06 Sep 2019
Following STV’s restructuring last year, the broadcaster has announced its profits before tax have doubled to £9.1 million due to the growth of digital and regional advertising.
The organisation however has warned of further uncertainty in the coming months as Brexit nears, saying it is expecting a dip of around 6% - 7% in the second half due to the final Brexit negotiations occurring, resulting in national advertising possibly falling.
Chief executive Simon Pitts said: “Delivering a 10% profit increase in this market is proof we are doing a lot of the right things.”
He added that regional advertising revenue grew by 19% to £7.3m, crediting the STV Growth Fund, which aims to aid local businesses looking to advertise on TV. The project appears to already be working as Mr Pitts added that it was already creating new TV advertisers.
STV also revealed it was the most popular peak time channel in Scotland with a boost in viewing share figures at 18.7% - the best since 2009. Mr Pitts credited the success of the broadcaster’s local Scottish output with STV new being “in great form”.
The that report added that the future of STV is looking bright with strong new ideas waiting in the pipeline, including the new partnership recently announced with Premier Sports and its sister free-to-air channel FreeSports.
This will enable viewers to access the 24-hour live stream sports channel via the STV player. The option of an exclusive subscription to the Premier Sports services will also be available, as STV will act as a sales agent.