ITV expressed confidence that it will outperform the U.K.'s wider TV advertising market in '16 "as a result of a strong pipeline" of programs that include extra drama, and major rugby and football tournaments, according to Robert Cookson of the FINANCIAL TIMES. The broadcaster "delivered the upbeat outlook" as it reported that its net advertising revenue increased 6% to £1.7B in '15. Total revenue rose 15% to £2.97B, "slightly ahead of analysts’ forecasts." ITV's preferred measure of profits -- adjusted earnings before interest, tax, depreciation and amortization -- jumped 18% to £865M, its sixth consecutive year of double-digit profit growth. Statutory earnings per share increased 7% to 12.4p. ITV CEO Adam Crozier said that ITV's advertising revenue "would be flat for the first quarter" because Euro 2016, which will kick off in France in June, "would prompt advertisers to move their spending into the second quarter." Crozier: "It's pretty normal that advertising money will shift around the year depending on when the major sporting tournaments are." Henderson Fund Manager Andrew Jones said that ITV, whose shares are trading "at about 13 times" this year's forecast earnings, "still looks attractively valued" (FT, 3/2). CAMPAIGN LIVE's Gideon Spanier reported Crozier said the Brexit referendum in June "was unlikely to upset advertisers’ plans" around Euro 2016 and ad revenues "should rise this year" as the underlying economy looks "reasonably positive." Crozier explained, "If you talk to the big media-buying agencies, if you talk to the major advertisers, as we do, there’s no doubt they’re still expecting a positive year." Euro 2016 and other sports coverage such as the Six Nations rugby are helping to bring in ad revenue. Crozier noted last year's Rugby World Cup coverage on ITV was watched by 74% of men. He added, "A lot of brands and product sectors are very active around sporting events, particularly for men" (CAMPAIGN LIVE, 3/2).
