Major sporting events are likely to give ITV (LON:ITV) a rollercoaster ride in 2016, the broadcaster said as it hailed its sixth year in a row of double-digit profit rises.
ITV said net advertising revenue in the first quarter of the year was likely to be flat against a 12% increase in the same period a year ago.
But the second quarter should be better thanks to the UEFA Euro 2016 football championships in France this summer, the group said.
ITV posted an 18% rise in adjusted underlying pre-tax earnings to £865mln on a 15% gain in revenue to about £3bn in the year to December 31.
Net advertising revenue rose 6% to £1.7bn, online, pay and interactive revenue increased 23% to £188mln and total ITV Studios income lifted 33% to £1.2bn.
Adjusted pre-tax profit was up 18% to £843mln and adjusted earnings per share rose 20% to 16.5p.
The board proposed a final dividend of 4.1p, giving a full-year dividend of 6p per share, ahead of its previous guidance. It also plans a 10p special dividend, equivalent to £400mln.
ITV strengthened its international programme production business with acquisitions including Talpa Media, Twofour Group and Mammoth Screen.
It said it had a very strong line-up of new and returning drama including Victoria, Tutankhamun, Houdini and Doyle, Cold Feet, Poldark, Shetland, Aquarius, Endeavour and Vera.
It also has entertainment formats The Voice, The Voice Kids, Dance Dance Dance, I'm a Celebrity… Get Me Out Of Here!, The Chase, Hell's Kitchen and Saturday Night Takeaway.
ITV Studios has already secured a higher proportion of 2016 revenue at this point in the year than in previous years and the group said its good drama slate gave it confidence into 2017.
Chief executive Adam Crozier said: "As we look to 2016 and beyond we see further significant opportunities for growth across the company organically and through acquisitions and partnerships."
Shares in ITV fell 7.8p to 241.8p. Shore Capital said it viewed the presence of Liberty Global as ITV's largest shareholder as an indicator of its value in a consolidating broadcasting industry.
Shore analyst Roddy Davidson said: "We are minded to nudge up our current year forecasts."