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ITV reports profits up 75%.

Summary: ITV boss Adam Crozier has reported improved half-year profits.

ITV boss Adam Crozier has reported improved half-year profits, signalling a departure from the lean years for the company's production arm.

The group posted a 75 per cent rise in underlying profits to Au240 million in the six months to the end of June, reporting that advertising revenues were up 2 per cent in the half-year.

Home to hit shows, including programmes like the X-Factor and Coronation Street, the group is one year into a five-year transformation plan, which is focused on "re-energising" the creative pipeline of its ITV Studios business.

ITV said the revenues figure was likely to be down 2 per cent this month and in August down by 4 per cent as economic conditions continue to hinder the company's recovery plan.

There have been 68 new commissions at ITV so far this year, with successes including dramas Vera, Marchlands and Monroe.

ITV Studios' external revenues increased by 11 per cent to Au140 million, although earnings for the division fell Au5 million to Au38 million due to investment in new programming.

Independent Television News Limited 2011. All rights reserved.

Independent Television News Limited 2011. All rights reserved.

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Publication:Independent Television News Limited (ITN)
Article Type:Financial report
Date:Aug 3, 2011
Words:207
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