Despite ITV recording a 14% decline in revenue and an announcement that it will continue to cut costs to the tune of £40m, the company is outperforming the market, according to media analysts.

Said Viner: "There's no doubt ITV is still struggling but today's results show that there's light at the end of the tunnel. Ad revenues are down 15 per cent but Michael Grade will have been encouraged that ITV is slightly outperforming the market, where ad revenues have dropped by 16 per cent. Allied to this is the fact that advertising revenues for the future are looking more positive. The market is expected to stabilise in the second half of 2009 and then receive a shot in the arm in Q2 2010 thanks to the World Cup.”

ITV has seen its revenue for the January to March period total £425m, down from £492m a year earlier and recorded a sales fall of 15% - slightly below the average industry fall of 16%.

Viner continued to say that the cost cutting would be ‘encouraging for their bottom line’ having already shed £155million this year and moving towards total savings of £285million in 2011.  

 “What's more, ITV looks to be getting its programmes and platforms right. Programmes like Britain's Got Talent, which have made Susan Boyle a superstar, have helped ITV maintain audience share of 23.4 per cent, while the online division has performed particularly strongly, with video views increasing by 300 per cent to 25m views, although online revenues remained flat. A successful digital strategy is going to be crucial in securing a profitable business model, both in the short term and also as ITV looks to come out of the downturn all guns blazing.”

Viner concluded by asking of Michael Grade who will become non-executive chairman of ITV when he steps down from his chief executive role: “So Has Grade Got Talent? His legacy at ITV remains to be seen, but investors will be encouraged that by the time he steps down, ITV is likely to be on a firmer footing."