ITN has published its financial accounts for 2016, reporting record revenues of £130m.
ITN continues to progress confidently towards its ambitious 2020 Vision growth strategy aimed at reaching £180m revenue by the end of 2020, with half of that coming from outside TV news and 10% from the US.
The key growth driver has been ITN Productions, which firmly established itself across four distinct businesses: television production, advertising production, sports production and digital content services.
Integral to ITN’s success is the award-winning work of the newsrooms who covered a seismic news agenda ranging from Trump to Brexit, the terror attacks across Europe to the frontlines of Aleppo and Mosul.
ITN CEO John Hardie said: “2016 marks a pivotal year in ITN’s transformation as we forge ahead in our goal of becoming a world-class production company. The quality and breadth of our output has never been stronger as our diversification outside TV news continues apace both here and in the US.”
- Operating profit on ordinary activities increased by 3% to £7.1m (2015: £6.9m)
- Profit before tax stayed flat at £2.8m (2015: £2.8m) after pension finance costs of £4.7m (2015: £4.5m)
- Group revenues rose 8% to a record £129.7m (2015: £119.7m)
- Revenues from the Broadcast News division increased by 1% to £86.8m (2015: £85.6m)
- Revenues from ITN Productions increased by 26% to £42.8m (2015: £34.1m) and operating profit increase by 7% to £4.6m – the fourth consecutive year of profit growth (2015: £4.3m)
- ITN Productions share of group revenue grew from 29% in 2015 to 33% in 2016
- ITN Productions achieved double-digit revenue growth for the third successive year, cementing its position as one of the UK’s biggest independent production companies. Watani: My Homeland marked a milestone moment following ITN’s first ever Oscar nomination in the Documentary Short Subject category.
- TV Production saw a substantial 42% increase in revenue to £16.3m with a record 200 hours produced and an ever broadening range including Slum Britain: 50 Years On, ITN’s first daytime series for BBC One Going Back, Giving Back, and two big US series – Power Triumph Games broadcast on CBS Sports and the return of the third series of Killer Instinct with Chris Hansen – consolidating ITN’s presence Stateside.
- RTS News Programme of the Year Channel 4 News achieved breakthrough performances across both TV and digital, winning a host of accolades including a coveted BAFTA for its distinctive, hard-hitting coverage. Stellar digital growth drove two billion online video views, most notably the unforgettable films of Wa’ad al-Kateab from Aleppo which amassed more than 400 million views alone.
- ITV News redefined News at Ten with RTS Presenter of the Year Tom Bradby, Julie Etchingham and Robert Peston leading the way on the most-talked about news relaunch. Audience share for all programmes rose year-on-year with other highlights including two critically-acclaimed specials on the eve of the EU Referendum and US election.
- 5 News returned to ITN’s Central London HQ with a brand new custom-built set and graphics, studio and newsroom. A new multi-year contract was signed with Viacom to produce the service until 2020, Sian Williams completed her first year as the face of 5 News and original launch team member Rachel Corp was appointed editor.
- Sport Production performed strongly with a 42% increase in revenue to £4.1m, reflecting a full year of the Football League contract signed in 2015. Marking the transition to becoming a full-service sports production business, this month ITN Productions is partnering with the IAAF as host broadcaster for the World Relays in the Bahamas.
- The Advertising Production team delivered a 43% revenue increase to £6.3m with more than 200 commercial elements produced during the year, including a world first – the live global ad for Virgin Holidays simultaneously broadcast from 18 live locations in nine countries. Drawing upon expertise in storytelling, campaigns for I Am Team GB and National Lottery also received industry acclaim.
- Digital Content Services achieved a modest increase in revenue of 5% to £16.1m and saw a high level of investment in the US for Industry News, with notable success in the healthcare sector.
- This year, ITN exited the Source Archive sales and representation business, signing an exclusive global distribution deal with Getty Images. The collection continues to be owned by ITN and is updated daily with footage from our newsrooms.