ITV shares soar on back of latest financial statement

Despite a decline in advertising revenue due to the Olympics and Jubilee, ITV Studios looks set to post a profit of £100 million for 2012.
ITV Studios, which produces some of ITV’s biggest shows including Coronation Street and I’m A Celebrity, posted revenues for the past 9 months ending 30th September of £498 million.
ITV Chief Executive Adam Crozier has said he expects the production arm of the company to continue to do well.

“ITV Studios has performed strongly as our strategy of investing in the creative pipeline and talent again shows through in our results.
We expect ITV Studios to report over £100m of profit in 2012, and the number of new commissions and recommissions already secured for 2013 gives us confidence that there will continue to be good underlying growth in the Studios business.” – Adam Crozier

Overall revenue across ITV was up 4% at £1.57 billion despite the drop of advertising revenue this year. Crozier added that 9 out of the top 10 will not return next year which he says will have affected ITV’s “viewing performance”.
ITV ended the day trading at 94.60p, up 8.99%