ITV reports higher profits on modest growth in sales
ITV has this morning announced a rise of 6.4% in pre-tax profits for 2012 to £348m on the back of a 2.6% rise in sales to £2.19bn and a third consecutive year of double-digit earnings growth, primarily a result of revenue growth at the studios, online and the broadcaster's interactive businesses.
The bulk of the revenue is derived from advertising sales driven from ITV's London HQ supported by the regional sales team based in Manchester.
Advertising across the broadcaster's various channels was flat at £1.5bn.
ITV Studios (formerly Granada Productions until a rebrand as ITV Studios in 2009), which is primarily based in London and Manchester, was the second largest revenue generator with sales up 16% to £712m.
The Studios produces mainstay shows including Coronation Street and Emmerdale along with programmes such as Mr Selfridge, Dancing on Ice and Come Dine With Me. ITV Studios also produces shows for other networks such as Countdown for Channel 4 and the Royle Family for the BBC.
Adam Crozier, ITV chief executive, said: "We're now almost three years into our transformation plan and our strong performance is delivering growth right across ITV, enabling us to build a stronger and more balanced business.
"In 2012 we achieved double digit earnings growth for the third year running, in a broadly flat advertising market. We now have non-advertising revenues of more than £1bn, an increase of £114m or 12% year on year, fuelled by a strong performance in ITV Studios and our Online, Pay & Interactive business."
ITV employs over 500 staff in Manchester, the bulk of whom have now relocated from Quay St to the new offices at Salford Quays.