Simon Pitts delivered his valedictory financial update from STV to the City today and as he prepares to leave for pastures new, he has grounds to reflect on a job well done.
Mr Pitts, who will take over as chief executive of media firm Global next year, expressed satisfaction that the Glasgow-based media company had successful diversified beyond traditional broadcasting into content production and digital streaming over the course of his six-year tenure.
Interim results published by STV today certainly reinforced that assessment, with further growth achieved by productions arm STV Studios amid a slew of new commissions and returning series, and by its streaming business, STV Player, in the six months ended June 30.
Overall, STV reported that pre-tax profits for the first half had leapt by 115% to £7.1 million on revenue up 20% to £90.4m. This was helped by a resurgent advertising performance, boosted by Euro 2024, which saw STV attract a peak audience of 1.38 million for the opening match between Scotland and Germany.
Total advertising revenue climbed by 13% to £51.9m amid signs of recovery in market conditions after a difficult start to the year. However, STV warned that growth will slow over the remainder of the year, with the fourth quarter going without the benefit of the Rugby World Cup which took place in the latter part of 2023.
As Mr Pitts gets set to leave the broadcaster’s headquarters on Pacific Quay for the final time at the end of October – ITV veteran Rufus Radcliffe will step into the hot-seat on November 1 – he declared that he is “leaving STV in a good shape and a stronger business creatively and commercially but also culturally”.
He added: “We have managed to transform STV over the last few years from a broadcast business into one that is really led by content and digital streaming.”
However, Mr Pitts said the “most satisfying thing” is that “we have got such a brilliant team who have done a terrific job [and] continue to do well, day-in, day-out, and will no doubt take the business to new heights with an ambitious new strategy and targets we set out earlier in the year.”
UP Johnson Service Group has cheered a jump in sales over the first half of the year, as it expanded its luxury hotel services operations with a deal to buy a rival.
DOWN The FTSE-100 index at 3:45pm was down 66.61 at 8,297.23.
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