LONDON: No end to the woes of Britain's largest commercial broadcaster, ITV, as this morning (Wednesday) it unveils a 7.39% fall in full year profits. The slippage is attributed to a "challenging" advertising market, in turn attributable to falling ratings.

Pre-tax profits fell to £288 million ($555m; €423.39m) in the year ended 31 December 2006, compared with £311m in 2005. Total revenue at £2,181m was marginally down on 2005 (£2,196m) - or when adjusted for disposals £2,173m (£2,159m).

Commenting on the less than sparkling results, new executive chairman Michael Grade, who joined the struggling giant in January, said: "Our overall strategy is right, but we need to improve our allocation of resources in order to accelerate the rate of improvement across all our businesses."

Which, deciphered, appears to mean: "We need to get our act together - fast!"

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