ITV returns to FTSE 100

Broadcaster ITV is returning to the FTSE 100 following strong financial results.

Earlier this month, ITV reported a pre-tax profit of £321m for 2010, up 213% from the previous year, boosted by a spike in advertising revenue.

Its shares have also risen over 75% over the past year, following an announcement it will pay a dividend to shareholders for the first time in three years.

Despite strong results, ITV’s chief executive Adam Crozier says the broadcaster remains “cautious” about the prospects for the second-half despite outperforming the recovering advertising market last year.

The broadcaster fell out of the top flight in 2008 to second tier FTSE 250 as the recession impacted its advertising revenues. ITV posted a £2.7bn loss in 2008 prompting Crozier to introduce a five-year plan to turn the struggling company around.

Promotions and demotions in London’s blue chip share index are based on companies’ market value. Today’s changes in the index reflect Tuesday’s closing share prices – any FTSE 250 firm at 90th position or above are eligible to enter the top flight.

Oil services provider John Wood Group and financial adviser Hargreaves Lansdown have also joined the FTSE 100 as part of the reshuffle.

The FTSE quarterly review changes will take effect at the start of trading on 21 March.

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