ITV up 4% but christmas ads face plunge to earth

ITV may be sticking to tried-and-trusted programming with I'm A Celebrity... Get Me Out Of Here, which has just returned for an 11th series, but it showed today that is still a decent business.

Revenues rose 4% to £1.52 billion in nine months despite the advertising market enduring a roller coaster ride.

Programme-making arm ITV Studios, which is behind I'm A Celebrity, was the best performer.

External revenues jumped 9% to £224 million as it sold more shows such as Prime Suspect to other broadcasters, particularly overseas.

Titanic, a new drama by Downton Abbey writer Julian Fellowes, has already been sold to 57 countries.

Ad revenues rose only 1% in the three months to September, but chief executive Adam Crozier claimed ITV would still out-perform the wider ad market across the year thanks to hits such as Downton Abbey and The X Factor. Online viewing was up 62%.

Crozier was "cautious" about the outlook, warning that December ad revenues could slump 10% after two years of strong growth, and said the first quarter of 2012 would be tough.

But he was hopeful the Euro 2012 football tournament would provide a lift in the summer.

Numis is sticking to its 2011 profit forecast but cut its 2012 target.

ITV has managed to slash net debt from £188 million since the start of the year and expects to be "cash-positive" by Christmas, prompting speculation that it could go on the acquisition trail.