ITV sees profits up in 2012

(Source: Reuters)

ITV, the commercial public service TV network, has seen profits rise from £327m to £348m. The company published final results for the year ended 31 December (results). Chairman Archie Norman said:

The business has delivered good progress in profit, cash and shareholder returns. This is clearly a result of better operating performance, tighter management of costs and more effective execution. But perhaps even more importantly, a new balance to the business is emerging with strong growth in the ITV Studios UK and international content business, and the development of a significant growing online and pay business. Whilst the traditional UK 'free to air' broadcast business is looking much more robust than it did three years ago, ITV is increasingly developing other profit growth opportunities and is less dependent on the UK advertising market.

The changing media technology landscape means it is imperative that the pace of change continues. Although viewer appetite for great television is as strong as ever, the way in which people are watching has changed and will continue to change in years to come with more "catch up", more mobile viewing, more multi screen viewing and the roll out of connected television. These developments present opportunities for exploiting our content in different ways as well as challenges to conventional broadcasting. Good progress has been made but there remains much work to be done to ensure ITV is well placed to grow in this new landscape.