ITN reports profit and revenue up in 2016 as most of surplus goes to pension fund

TV news provider ITN has reported revenue up 8 per cent to £130m in 2016 and a pre-tax profit of £2.8m (up from £2.7m).

The cost of financing the group’s final salary pension scheme (which closed to new entrants in 2010) was also flat year on year at £4.7m.

A fall in corporate bond yields led to the accounting deficit of the pension fund increasing from £106m to £159m.

ITN’s flagship programmed are ITV national news at 1.30pm, 6.30pm and 10pm/10.30pm; Channel 4 News and 5 News (broadcast at 5pm and 6.30pm).

Key achievements listed include Channel 4 News reaching 2bn video views across various platforms (mainly Facebook).

Revenues from ITN Productions increased by 26 per cent to £42.8m.

It was a year in which ITN Productions’ Watani: My Homeland secured the broadcaster’s first Oscar nomination in the Documentary Short category.

ITN Productions produced 200 hours of TV including ITN’s first daytime series for BBC One: Going Back, Giving Back; and two US series: Power Triumph Games broadcast on CBS Sports, and a third series of Killer Instinct with Chris Hansen.

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.”

See the ITN 2016 annual report in full.

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