STV delivers ‘robust’ set of financial figures, says chair

THE group that operates STV has delivered a “robust set of figures”, according to its chair, which has seen the company’s its pre-tax profit increase between 2010 and last year, its revenue dip and its net debt also increase.

Says the financial results announced by STV Group plc this morning, operating profit is up four per cent, year-on-year, to £15million (compared to £14.4million in 2010) and so is pre-tax profit up (excluding ‘exceptional items’): this time by 12 per cent, to £14million (2010: £12.5million).

But revenue was down slightly, from £111.7million in 2010 to £102million.

And net debt was up, from £52.2million to £54.5million.

Other figures of note include: Earnings per share up 11 per cent to 38p (2010: 34.3p), digital revenues up 69 per cent to £7.1million (2010 £4.2million) and six out of 11 Key Performance Indicator targets “met or exceeded”.

Last month, a new, three-year £70million banking facility was confirmed, “providing funding certainty”.

A further roll-out of local news websites – a further 20 last year following the launch in 2010 of STV Local – means 46 per cent of the Scottish population is now beign catered for by the service.

In a STV statement, chair, Richard Findlay, says: “STV has delivered a robust set of results for 2011 against challenging economic conditions from which no consumer business is immune. We are focused on our clear strategy and KPI targets and we continue to improve efficiencies behind the scenes, to ensure we deliver value for shareholders and a first rate and distinctive service for viewers and consumers.”

Also quoted is Rob Woodward, chief executive, who says: “STV has an ambitious plan for growth and our strategy remains clear going forward, with investment in strategic partnerships, helping extend the STV brand in our core Scottish market and beyond. We remain committed to growing a strong, successful and dynamic STV, cementing our position as Scotland’s most popular peak time TV station and leading commercial media website, and as the provider of unique digital content across multi-platforms.”

The STV Group plc share closed at 107.5 yesterday.