- Across 2009, ITV delivered £50m of efficiency savings and reduced schedule costs by £119m.
- 2010 budgets have been set with no increase in schedule costs.
- Any near term increase in spend will depend on greater certainty regarding outlook for market growth and potential return via on-screen performance.
- ITV continues to invest to support the launch of ITV1 HD, ITV1+1 and Canvas.
- Over the seven weeks to 21 February, share of commercial impacts for ITV channels stood at 40.6% (2009: 40.7%) and for ITV1 at 28.5% (2009: 29.4%).
- Following Archie Norman’s appointment as Chairman, the Board has been streamlined with the departure of four non-executive directors.
- Adam Crozier will join ITV plc as Chief Executive on Monday, 26 April 2010.
John Cresswell, Interim Chief Executive Officer, ITV plc, has said:
“Faced with the worst television advertising downturn on record… We won back share of the TV advertising market, grew our audiences in peak time and online, and increased our international production presence. We took out costs of £169m, substantially reduced our headcount and lowered net debt by over £100m.
“Whilst ITV advertising revenues are up 7% in the first quarter, this is against the unprecedented declines of the previous year and, over the medium term, we remain cautious. We recognise also that ITV still faces formidable challenges. However, with the concerted action we have taken, ITV can address these from a stronger position, both financially and operationally.”
Archie Norman, Chairman, ITV plc, said:
“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.”
