THE plc behind STV has posted an increase in its yearly operating profit by 14 per cent.
The annual financial results of STV Group plc this morning reveal that operating profit* for the last financial year was £17.1 million, up on the previous 12 months which stood at £15 million.
Also showing an increase, albeit slightly, was the revenue figure: £120.7 million compared to £120 million.
And down was net debt, from £54.5 million to £45.3 million.
Pre-tax profit* was up from £14 million to £14.4 million.
This last financial year has seen the company provisionally secure a further ten years of broadcasting in the Central Belt and in the north – pending successful negotiations with the broadcasting regulators, Ofcom. I addition, STV has been awarded the rights to operate local TV channels for both Edinburgh and Glasgow, in collaboration with local universities, Edinburgh Napier and Glasgow Caledonian.
And today, STV announced that its production arm, STV Productions, is to make a further 20 episodes of its Celebrity Antiques Road Trip programme, for the BBC.
In a statement, group chief executive, Rob Woodward, is quoted, as saying: “We have delivered strong financial results with double-digit growth in operating profit and a significant reduction in net debt.
“Our digital and production businesses are delivering strong growth momentum with STV Productions continuing to secure new series commissions.
“The recommendation to renew our licences for the maximum term of ten years provides certainty for the future and we remain on track to deliver our sustainable growth objectives.”
Pic: Graeme Hunter