TV production company ITN today reported an eight per cent jump in revenues for 2016, a year in which its journalists and presenters contended with numerous dramatic news stories.
ITN’s broadcast news division’s turnover was up one per cent to £86.8m in a year Donald Trump was elected, terrorists attacked European cities and the UK voted for Brexit.
“It’s swings and roundabouts,” he said. “Because we’ve been generally recognised to be better at covering those events than our competitors – the BBC and elsewhere – all our boats have risen. So the audience share of all three ITV programmes, of Channel 4 News and of all other news [programmes] are all up in 2016 and continue to be ahead in 2017.”
Our broadcast news division has been... strong in both the audience-performance side as well as from a business performance side, in terms of profit and revenue.
But clearly, like for others, Brexit, the fall of the UK sterling, means our foreign news gathering efforts are a bit more expensive than they used to be.
ITN reported a total turnover of £129.7m, up from £119.7m. The company is aiming to reach revenues of £180m by 2020.
The company’s operating profit on ordinary activities was reported at £7.1m for 2016, up three per cent, and pre-tax profit was flat at £2.8m.
ITN Productions, which comprises production for TV, advertising, sports and digital, reported revenues of £42.9m, up 26 per cent. It now contributes 33 per cent of the company’s turnover, up from 29 per cent in 2015.