Revenue up, profit up, for STV Group plc

THE group that operates STV has registered a set financial results for last year, described as reflecting “a strong growth trajectory”, including a leap in pre-tax profit, from £6 million in 2009 to £13 million last year.

Also says STV Group plc – in its preliminary financial results for last year – its revenue was up (by two million pounds, from £110 million to £112 million) but so too was its net debt (from £49 million to £52 million).

As regards STV in particular, its revenue was up from £90 million to £105 million, with its pre-tax profit up from £9 million to £14 million.

STV Group plc now calls itself ‘Scotland’s Digital Media Company’, not least on the back of its recent launch of STV Local, a network of hyper-local websites, the latest one being for Edinburgh.

In a statement issued by the company, its chair, Richard Findlay, is quoted, as saying: “The hard work of the last few years is now bearing fruit with a profit before tax of £12.5 million. The company is on a strong growth trajectory and benefits from a focussed view on its direction of travel. Importantly, it has the motivated staff and management team to continue the journey and meet the challenges ahead.”

Chief executive, Rob Woodward, is also quoted, saying: “We have achieved growth and firmly secured our position as Scotland’s digital media company. We continue to deliver against our targets and STV is generating sustainable growth across all areas of business. Our latest launch into hyper-local media has got off to an excellent start and is a further example of extending STV’s reach through the execution of innovative consumer services.”

The company’s share price opened at £1.19 this morning, almost double what it was 18 months ago.