Thursday May 15, 08:05 AM
ITV says turnaround plan on track, Q1 group revenues up 3 pct
LONDON (Thomson Financial) - ITV Plc (LSE: ITV.L - news) . said its turnaround plan remains on track and that first-quarter revenues increased 3 percent year-on-year.
The company said net advertising revenue (NAR) was up 2 percent in the quarter, with NAR forecast to be flat over the first half, ahead of the total market, which is expected to decline 1 percent.
The group also said it will deliver previously announced 41 million pounds in efficiency gains by the end of 2008 while further savings of 40 million pounds from the modernisation of regional services remain on track for 2009.
ITV1's network programme budget for 2008 and 2009 will be maintained at the 2007 level, through procurement efficiencies and other savings, the company said.
Online growth is continuing, with video views up 76 percent since the start of the year, ITV said.
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