ITV returns to profit
Commercial television network ITV announced on Wednesday that it had swung back into profit during 2009 following a major cost-cutting drive.
ITV posted annual net profits of 91 million pounds which contrasted with a loss after tax of 2.56 billion pounds in 2008.
"Faced with the worst television advertising downturn on record, we took decisive action to improve our operational performance, deliver substantial cost savings and strengthen our balance sheet," interim chief executive John Cresswell said in a group earnings statement.
ITV also announced that Adam Crozier, former head of state-owned postal operator Royal Mail, would begin his role as the broadcaster's new chief executive on April 26.
Copyright 2010 AFP European Edition
