6th Nov 2014 09:08
LONDON (Alliance News) - Production and broadcasting company STV Group PLC said Thursday that it has continued to trade in line with expectations in the period from end-August to Wednesday.
The company said that in its consumer business, national advertising revenue was up 6% in the year to end-October. It expects national advertising revenue to be up 6% for the full year. Regional airtime revenue was up 6% in the same period, it said, and are expected to be up 5% for the full year.
STV said it continues to expect its digital business to see full-year revenue up between 15% to 20%.
The launch of its second city TV service, STV Edinburgh, is on track for early 2015, STV said, and applications have been submitted to telecoms regulator Ofcom for a further three city services in Scotland.
"All areas of the business are continuing to make good progress, and the digital business continues to grow with revenues expected to be up 15-20% year on year. We look forward to further expanding our portfolio of consumer services with the launch of City TV in Edinburgh in January," said Chief Executive Officer Rob Woodward in a statement.
Edison Investment Research analyst Jane Anscombe said STV was on track to meet its full year numbers, and noted that STV's shares still trade "at a considerable discount to the peer group".
Shares in STV are trading down 2.3% at 360.44 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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