How major new orders from Netflix and Sky are boosting Scots broadcaster's top line

STV boss Simon Pitts says the broadcaster 'remains on track to deliver its ambitious growth plans out to 2026'. Picture: contributed.STV boss Simon Pitts says the broadcaster 'remains on track to deliver its ambitious growth plans out to 2026'. Picture: contributed.
STV boss Simon Pitts says the broadcaster 'remains on track to deliver its ambitious growth plans out to 2026'. Picture: contributed.
"STV continues to make strong strategic progress, and remains on track to deliver its ambitious growth plans out to 2026.”

Glasgow-headquartered media group STV has applauded a strong pipeline of work from broadcasting giants including Netflix and Sky, and flagged buoyant advertising revenue momentum in the first quarter that it expects to gain pace on the back of the forthcoming Euro 2024 football tournament.

The London-listed firm has in a trading update outlined how total advertising revenue grew 5 per cent in the first three months of its financial year, in line with guidance, and is expected to grow by 15 to 20 per cent in the following quarter, to amount to a first-half jump of 10 to 12 per cent.

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It added that its key STV Studios arm, which was recently recommissioned by the BBC to make new series of Antiques Road Trip, Celebrity Antiques Road Trip, and The Travelling Auctioneers, continues to perform strongly “despite the challenging commissioning environment”.

The group, which is based at Pacific Quay, said new dramas The Witness (Netflix) and Amadeus (Sky) are both now confirmed for 2025 delivery, and the STV Studios unit remains on track to reach target revenues of £140 million in the 2026 financial year.

STV boss Simon Pitts, who is stepping down to in 2025 become group chief executive of media and entertainment group Global, said: "STV continues to make strong strategic progress, and remains on track to deliver its ambitious growth plans out to 2026. We have a fantastic programming line-up for the rest of 2024, kicking off next week with live and exclusive coverage of the opening game of Euro 2024 between Germany and Scotland on STV and STV Player."

The group also welcomed the new Media Act that received Royal Assent on May 24, saying this includes guaranteed prominence for STV Player online, “similar to STV's presence on broadcast platforms”.

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Roddy Davidson of house broker Shore Capital said: “We are pleased with the better-than-expected advertising performance and positive tone of this update.”

STV in March reported 2023 full-year revenue jumping by 22 per cent to £168.4m, while total profit was down by about 70 per cent to £5.3m. Pitts said the period marked “another year of strong strategic progress” for the group.

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