City warns Crozier will struggle to turn ITV around
Sunday 28 February 2010
City analysts are warning that former Royal Mail boss Adam Crozier may be unable to turn around ITV's ailing fortunes as advertising revenues remain at historicaly low levels.
The analysts, who are expecting pre-tax profits to have halved when the 2009 results are announced this week, are hoping for an indication of when Mr Crozier will start his new role as the chief executive at the commercial broadcaster.
One media analyst said: "I just don't know about him. ITV has had a lot of big names and not all could deliver."
The company's chairman, Archie Norman, is also expected to announce a cost-cutting programme that will result in projected savings of £60m for 2010.
The broadcaster is expected to post a £70m pre-tax profit on Wednesday, according to Deutsche Bank, down from £167m in 2008 and £441m in 2005.
Analysts described the future of the TV advertising market as "too tough to call", adding that the coming years represent an "uncertain period".
Investec said in a market note that a recent revival in the advertising market would be hit by the forthcoming general election. The government has to suspend all its advertising in the run-up to polling day.
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