ITV Report Loss In Profits

ITV has reported a 17% decrease in profits from last year due to a combination of digital investment and the premium-rate phone-in scandal.
The broadcaster posted revenues of £2.08 billion in 2007, down 5% on £2.18 billion in 2006, while profits before tax were £188 million, 35% down on the £288 million recorded in 2006.
ITV said net advertising revenues (NAR) for its channels was expected to be up almost 2 per cent in the first quarter of 2008, in a total TV market down 0.7%.
Total viewing of the broadcaster's channels in 2007 increased year-on-year for the first time since the 1990's, and viewing figures were up in 2008 with a market share of 23%, while its share of commercial TV was held at 41.5%.
Despite a reported loss of £58 million due to the phone-in debacle, executive chairman Michael Grade is optimistic about the future: "We are heartened by the positive response of advertisers to the improved on-screen performance and our investment in channels and online.
"Having stabilised our advertising revenues last year, we’ve been able to increase ITV television advertising revenues nearly 2% year on year for the first quarter of 2008, running well ahead of the total market.
"We have made real progress towards delivering on our 3-5 year growth strategy."
Speaking about the phone-in incidents which caused controversy, Mr Grade said: "We let our viewers down and that it inexcusable," and "incidents for the most part appeared to stem from misguided editorial judgements taken with a view to maximising viewer enjoyment."
He said the boards' remuneration committee had acknowledged PRS issues in calculating the annual bonuses awarded to the executive team.
(DS/JM)