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STV reports advertising recovery ahead of expectations
StockMarketWire.com
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Broadcaster STV reported a better than expected recovery in advertising and a strong viewing performance as it updated on third quarter trading.
Q3 total advertising revenue (TAR) was -4% year on year, with July -7%, August +1% and September -5%. October improved further to -2%.
STV-controlled advertising was higher with regional advertising up 8% and video-on-demand advertising up 10% in Q3. TV viewing was up 13% and online viewing up 82%.
Previous guidance for the Studios production arm is maintained with the profit impact of the hiatus due to Covid-19 'limited'. For 2021, Studios has £15 to £20 million of commissions secured
Simon Pitts, STV chief executive, said: '2020 has underscored both the loyalty of our viewers and the resilience of our business. We've seen record growth in audiences across the whole of 2020 so far, not just during lockdown, with TV viewing up 13% and online viewing up 82%.'
At 10:14am: (LON:STVG) STV Group PLC share price was -1.5p at 259.5p
Story provided by StockMarketWire.com
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