Advertising on its flagship ITV1 channel fell by 8% to £1,127m in 2008.
The company estimates its net advertising revenue for the first quarter of 2009 will be down by about 17% on the same period last year.
Mr Grade also pointed to some progress the business had made.
ITV's share of the audience remained stable in 2008 at 23.2%. Its share of the advertising market also rose slightly, to 43.8%.
Advertising on its digital channels also grew, by 16% to £242m.
ITV's cost-cutting measures include:
600 jobs to go across its businesses
Annual savings of £155m in 2009, rising to £245m in 2011. That includes plans to reduce spending on programme-making by £65m in 2009, and by a further £70m in 2011
Plans to sell Friends Reunited. ITV bought the social networking site for £120m in December 2005. It is now valued at about £40m
Plans to sell its online business directory Scoot
Closure of ITV Local broadband service, which provides local news content, as a standalone business
Considering options for its SDN business, which leases space on Freeview.
ITV says Coronation Street continues to attract large audiences
Gerry Morrissey, general secretary of broadcasting union Bectu, rebutted ITV's claims that the cutbacks were as a result of the economic downturn.
"This is because of the mismanagement of ITV and has been going on for longer than the current credit crunch," he said.
He claimed that the group's management had been more interested in looking after shareholders and senior management, rather than staff and viewers.
He also accused ITV of giving up on its public service broadcasting remit after the broadcaster said it was going to move more towards popular entertainment programmes.
The broadcaster said that the targets it had set in 2007 were "no longer appropriate". The targets had assumed growth in UK television advertising, but there had since been an "unprecedented deterioration in the global economic outlook", the broadcaster said.
The internet has broken the traditional TV advertising model
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