1st Dec 2021 17:26
(Alliance News) - STV Group PLC announced on Wednesday it expects a record year in advertising revenue after a stronger than expected fourth quarter.
The Glasgow-based media company expects revenue to be up 22% to 24% and reaffirmed previous guidance that STV is on track for full year revenue of GBP20 million to GBP25 million.
This would deliver the company's highest advertising revenue and growth of over 10% compared to financial year 2019.
"The speed and scale of the advertising recovery in 2021 has far exceeded our expectations and underlines the enduring power and relevance of high-quality video advertising," Chief Executive Simon Pitts said.
"I'm very proud that our STV Growth Fund has now enabled over 300 Scottish SMEs to access TV advertising for the first time, including around 150 since the start of the pandemic. I'm delighted to announce that the fund will be increased to GBP30 million in 2022 to help drive Scotland's economic recovery."
Shares closed up 6.3% at 356.25 pence on Wednesday in London.
By Heather Rydings; [email protected]
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