ITN report shows seventh successive year of operating profit growth and record revenues | Major Businesses | Business
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As it published its financial accounts for 2016, renowned news production company ITN has posted record revenues and strong profits.

channel4news 20April2017ITN is made up of two business divisions: Broadcast News and ITN Productions. The organisation provides daily TV news programmes for ITV, Channel 4 and Channel 5, as well as digital content services, including licensing on-the-day news as well as short-form content for online and mobile. The key growth driver over the year has been ITN Productions, which firmly established itself across four distinct businesses: television production, advertising production, sports production and digital content services.

For the year ended 31 December, the company reported a new landmark in terms of revenues, £129.7 million, an 8% rise on an annual basis. Revenues from the Broadcast News division inched up 1% to £86.8 million while those ITN Productions soared 26% to £42.8 million. The latter division’s share of group revenue grew from 29% in 2015 to 33% in 2016.

These provided the basis of a seventh successive year of operating profit growth. Operating profit on ordinary activities increased by 3% to £7.1 million while profit before tax stayed flat at £2.8 million.

ITN added that the 2016 results showed it was continuing to progress confidently towards its ambitious 2020 Vision growth strategy aimed at reaching £180 million revenue by the end of 2020, with half of that coming from outside TV news and 10% from the US. “2016 marks a pivotal year in ITN’s transformation as we forge ahead in our goal of becoming a world-class production company,” said CEO John Hardie commenting on the results. “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.”