Page last updated at 17:15 GMT, Thursday, 5 November 2009

ITV predicts advertising upturn

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Shares in ITV have risen by nearly 10% after it predicted that its advertising revenue would rise next month.

It said net advertising revenue (NAR) would grow 4% in December after falling by 3% in October and 1% in November. It expects a 12% decline for the year.

Revenue for the first nine months of the year came in at £1.31bn, down 11% on the same period in 2008.

However, the broadcaster gave no news on its search for a new chairman to replace Michael Grade.

ITV shares closed up 4.3 pence, or 9.6%, at 48.8p.

When a new chairman is found, they will then lead the search for a new chief executive.

ITV's chief operating officer John Cresswell is acting as ITV's interim chief executive, but he has said he will leave "to seek a fresh challenge" when a permanent chief executive is appointed.

The broadcaster has been looking for a new chief executive since April, when Michael Grade said he would step back from his executive role.

The company said in September that it had been agreed with Mr Grade that he would also stand down from the post of chairman.

ITV said it was still outperforming the market and that ITV1's share of peak time viewing was 23.1% in the year to 26 October, ahead of BBC1, which had 22.2%.

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