Commercial broadcasting group Granada Media, formed in July after being spun off from the Granada Group, will on Wednesday post disappointing full-year figures following a sharp decline in ITV’s second-half advertising revenue.

Shares in the group ended on Friday at 366p, down from the 510p at which they were originally issued. This means that Granada’s market value has fallen by over £2 billion.

October’s results are thought to show a 15% year-on-year fall in ad income, mostly because of the Rugby World Cup held last year. November’s figures are generally expected to be flat, while media buyers have predicted an improvement in December’s earnings.

Observers remain confident that growth in ITV advertising revenue will return to its 4% annual growth rate in 2001.

News source: The Times (London)