ITV increased its operating profit by 42% in 2005, reaching £460 million and seeing profits double over the past two years.
Revenue for the broadcaster was up by 6% year on year at £2.2 million, while cash generated from operations hit £456 million.
Turning towards ITV’s digital future, channels continued to grow strongly, with revenue up by 91% year on year.
This strong growth has resulted in ITV expecting to achieve its target of £150 million revenue a year early, aiming to reach £250 million in multichannel advertising revenue by 2008.
New launches, including CITV, ITV Play and ITV Broadband will help fuel this growth, with the broadcaster placing great importance on creating and owning content.
New revenue streams also bolstered ITV’s performance, with the broadcasters’ Friends Reunited acquisition significantly strengthening its online proposition, with January revenue for the website up by 75% year on year.
Commenting on the results, Charles Allen, chief executive of ITV, said: “ITV has had another very successful year, with strong profit growth helping us to double our profits in the last two years.”
He continued: “These results demonstrate that we are delivering ITV’s digital future today. We have transformed ITV from an analogue, single channel federation to a multi-channel, multi-platform, content driven business firmly focused on the needs of viewers and advertisers.”
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