Granada's shares were up 1.5p or 1.7% to 86.5p, after dipping this morning. This morning, Granada reported that full-year profits fell to £176m and it refused to be drawn on the advertising outlook for the coming year.
Despite the increase in ad revenues for October and November, Granada chairman Charles Allen said he expects ad revenues to be down 2% on last year in the October-December period.
His pessimism is based on the knowledge that December ad revenues are currently down 8% on last year. However, ad revenues for the end of the year are usually boosted by late bookings in and around Christmas.
Yesterday, Carlton and Granada saw their shares rise after Carlton announced a 10% rise in ad revenues and pre-tax profits of £53.3m. Overall losses hit £156.2m after a charge of £188m for defunct ITV Digital was taken into account.
This afternoon Carlton shares were up 1% or 1.5p, to 146.5p. Yesterday, Carlton's share rose by as much as 9.89% to 147.25p.
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