Adam Crozier, CEO of ITV, said:
"We're now almost two years into our five-year Transformation Plan and our continued growth in revenue and profit - at a time when the advertising market is broadly flat - demonstrates that we're performing in line with our strategic priorities. The increase in non-advertising revenues of £93m, driven by our studios and online businesses, is clear evidence of progress in rebalancing the Company and our ability to grow new revenue streams.
'Our financial position was further strengthened during the year through our ongoing focus on cash generation and cost reduction. We have our first positive net cash position since ITV was created in 2004 and more than delivered our targeted cost savings.
'ITV Studios, under the new management team, has made real progress creatively and operationally both in the UK and internationally. We have delivered double digit revenue growth and a 28% increase in new commissions to 111, of which 45 are international.
'On screen we have grown family SOV and we continue to outperform the advertising market. We have seen strong growth in online video views as ITV Player was rolled out across more platforms. The VOD and pay deals we recently signed with Sky, Netflix and Lovefilm open up new pay revenue streams, which we will continue to build as part of our pay strategy.
'Although ITV Family NAR has started the year better than we anticipated, it is expected to be down 2% in Q1 against tough comparatives. We remain cautious on the market outlook for 2012 but we expect to outperform the market for the full year.
'We've made good progress and we remain focused on rebalancing the business and delivering the Transformation Plan. We will increasingly look to content, pay and online as the engines of growth in the UK and internationally as we invest further in our key strategic priorities.
