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(Alliance News) - STV Group PLC on Tuesday said half-year profit rose on growing advertising revenue and diversified income streams.
STV are a Glasgow-based Scotland-focused television broadcaster.
In the six months to June 30, pretax profit jumped 25% to GBP10.6 million from GBP8.5 million a year ago.
Revenue grew by 3% to GBP62.1 million from GBP60.3 million as video on demand advertising revenue rose by 16% while regional advertising was up 11%.
As a result, the board proposed an interim dividend of 3.9 pence per share, up 5% from 3.7p a year prior.
Chief Executive Officer Simon Pitts commented: "Our audience position is strong on TV and online, with STV's daily, weekly, and monthly reach in the first half higher than all subscription streaming services combined. STV remains Scotland's most popular peak time channel for the fourth year in a row."
He added: "Our strategy of creating a more diversified business through a relentless focus on production growth, digital streaming and local advertising continues to deliver".
The board looks forward to a "strong" content line-up for the second half of the year including the first ever winter football world cup, which is expecting to bring "stronger commercial and viewing performance".
The company said it is on track to hit or exceed 3-year growth targets by the end of 2023.
Shares in STV were trading 3.6% higher at 287.00 pence each in London on Tuesday morning.
By Chris Dorrell; chrisdorrell@alliancenews.com
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