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LONDON (Alliance News) - STV Group PLC Thursday upped its total dividend for 2014, as it posted a rise in pretax profit, and outlined a target of 10% compound annual growth in earnings per share over the next three years.
The broadcaster proposed a final dividend of 6.0 pence, taking its total dividend to 8.0 pence, up from 2.0 pence in 2013.
STV posted a pretax profit of GBP17.3 million, up from GBP14.3 million a year before, as revenue rose to GBP120.4 million from GBP112.1 million. Revenue was boosted by strong growth in its digital and consumer revenues. It launched its first City TV service, STV Glasgow, last June and it reached its targeted revenue of GBP600,000 in the second half.
STV Edinburgh launched in January. The company expects STV Glasgow to reach a break-even run rate by the second half of 2015.
STV said its first quarter outlook is positive, with national airtime revenues expected to rise 11% due to the favourable timing of Easter. It expects second quarter revenues to fall however, due to the World Cup being included in the comparative period, and the General Election.
Scottish airtime revenues are down 3% in the first quarter of 2015, and STV expects them to be flat to 5% down in the second quarter due to the earlier Easter and General Election.
Shares in STV are trading up 1.5% at 378.65 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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