Total advertising revenues at the commercial broadcaster declined 5.7% from a year earlier, the company said in an AGM statement.
Although ITV said the performance of ITV1 continues to be affected by the contract rights renewal (CRR) remedy, it said total UK television advertising revenue had stabilised, a trend it first identified in the first quarter of 2007.
ITV's profit fell 1.4% to £219 million pounds in 2006 after advertising revenue and audience levels declined at its flagship ITV1 channel.
The company has refocused some of its investment on new digital television channels and website to offset its dependence on ad revenues from ITV1. ITV relaunched its main website last month.
Ad revenue at ITV1 accounts for 90% of the company's total. Revenue at the channel fell 12.5 percent in 2006.
ITV executive chairman, Michael Grade, said: "I'm encouraged by the progress we've made so far this year, but there is still a great deal more to do. We are taking steps to stabilize our core business and ensure future growth by reviewing the best allocation of our current resources."
The results come less than a day after fervent speculation that Dawn Airey, the former head of networks at BSkyB, is to join ITV as head of its £280m production business.
Airey is without a job at the moment following the collapse of the media start-up Iostar. She joined as chief executive last month but left after just eight days.
At the same time, managing director of Sky Media, Nick Milligan, has been linked with the vacant commercial director role at ITV. ITV announced the departure of the previous incumbent, Ian McCulloch, on Monday.
Separately, ITV announced the acquisition for £2.9m of a 51% controlling interest in LA-based TV producer, Jaffe/Braunstein Entertainment LLC.
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