STV H1 revenue up 20% to £90m as new CEO arrives

Glasgow-based media firm STV Group plc reported total revenue of £90.4 million for the six months ended June 30, 2024, up 20% on the same period of 2023, “driven by acquisition-related growth in studios and an improving advertising market.”

STV reported group adjusted operating profit of £10.6 million, up 33% on 2023, “as broadcast profitability bounces back and studios and digital margins both maintained.”

Total advertising revenue (pre commission) was up 13% to £51.9 million, with studios revenue up 38% to £37.5 million. The firm is proposing an interim dividend of 3.9p, in line with 2023.

STV announced last week that ITV executive Rufus Radcliffe will join the firm as chief executive officer on November 1, 2024.

Departing STV Group CEO Simon Pitts said: “Over the last 6 years STV has been successfully transformed into a digital-first media company with a high-growth streaming service and one of the UK’s leading television production groups.

“This strong progress continues in 2024, with revenue and profit both up materially in the first half, reflecting our audience performance, the improving advertising market, and our creative strength in STV Studios, as we continue the successful execution of our growth plan.

“Our production investment strategy is delivering tangible results, with STV Studios continuing its strong revenue growth in the first half, and we have today announced an exciting new deal to take majority control of profitable unscripted formats creator, Hello Halo. With high value recommissions of series like Criminal Record for Apple TV+ and The Fortune Hotel for ITV also secured, we have our strongest ever future order book in Studios at £101m in programme commissions.

“Our audience position remains unrivalled, with STV again the most-watched peaktime TV channel in Scotland, ahead of BBC1, and with nearly double the audience share of Netflix.

“Euro 2024 was a major audience and commercial success, propelling STV Player to its most successful first half-year ever in terms of streams and delivering the most watched TV moment of the year so far, with the Germany vs Scotland opening game peaking at 1.38m viewers in Scotland.

“We are on track to deliver our stretching new growth targets out to 2026, and with a fantastic team in place I’m confident Rufus Radcliffe and the board will take the business to new heights in the years ahead.” Scottish Financial Review