made submissions in response to the authorities"e; in which it has "e;noted the concern"e; that BSkyB’s recent purchase of shares could allow it "e;to block a shareholder resolution requiring a 75% majority and that this may not be in the interest of ITV’s shareholders as a whole."e;