Britain's largest television group Granada Media announced Wednesday a first half profit diminished by nearly 50% - £43 million ($63.04m; €67.24m) compared with £83m in the same period a year ago.

The decline was attributed to the advertising recession, responsible for a 12% dive in ad revenues; and its cash-haemorrhaging failed co-venture with Carlton Communications, ITV Digital, into which the duo pumped over $800m.

Clearly, investors had expected worse. At 08.45 BST his morning (Thursday) Granada shares had gained £0.075 to £1.3025.

Data sourced from: BBC Online Business News (UK); additional content by WARC staff