Grade reveals 35% ITV profits fall

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The group saw pre-tax profits come in at £188 million for 2007, hit by lower revenues at flagship channel ITV1 and increased investment in digital channels.

But executive chairman Mr Grade remained upbeat about the future, saying the ITV channels as a whole delivered their first viewing increase since the early 1990s. The decline in advertising revenue at ITV1 also slowed, down 4% last year compared to a 12% drop in 2006.

ITV's net advertising revenue was flat at £1.49 million for 2007. The figure for ITV1 was £1.22 million, down from £1.28 million the year before.

The broadcaster said its total channels family viewing share nudged up 0.1% to 23.2% last year, but the share for ITV1 - home to shows such as Dancing On Ice, X Factor and Wild At Heart - fell 2.1%. This drop was better than double-digit declines for rival commercial terrestrial channels Channel 4 and five, it added.

Mr Grade, who joined the broadcaster at the end of 2006, said: "The first priority for ITV was to stem the decline.

"We did more than that, delivering an increase in viewing to the ITV family for the first time in over a decade.

"For the first time in many years, ITV1 outperformed its competitors and we've continued to do so into 2008."

He said that so far this year advertising revenues were up 2% for the first quarter this year, "well ahead of the market".

"We are heartened by the positive response of advertisers to the improved on-screen performance and our investment in channels and online," he added.