7th Mar 2023 14:49
STV Group PLC - Glasgow-based Scotland-focused television broadcaster - Posts revenue of GBP137.8 million for 2022, down 4.6% from GBP144.5 million a year ago. However, pretax profit rises by 11% to GBP22.2 million from GBP20.1 million, as operating profit increases to GBP25.3 million from GBP21.6 million a year ago. In particular, Studios revenue is GBP23.7 million, down 11% from GBP26.6 million due to timing of deliveries. Declares a final dividend of 7.4 pence per share, taking total dividend to 11.3p, up 2.7% from 11.0 a year prior.
Looking ahead, expects its Studios division to reach revenue of GBP50 million in line with previous guidance and at least GBP3 million operating profit.
Chief Executive Officer Simon Pitts says: "2022 was another year of growth for STV where we delivered increased operating profit beyond our record performance in 2021 while continuing to support our people, partners and communities. Our diversification strategy, focused on driving growth in digital streaming and content production, continues to accelerate, with digital profit up 9% and Studios profit up 6%. Nearly 40% of STV's earnings now come from these new growth areas as we reduce our reliance on traditional television and create a vibrant, future-facing media business."
Current stock price: 303.80 pence each, down 3.6% on Tuesday afternoon in London
12-month change: down 1.4%
By Xindi Wei, Alliance News reporter
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