Sharewatch: ITV Shares Boosted As Revenue Increases

ITV performed well last week with shares rising by 7.13% to close at 131˝p on Friday. The newly merged broadcaster saw a solid 8.5% year on year increase in advertising revenue during February following the success of its antipodean reality-TV show, I’m A Celebrity Get Me Out Of Here (see NewsLine).

Magazine and broadcasting giant, Emap, was also in optimistic mood last week, announcing impending profits ahead of preliminary results, scheduled for 25 May 2004. Revenues at the company are expected to rise by 9% in its 2003 financial year and its claims to be confident of delivering results in line with expectations. However, this failed to impact on the company’s share price, which dipped by 1.38% in week on week analysis (see Emap Revenues Rise 9% As Advertising Improves).

WPP also struggled to increase its share value last week, falling by 3.99% to 541˝p. This week could prove tricky for the advertising group as plans to introduce an executive pay scheme have angered shareholders. Under the scheme, chief executive Sir Martin Sorrell could be paid up to £44 million.

The closing prices of media company shares on Friday were: