The resumption of like for like advertising growth in the TV market is unlikely before the fourth quarter of the year, Carlton Communications chairman Michael Green told the company’s AGM this morning. Green described the UK television advertising market as ‘currently subdued’ in comparison with last year, with ITV’s revenue in the first for months down 5%.
“The challenge for Carlton in the year ahead is to build on our strong assets in UK commercial television. In the current year we are on target to book close to £1 billion of advertising revenue, invest over £200m in new television production and make secondary and international sales of television programmes and other properties of £80m,” he added.
The outlook initially boosted Carlton’s stock, which finished at 520½p today.