STV posts 2011 financial results
STV has posted an increase in its operating profit of 4% year-on-year to £15m and a 12% increase in its pre-tax profit in its latest trading update for 2011.
The results were in line with expectations despite a softening in the advertising market, bolstered by a healthy 69% uplift in digital revenues to £7.1m and tight cost control.
Digital growth was achieved thanks to an ability to share stv.tv content on Facebook and an incremental increase in advertising revenues at the 20 STV Local sites to roll out thus far.
Looking ahead to 2012 the broadcaster has announced that it will continue to diversify its production business, including a two year deal to produce Antiques Road Trip for the BBC and a pairing with Group M to produce Perez Hilton Super Fan for ITV2.
Rob Woodward, Chief Executive Officer, said: “STV has an ambitious plan for growth and our strategy remains clear going forward, with investment in strategic partnerships, helping extend the STV brand in our core Scottish market and beyond. We remain committed to growing a strong, successful and dynamic STV, cementing our position as Scotland’s most popular peak time TV station and leading commercial media website, and as the provider of unique digital content across multi-platforms.”