ITV reports £25m profit

ITV has reported pre-tax profit of £25 million for 2009, a big improvement on the £2.7 billion loss in 2008.

TV ad revenues fell 9% on 2008 to £1.3 billion, with total revenue across the group down 7% year on year to £1.9 billion. Adjusted pre-tax profits were down 43% to £94 million.

It expects TV ad revenues  to be up 18% year on year in March and 15% to 20% in April, with an overall increase of 7% in Q1.

The company also revealed that Adam Crozier will join the company as its new chief executive on 26 April.

Archie Norman, Chairman, ITV plc, said: “Over the last year the team has secured the platform for change – and change is now an imperative. The way people consume media is being transformed and the consequences for established broadcasters will be profound.

“Under Adam Crozier’s leadership, ITV will set out on the journey to become a very different business over the next five years. ITV’s challenge is to reduce its dependence on a free-to-air model threatened by digital media and besieged by legacy regulation. We have great talent and a strong brand and our future is in our own hands.”