Shares in ITV were up on the FTSE 250 in morning trading after the independent broadcaster reported a strong rise in revenue and pre-tax profit in the full year ended 31 December 2010.
Group external revenue increased 185 per cent in the period to £2.1 billion, while EBITA soared 206 per cent to £408 million, thanks mainly to a recovery in the advertising market.
Profits fell at the group's ITV Studios division by 10 per cent to £81 million, however profits from the Broadcasting & Online arm increased 216 per cent to £327 million.
ITV said it had slashed net debt from £612 million to £188 million.
The group said that its improving performance meant it is likely to recommend the resumption of dividend payments at the interim results in July.
Adam Crozier, Chief Executive of ITV, said, "Last year we set out a comprehensive five year plan for the transformation of ITV. In this first phase, our outperformance of the television advertising market - together with the actions taken to reduce the Group's cost base and the focus on cash generation - have delivered substantial debt reduction and a sound financial platform for the challenges ahead.
"We're still in the first phase of our transformation and making good progress, with a real momentum for change being built up within ITV. We have a new, talented top team in place and around a third of the wider leadership team has changed over the last few months. The organisation is becoming leaner and a further £15m of overhead and cost reduction is expected to be delivered this year.
"We remain cautious, and will continue to plan prudently, in terms of the economic outlook and its impact on the TV advertising market. Although ITV Family advertising revenue is expected to be up 12% in Q1 and 8% to 12% in April, the comparatives become increasingly tough as the year proceeds, and without the benefit of the Football World Cup this year."
By 11:10 shares in ITV were up 4.68 per cent on the FTSE 250 to 89.50 pence per share.