ITV sees further fall in revenues

Michael Grade announced last month that he will be standing down

ITV saw its revenues decline 14% in the first three months of this year, and said it now intended to cut costs by a further £40m in 2010.

The firm, which announced 600 job cuts two months ago, said revenues for the January to March period totalled £425m, down from £492m a year earlier.

ITV's advertising sales declined 15%, although it said this was not as bad as the industry-wide average 16% fall.

Chief executive Michael Grade is standing down by the end of the year.

"The television advertising market remains weak," he said.

"However, ITV continues to outperform the market, reflecting the continued strength of our on-screen performance, particularly in peak time."

As announced last month, Mr Grade is to take up the position of non-executive chairman when he vacates the chief executive role.