STV Group PLC - media company based in Glasgow - For 2020, expects operating profit to be at least GBP18 million, ahead of market expectations, but down 9.5% from GBP19.9 million in 2019.
For the fourth quarter, total advertising revenue was broadly flat year-on-year, compared to a 4% decline in the third quarter and 38% fall in the second. For 2020 as a whole, total advertising revenue is set to drop by 10% year-on-year.
"2020 finished strongly and we expect to report an operating profit and net debt position well ahead of market expectations, underscoring the resilience of our business, the loyalty of our viewers and our strong digital growth trajectory," said Chief Executive Simon Pitts.
Also on Wednesday, STV announces the appointment of Paul Reynolds as non-executive director and chair-elect with effect on February 1, to replace the current chair, Margaret Ford, when she steps down at the annual general meeting in April.
Reynolds is currently a non-executive director of TalkTalk Telecom Group PLC.
Current stock price: 344.98 pence, up 17% on Wednesday
Year-to-date change: up 14%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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