Simon Pitts

Its interim report shows a healthy financial position and positive outlook for H2. Revenues grew 3% to £62.1m (£60.3m H1 2022), and the dividend has been increased by 5% from 3.6p to 3.9p.

Simon Pitts, CEO, commented: “Our strategy of creating a more diversified business through a relentless focus on production growth, digital streaming and local advertising continues to deliver, with STV Studios revenue up 16%, VOD advertising on STV Player up 16% and regional advertising up 11%.”

He continued: “Our free streaming service STV Player is well positioned to meet the needs of a more cost-conscious audience, with content hours increasing to over 5500, including a further doubling of premium drama hours to 2000+ across more than 150 free boxsets.

“The advertising market is clearly not going to be immune from the ongoing economic uncertainty, with total advertising up 4% in H1 and forecast to be slightly down for the 9 months to September, but we are expecting a stronger Q4, boosted by the first ever winter football World Cup.

“With a robust financial position, the Board has proposed an interim dividend of 3.9p per share, up 5% on 2021.”