The growth was driven by strategic acquisitions and strong advertising revenue linked to the Euros.

The broadcaster’s full-year results, ending 31 December 2024, highlighted the success of its diversification strategy in a difficult economic climate. STV Studios experienced a significant 26% revenue rise, achieving £84.1m, with adjusted operating profit growing by 18% to £6.1m. Digital sales increased by 8% to £21.8m, and total advertising revenue rose by 5%.

Overall statutory operating profit more than doubled to £13.2m, although the adjusted operating margin slightly decreased to 11%. The group achieved cost savings of £1.9m, exceeding its £1.5m target, and is on track to deliver £5m in annual savings by the end of 2026.

Net debt stood at £28.8m at year-end, and a new £70m revolving credit facility was secured on favourable terms. The board has proposed a final dividend of 7.4 pence, maintaining the full-year dividend at 11.3 pence.

The group’s chief executive, Rufus Radcliffe, said: “I’ve been with STV for 4 months and it’s clear that the foundations of the business are strong. STV is a much more balanced Group following the scaling of our Studios and Digital businesses, with good growth potential.

“2024 was a good year for STV. We delivered a strong performance against a challenging economic backdrop, with results in line with expectations. We are controlling those elements we can, in line with our strategy, and are very much on track to ensure that STV is in the best possible shape when the market recovers.”

He continued: “We’re seeing continued growth in our Studios business, with 51 commissions won in 2024 for more customers than ever before. Across our 21 labels we have secured future revenue of £76m, with strong development pipelines across all genres.

“STV continues to be Scotland’s pre-eminent marketing platform, reaching 3.3m people per month. The Euros provided a welcome boost to viewing and advertising in H1 2024, winning us a 48% audience share across the tournament, and delivering record audiences for live viewing on STV Player.

“I’m working closely with the leadership team on a strategy refresh taking us to 2030. This will build on the strengths of our existing strategy and take it to the next stage of development and growth. I look forward to updating on this in May 2025.”