STV reports pre-tax profit of £7m as revenue grows to £47.6m for H1 2012
Media company STV has reported a pre-tax profit of £7m for the first half of 2012, with revenue growing to £47.6m this year.
Reporting a 1 percent growth in revenue for this year, the company has also seen a 16 percent growth in operating profit to £8.1m and pre-tax profit growth of 8 percent.
The first six months of 2012 also saw production and digital revenue increase by 13 percent, while its net debt decreased by three percent to £55.9m.
Richard Findlay, chairman of STV said of the results: “I am pleased to be announcing another period of significant progress for STV. Securing the new Channel 3 arrangements, whereby STV is now an affiliate of the Network, is a key strategic development. These arrangements provide stability for our business, our consumers and our advertisers and represent commercially sustainable networking arrangements between the Channel 3 licence holders.”
CEO Rob Woodward added: “We are continuing to deliver growth in the non-broadcast areas of our business with a 13% increase in revenues in these activities. The strong financial performance delivered in the period demonstrates the underlying strength of our business and we are successfully extending our reach and engaging with new consumers across an increased range of platforms. Today’s announcement of another new BBC series commission for STV Productions demonstrates the growth momentum in that business.”