Channel 4 and ITV news producer ITN takes stride towards 2020 revenue vision
News producer ITN today reported a seven per cent revenue leap as it seeks to generate £180m by 2020.
The figures
The maker of ITV News, Channel 4 News and 5 News today reported a 2015 turnover of £119.7m, up from £112m.
Read more: ITN has big plans for revenue growth and US expansion
Of the total £119.7m revenue, £85.6m came from ITN's news business. This figure was up three per cent on 2014.
ITN Productions made up the majority of the rest of revenue, generating £23.7m, an increase of 42 per cent year on year.
ITN's pre-tax profit in 2015 was £2.8m, up from £2m in 2014.
Why it's interesting
In March, ITN announced plans to increase its turnover to £180m by 2020.
According to the results, group revenue increased from £98.2m in 2011 to nearly £120m last year.
Setting out its 2020 vision in March, ITN said it wanted to increase its presence in the United States five-fold and generate 10 per cent of its revenue from across the pond.
Read more: ITV shares drop despite growth and Euro football hopes
Reporting the results, ITN said its growth had been helped by a “transformative three-year multi-million pound” contract to produce more than 1,800 Football League matches a season.
It also highlighted a diversification into advertising production, which saw it creating 25 commercial campaigns, including for the likes of Boots, Samsung and the National Lottery.
What the company said
Chief executive John Hardie said:
The last few years have undoubtedly been some of the most successful in ITN’s history, producing a huge range of work for an ever-increasing number of clients and exceeding the challenging financial targets we set back in 2010.
Thanks to this impressive progress, we have set the bar even higher as we look ahead to 2020 with an even more ambitious growth plan for the next phase of ITN’s evolution and we face the future with increasing confidence and optimism.