STV reports '˜positive start' to 2016 as digital sales jump
Broadcaster STV today said it has made a 'positive start' to its new financial year, with digital revenues soaring by 25 per cent.
In a trading update to coincide with its annual meeting, the Glasgow-based group said total airtime revenues are expected to grow 2 per cent in the first half, with national sales forecast to dip 1 per cent but regional airtime revenues up 23 per cent.
Digital revenues “continue to perform strongly”, up 25 per cent in the first and second quarters, STV said, “and this rate is expected to be maintained in the year ahead”.
Today’s investor update came after results in February showed that pre-tax profits for 2015 rose 10 per cent to £19.1 million – up from £17.3m the previous year and in line with City forecasts.
The firm’s production arm, which makes shows including Antiques Road Trip and Catchphrase, has also secured a commission from Sky for a second eight-episode series of the documentary Prison: First & Last 24 Hours.
Chief executive Rob Woodward said: “We have made a positive start to 2016 with the launch of an enhanced digital news service within the STV family of consumer services.
“We are particularly pleased with the strong growth in our digital and regional revenues. STV Productions has a strong pipeline for delivery and a number of re-commissions, including today’s announcement of a re-commission for Sky, have been announced.”