ITV is expected to report maiden interim pre-tax profits of £112 million on Thursday. However, it is likely to come under pressure to explain the poor performance of its share price, which has fallen well below the price of just over 140p at the time of the merger. Broker Charles Stanley said the company was ahead of its schedule for reaching its revised £100 million target for savings, although they - rather than higher revenues - were more likely to be behind the profits. A report said Mr de Villiers could be followed through the door by former Lloyds TSB head Sir Brian Pitman and former head of the Independent Television Commission Sir George Russell. Analysts said investors would welcome the fact that the departure of Mr de Villiers and other directors would pave the way for Sir Peter to bring new blood into the group. A source quoted by The Observer said there was "no sense of panic" about the departure of Mr de Villiers. "Burt will gradually reshape the board as some of the older non-executives move on. It will be an orderly affair," the source said.
Monday September 06, 2004
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