LONDON (Alliance News) - Scottish media firm STV PLC on Thursday reported a "strong" set of annual results, with Digital revenue growing particularly well.
For 2018, STV's revenue rose 8% to GBP125.9 million, though pretax profit slumped 86% to GBP1.9 million. However, stripping out exceptional items, pretax profit climbed 6% to GBP19.0 million.
These items include GBP8.7 million in restructuring costs and a GBP4.2 million provision related to a debtor impairment.
STV is paying a final dividend of 14 pence per share, taking the total for 2018 to 20p, from 17p in 2017.
Advertising revenue increased 4% across national, regional and digital. Broadcast revenue was 3% higher, digital revenue up 17%, and video on demand revenue climbed 39%.
STV said it had its strongest share of viewing figures since 2009, with numbers up 13% on the prior year. Its News at Six is now the most watch news show in Scotland.
"The results announced today show encouraging underlying growth across all of our key business areas in 2018. Total advertising revenue is up 4% on the back of STV's strongest viewing performance in a decade," said Chief Executive Simon Pitts.
"All age groups watched more STV in 2018, including the younger 16 to 34 audience, and online viewing via STV Player also gave us a significant boost fuelled by the football world cup, the soaps, big entertainment shows like I'm a Celebrity and drama box sets."
"2019 has also started well, with strong digital and regional growth off-setting the more cautious national advertising market," Pitts added.
STV also said Thursday it has signed up WME Entertainment as its distribution agent for dramas in both the UK and abroad.
"WME is one of the world's leading entertainment companies, working with an unparalleled list of artists and content creators. We are excited to be working with them as we progress our growth plans," said David Mortimer, managing director of STV Productions.
Shares were 1.8% higher on Thursday at a price of 364.00 pence each.
Stvg (STVG)