STV Group most watched peak-time channel in Scotland
STV Group (LON:STVG), the Scottish media company, confirmed its profits fell by 65% during 2020, despite achieving record viewing figures.
The firm said that its pre-tax profit had dropped from £19m to £6.7m in 2020.
STV also announced the viewing figures for its channel rose by 14%, while on its catch-up service, its audience grew by 83%.
STV remains the most watched peak-time channel in Scotland, ahead of BBC1 by more than 10%, according to the company.
Shares in the company were up by 5.17% on early Tuesday morning trading to 341.80p per share.
Simon Pitts, chief executive of STV Group, commented on the company’s results and the strategies employed by the group:
“STV is coming through the pandemic with confidence. With profit and net debt materially better than expectations, the 2020 financial results we are confirming today are testament to the strength of our business and the commitment and creativity of our people in what has been an extraordinary 12 months.”
“We enjoyed record audience growth in 2020, with TV viewing up 14% and online viewing up 68%, the biggest gains of any UK broadcaster, and were also able to accelerate delivery of our strategy. Our advertising Growth Fund enabled us to attract 91 new Scottish advertisers, we bolstered our successful digital content strategy with a further 1200 hours of content, and we launched our streaming service STV Player across the UK for the first time meaning it is now available in over 17m homes. STV Studios also secured 19 new programme commissions, the largest number ever, as it looks to establish itself as the UK’s leading nations and regions producer.”
“We took proactive steps to conserve cash and raise capital from shareholders and, combined with better than expected trading, we now have a significantly strengthened balance sheet as we look to invest £30m in the next phase of our strategic growth, targeting at least 50% of our operating profit from outside traditional broadcasting by 2023. With an improved financial position and good growth prospects the Board has also recommended a return to cash dividend payments and a final dividend of 6p per share, giving a full year dividend of 9p per share for 2020.”
, the Scottish media company, confirmed its profits fell by 65% during 2020, despite achieving record viewing figures.){kind=link}