STV Group takes 'strides' forward with latest profit announcement
Rob Woodward, CEO of STV has said that the broadcaster is taking ‘great strides’ forward as the Group reports a first half turnover of £57 million, with an operating profit of £7 million for 2010.
The Scottish broadcaster released its interim financial results for 2010 up until 30 June, which show an improved performance, with an increased group turnover of £57 million, and pre-tax profit for the group of £6 million.
The company reports that its broadcasting turnover has risen 21% to £44.2m; that its turnover in Content business is up 24% at £3.6m and digital revenues up 60% at £1.6m.
At this time in 2009, the group made £49 million and a pre-tax profit of £1 million.
The net debt for the group is £61 million, up from last years figure of £56 million.
The figures for this year include the conclusion of the protracted disposal of cinema advertising business Pearl & Dean in May.
Richard Findlay, chairman of STV said: “These results indicate the growing power of the new STV. At the heart of the business is first class creative content delivered to different audiences across multiple platforms. We have a clear strategy that is attracting audiences to our increasing range of platforms. Our investment in STV Local highlights our commitment to digital innovation and we are excited about the opportunity this network will create to continue to enhance the level of local media STV provides to our audiences. STV is a growth business.”
Rob Woodward, STV’s CEO, added: “We have made great strides in our business over the last six months. We have continued to enhance our creative talent and invest in digital skills. We have a strong line up of programmes for the remainder of the year and we continue to execute innovative deals with industry leaders to grow our business in line with our growth strategy. However, whilst there is an improvement in the market, we nevertheless remain cautious about the future macro economic climate.”