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ITN reports 61% rise in profits, boosted by the Olympics and US elections ITN reports 61% rise in profits, boosted by the Olympics and US elections
(5 months later)
News at Ten producer ITN has reported a 61% surge in operating profits to £3.7m for 2012, with annual revenues hitting a 13-year high with the help of extra business provided by major events including the Olympics.News at Ten producer ITN has reported a 61% surge in operating profits to £3.7m for 2012, with annual revenues hitting a 13-year high with the help of extra business provided by major events including the Olympics.
The company, which provides news to ITV, Channel 4 and Channel 5, saw revenues rise almost 11% year-on-year to £108.7m – the highest level since 1999.The company, which provides news to ITV, Channel 4 and Channel 5, saw revenues rise almost 11% year-on-year to £108.7m – the highest level since 1999.
ITN's strong performance last year resulted in chief executive John Hardie taking home more than £1.2m in remuneration.ITN's strong performance last year resulted in chief executive John Hardie taking home more than £1.2m in remuneration.
"A blistering start to 2013 has seen our journalism set the agenda, win awards and secure new commissions and contracts as ITN continues to put its stamp on the news and media landscape," said Hardie."A blistering start to 2013 has seen our journalism set the agenda, win awards and secure new commissions and contracts as ITN continues to put its stamp on the news and media landscape," said Hardie.
Revenues from ITN's news operation rose 11% year-on-year to £82m, thanks in part to providing facilities and materials to a range of international broadcasters for the London 2012 Olympics.Revenues from ITN's news operation rose 11% year-on-year to £82m, thanks in part to providing facilities and materials to a range of international broadcasters for the London 2012 Olympics.
The strong performance – helped by special one-off commissions including the Queen's Diamond Jubilee and the US presidential elections for ITV – meant Hardie was paid total remuneration of £1.2m in 2012.The strong performance – helped by special one-off commissions including the Queen's Diamond Jubilee and the US presidential elections for ITV – meant Hardie was paid total remuneration of £1.2m in 2012.
Hardie, who has led a turnaround of ITN, which was almost crippled financially by problems with its pension scheme four years ago, was given a base salary of £350,000.Hardie, who has led a turnaround of ITN, which was almost crippled financially by problems with its pension scheme four years ago, was given a base salary of £350,000.
He also received a bonus of £315,000 – up from £277,000 in 2011 – as well as pension and "other" benefit payments.He also received a bonus of £315,000 – up from £277,000 in 2011 – as well as pension and "other" benefit payments.
His remuneration rose 5.5% year-on-year from £688,000 to £726,000.His remuneration rose 5.5% year-on-year from £688,000 to £726,000.
However, he received a bumper top up of £491,000 thanks to the pay out of ITN's long-term incentive scheme for the period 2010 to 2012.However, he received a bumper top up of £491,000 thanks to the pay out of ITN's long-term incentive scheme for the period 2010 to 2012.
Hardie's average annual remuneration since 2009 is £785,000, 13 times the average salary of an ITN staffer and "in line with industry norms", according to the company.Hardie's average annual remuneration since 2009 is £785,000, 13 times the average salary of an ITN staffer and "in line with industry norms", according to the company.
"The success of 2012 for ITN marked the natural culmination of a three-year revitalisation plan which has put the company on a stronger platform for continued growth and financial stability," said Hardie. "A focused strategy of producing excellent TV news programmes and developing businesses that arise naturally from ITN's strengths has resulted in a strong improvement in operating profit for the third consecutive year.""The success of 2012 for ITN marked the natural culmination of a three-year revitalisation plan which has put the company on a stronger platform for continued growth and financial stability," said Hardie. "A focused strategy of producing excellent TV news programmes and developing businesses that arise naturally from ITN's strengths has resulted in a strong improvement in operating profit for the third consecutive year."
Hardie said that all of ITN's divisions have now moved to profitability.Hardie said that all of ITN's divisions have now moved to profitability.
ITN Productions, which makes factual programming outside the company's core news contracts, picked up commissions including The Agenda for ITV, Mud Men for History channel and Truthloader for YouTube.ITN Productions, which makes factual programming outside the company's core news contracts, picked up commissions including The Agenda for ITV, Mud Men for History channel and Truthloader for YouTube.
Production hours at the division have grown from 52 in 2011 to 118 last year.Production hours at the division have grown from 52 in 2011 to 118 last year.
ITN's pension deficit rose from £82.4m to £88.8m year on year. This is a modest increase compared to 2011 when the pension deficit grew by 38%, year on year.ITN's pension deficit rose from £82.4m to £88.8m year on year. This is a modest increase compared to 2011 when the pension deficit grew by 38%, year on year.
ITN said that it has a "manageable" repayment plan in place, with annual payments due of £3m.ITN said that it has a "manageable" repayment plan in place, with annual payments due of £3m.
Pre-tax profits fell from £2.3m to £1.55m, although this was mostly due to a non-cash charge relating to the pension scheme.Pre-tax profits fell from £2.3m to £1.55m, although this was mostly due to a non-cash charge relating to the pension scheme.
ITN employed 707 staff last year, 61 more than in 2011, in part due to Channel 5 News returning to ITN.ITN employed 707 staff last year, 61 more than in 2011, in part due to Channel 5 News returning to ITN.
Richard Desmond cancelled Channel 5's five year contract with Sky to supply its news at the end of 2011, following his acquisition of the broadcaster.Richard Desmond cancelled Channel 5's five year contract with Sky to supply its news at the end of 2011, following his acquisition of the broadcaster.
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