STV Group sees pre-tax profit more than double

STV Group has announced pre tax profits from last year of £13 million, more than double the figures from its previous year.

Preliminary financial results for 2010 show that STV Group grew its profits from £6 million to £13 million in a year, with revenue growing by £2 million from £110 million to £112 million, although its net debt also grew by the same margin, rising from £52 million from £49 million.

STV’s revenue grew from £90 million to £105 million, while its pre-tax profits rose from £9 million to £14 million between 2009-2010.

The company has also said that its programming strategy, which saw it pull out of broadcasting ITV dramas such as Downton Abbey in favour of its own schedule, saved it £5 million last year.

Richard Findlay, chairman of STV Group, commented: “The hard work of the last few years is now bearing fruit with a profit before tax of £12.5 million. The company is on a strong growth trajectory and benefits from a focussed view on its direction of travel. Importantly, it has the motivated staff and management team to continue the journey and meet the challenges ahead.”

Rob Woodward, chief executive of STV Group, added: “We have achieved growth and firmly secured our position as Scotland’s digital media company. We continue to deliver against our targets and STV is generating sustainable growth across all areas of business. Our latest launch into hyper-local media has got off to an excellent start and is a further example of extending STV’s reach through the execution of innovative consumer services.”

In the last year, STV Group has grown its digital offering, rolling out online hyper-local news service STV Local as well as digital platforms such as apps and a mobile website in the process.

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