ITV Sees Profit Up 40% As Ad Revenues Rise

ITV (LSE: ITV.L - news) has seen its pre-tax profit rise by 40% to £250m in the first half of the year.

The company's net advertising revenue for the period rose by 7%, helped by the football World Cup.

Chief executive Adam Crozier said: "The economic recovery is leading to an improved advertising market, with good growth across all key categories."

The broadcaster said it expects advertising revenue to rise between 4% and 5% in the third quarter across its network.

Mr Crozier added: "The market environment in which we operate is constantly changing, characterised by converging media and the increasing influence of technology, which brings both challenges and opportunities."

ITV Studios, which makes programmes such as Coronation Street, saw revenues grow by 2% to £402m and its profits were up by 14% to £72m.

Mr Crozier said: "Looking forward we expect good growth in ITV Studios in 2014, driven by our acquisitions."

The broadcaster also reported growth in its online, pay and interactive businesses.

On July 17 Liberty Global (NasdaqGS: LBTYA - news) , owner of Virgin Media, confirmed it had acquired almost 260 million shares - equivalent to a 6.4% stake - in ITV that were held by Sky News' owner, BSkyB.