It's the end of the world – and ITV is smiling

ITV is expected to confirm that an advertising recovery is boosting profit when the Broadchurch broadcaster reports half-year results on Tuesday.

Analysts at Credit Suisse have already upgraded their target price for ITV's shares for the fourth time this year, even before the latest GDP figures showed that the UK economy grew faster than expected.

Every 1 per cent rise in ITV's ad revenues is worth £15m in profit.

Credit Suisse said investors have undervalued ITV's broadcasting business, which relies on advertising, because they have been focusing on the fast-growing programme-making arm ITV Studios.

That division has just paid £12.5m for Big Talk Productions, maker of The World's End film and TV sitcoms Rev and Friday Night Dinner, as it looks to own shows and sell them overseas.