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STV expecting 2020 profits of £18m
StockMarketWire.com
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STV Group expects to achieve an operating profit of £18 million for the year ending 31 December 2020, beating market expectations.
Profits have been supported by an 8% boost in regional advertising in the second half of 2020. Overall advertising revenue was only down by 5% over 2020.
In lockdown, STV was able to take advantage of captive viewers and its audience grew by 14% over the year.
At the same time, the audience of STV Player grew 68% which made it the fastest growing VOD service in the UK.
STV has been able to benefit from government confirmation that TV production can continue during the current lockdown, therefore limiting the impact on the company's content schedule.
Elsewhere, STV has appointed Paul Reynolds as non-executive director and chair elect to succeed Baroness Margaret Ford.
Reynolds will take over the chair from Baroness Ford in February 2021 who will leave the board, as planned, in April 2021.
He is currently a non-executive director on the boards of TalkTalk Telecom Group and Computershare.
February 2021 also sees Aki Mandhar join as non-executive director. He is currently UK general manager of The Athletic.
At 1:29pm: (LON:STVG) STV Group PLC share price was 0p at 272.5p
Story provided by StockMarketWire.com
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