ITV returns to profit after €2.97bn loss

British broadcaster ITV today said it returned to annual profit with a £25m (€27.4m) surplus after plunging into the red by £2.7bn (€2.97bn) in 2008.

The group signalled the “worst television advertising downturn on record” was behind it as it estimated a 7% bounce-back in ad revenues in the three months since the year end, with predictions for 15% to 20% growth in April.

ITV also announced that incoming boss Adam Crozier – currently Royal Mail chief executive – will start on April 26.