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STV Group PLC - Scottish television and media company - Sinks to pretax loss in six months to June 30 of GBP4.9 million from GBP9.1 million profit year before. Revenue plunges 19% year on year to GBP44.7 million from GBP54.9 million. Total advertising revenue was down 20%, with national down 23% and regional down 18%. Total advertising revenue trends improved "materially" post-period, STV said, with June down 33%, July down 7% but August up 1%.
Digital revenue, however, advanced 5%. Studios revenue was down 17% reflecting the pause in filming in the second quarter, but the profit hit was somewhat mitigated, STV said, by strong secondary sales and cost savings. Separately, STV Studios said Tuesday it has added factual entertainment producer Barefaced TV to its portfolio.
STV said it recorded its highest audience growth ever, up 12%, with all time viewing share of 19.2%, and, the media firm noting, growth continuing post lockdown.
STV cut its dividend to 3.0p from 6.3p.
Looking ahead, STV said it is unable to give forward guidance but noted it will continue to manage cash and costs carefully.
Current share price: 226.00 pence
Year-to-date change: down 46%
By Paul McGowan; paulmcgowan@alliancenews.com
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