STV Group plc ‘on track’ to hit growth target, says Woodward

STV Group plc remains “on track” to hit its growth targets, according to the broadcaster’s chief executive.

Rob Woodward is being quoted this morning by the company, in an interim management statement covering the period August 24 to the 14th of this month.

The statement notes a three per cent dip in advertising revenue accompanying programmes broadcast across the ITV network but a three per cent revenue rise in locally-sourced advertising for the full year.

Says the statement: “In Q3, national advertising revenues were down three per cent, in line with expectations. National advertising revenues in November and December are expected to be slightly ahead of the ITV Network and, overall, we expect national revenues to be in line with the ITV Network for the full year.

“Regional airtime revenue is expected to be up three per cent for the full year, in line with expectations.”

Woodward is quoted, as saying: “We remain on track to achieve our growth targets in 2012 and continue to make strong progress in delivery of our strategy to grow non-broadcast earnings [such as online].

“The succession of commissions secured by STV Productions from an increasing range of channels demonstrates the progress we’re making in growing our content business.

“This combines with a sustained improvement in operating margins in our broadcast and digital businesses as we deepen our engagement with consumers across an increasing range of platforms.”