Share prices of ITV surged by almost 8% this morning after the company revealed that it is expecting a good rise in its advertising revenue starting next month. According to the firm's estimates, net ad revenue would rise as much as 4% in December after falling in October and November by 3% and 1%, respectively.

"Whilst our visibility is limited, the outlook for the fourth quarter has continued to improve and ITV is continuing to outperform the market," said ITV's Chief Operating Officer John Cresswell.

Currently, ITV controls over 40% of the total TV advertising across all leading British channels. The predicted rise in ad revenues has come after almost 18 months of constant declines.

Post the announcement of a better revenue prediction for next month, ITV shares rose to a new value of 47.6 pence per share.