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(Alliance News) - STV Group PLC on Tuesday reinstated its final dividend after reporting a "better than expected 2020 performance".
STV shares were up 1.9% to 331.00 pence each in London.
Revenue fell 14% in 2020 to GBP107.1 million, from GBP123.8 million a year prior, while pretax profit fell 65% to GBP6.7 million from GBP19.0 million, as advertising and TV production were hit by the pandemic.
However, STV gave an upbeat view following a strong second half of the year and improving advertising trends at the start of 2021.
The Scottish broadcaster proposed a final dividend of 6p per share, bringing the total 2020 dividend to 9p per share. The 2019 final dividend of 14.7p per share was cancelled at the onset of the pandemic.
STV said it would repay the GBP1.6 million in furlough grants it received from the UK government before paying the dividend.
The company set out a three-year strategic plan to increase its revenue from TV production and digital, as it diversifies away from linear broadcasting.
It also said it has agreed to sell its lottery management subsidiary, STV ELM Limited, subject to regulatory approval.
STV is "positive about the future" after good results so far in 2021.
STV channel viewing is up 14% year-to-date, while STV Player viewing is up 83% with streams up over 100%. The company has also noted that advertising trends have started to improve materially.
Chief executive officer Simon Pitts said: "With profit and net debt materially better than expectations, the 2020 financial results we are confirming today are testament to the strength of our business."
By Ivan Edwards; ivanedwards@alliancenews.com
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