STV untroubled by EU exit as sales and profit increase

Digital markets developed but traditional viewing still strong

STV’s chief executive said Brexit poses no threat to advertising revenues after the Scottish broadcaster posted positive first half results.

Pre-tax profit rose 50% to £10.2 million, while sales rose 5% to £56.2m, boosted by digital revenues and its production arm.

Turnover at STV Productions doubled to £3.5 million, driven by a number of popular recommissioned TV shows, including the BBC’s Antiques Road Trip, STV said.

Chief executive Rob Woodward said he did not expect advertising to dry up in the wake of the EU referendum.

“The world continues as it did before,” he said.

“We haven’t seen any advertisers change their bookings and there is no indication that will happen.”

STV had managed to stay nimble by learning and growing alongside consumers, using social media and offering digital videos to keep viewers engaged once they step away from the television.

He added: “In Scotland the average STV viewer continues to watch over one hour and 40 minutes of STV every day, 365 days a year, so that’s pretty strong data.”

Meanwhile ITV has abandoned its £1 billion pursuit of Peppa Pig owner Entertainment One.

The broadcaster has withdrawn its proposal to take over the Canada-based firm after Entertainment One rejected an initial offer earlier this month.

ITV said its valuation of the company was different from that of the Canadian firm’s board. aargo@thecourier.co.uk exported last year, £1.2bn was shipped to the EU, so planning for the future outside the EU is vital to the industry.

Scotch Whisky generates around £5bn annually for the economy and invests £1.7bn in its supply chain, supporting 40,000 jobs.

It represents around 20% of all UK food and drink shipments overseas.

Mr Frost said: “The industry is taking a very close interest in the arrangements for trade after Brexit.”

We haven’t seen any advertisers change their bookings and there is no indication that will happen. ROB WOODWARD