ITV is hoping that the return of Love Island and the delayed European football championship will drive a recovery in TV advertising this summer as viewing figures rise and lockdown measures ease.

The Coronation Street broadcaster reported a 6pc fall in total advertising sales in the first three months of the year, but predicted revenues would rebound by up to 90pc come June.

The bounceback means advertising income would also climb by as much as 68pc and 85pc across April and May after the ad market crumbled during the Covid crisis last year.

The brighter outlook came as ITV Studios - the production arm behind BBC's Line of Duty - booked a 9pc rise in revenue to £372m compared to last year despite the pandemic-induced disruption to TV production.

Chief executive Carolyn McCall said ITV had made a "good start" to the year with revenue and viewing numbers growing, but remained "cautiously optimistic" about the year ahead.

She warned that the advertising market and production business was "exposed to the risks associated with the pandemic"

"We remain committed to investing in the acceleration of our strategy to digitally transform ITV which will, in part, be funded by the delivery of our cost saving targets," she added.

ITV total viewing figures were up 1pc as it was boosted by a "strong schedule" including Unforgotten, Saturday Night Takeaway and Six Nations rugby.

However online viewing hours fell 11pc over the three months, which it blamed on the absence of holiday dating show Love Island from its winter schedule.

After falling by 12pc this year, TV advertising spend across the industry is poised to grow by 8.8pc and 2.1pc in 2021 and 2022 respectively, according to data from the Advertising Association and WARC.

Barclays analyst Julien Roch said ITV's advertising momentum was "clearly strong", but warned that it was "arguably a "Covid-19 induced short-term cyclical tailwind".

Sarah Simon, Berenberg analyst, questioned whether the advertising rebound could stutter in the wake of ITV's strong summer schedule.

"We think money is getting pulled forward from later on in the year to focus on football. You are not going to see that level of momentum sustained," she said.

ITV shares rose 1.25pc in afternoon trade to 125.85p.