Broadcaster sees brighter picture

STV suffered a consolidated pre-tax profits fall of more than 40% last year as targets were missed.

Chief executive Rob Woodward said the group had delivered a positive set of results.

Operating profit before exceptional items was above £20 million for the first time in eight years, and net debt down 13% at £25.7m was at a record low.

The group was also proposing a dividend of 10p per share, a 25% rise from last year.

The operating profit was brought down by £8.8m in exceptional items which STV did not have in 2014.

The Glasgow-based broadcaster had written down the carrying value of goodwill related to the business by £5.1m after it missed its growth targets.

There was also a £1.7m writedown relating to payouts to top executives.

In consolidated income, revenue was down 3% at £116.5m, and profit before tax fell more than 40% to £9.8m.

Revenues at STV Production, which makes Catchphrase and Antiques Road Trip, were down 38% at £8.3m, with fewer commissions received.

Scotland’s most watched commercial channel had a peak-time audience share in excess of the ITV network level.

Consumer and national business revenues were each up by 1%, and digital revenues grew by 25% to £6.6m.

Local services in Edinburgh and Glasgow made £1m in revenues, and will be expandedtoAberdeen, AyrandDundee.

Mr Woodward added: “We are in a strong position to deliver organic growth and the increasing diversity of earnings improves the security of returns for our investors.”

STV chief executive Rob Woodward.