STV reveals strong digital growth in financial results

STV

STV has revealed a 'robust' set of financial results as its digital business continues to show strong growth.

Scotland's digital media company announced pre-tax profits had increased by 12% in 2011, reaching £14m. It was bolstered by sharp growth in its digital business which saw revenue up 69% to £7.1m.

STV now has Scotland's most popular commercial website with an average of three million browsers accessing 17 million pages each month in the final quarter of 2011.

Rob Woodward, Chief Executive Officer, said: "STV has an ambitious plan for growth and our strategy remains clear going forward, with investment in strategic partnerships, helping extend the STV brand in our core Scottish market and beyond.

"We remain committed to growing a strong, successful and dynamic STV, cementing our position as Scotland's most popular peak time TV station and leading commercial media website, and as the provider of unique digital content across multi-platforms."

The company continued to roll its STV Local initiative across Scotland, with more than 20 community websites reaching almost half the population. The STV News iPhone app, which has had more than 100,000 downloads, now delivers more than half of all online pages views for news and the company launched a partnership with Facebook to share stv.tv content on its platform.

On air, STV continued to outperform the network, with the launch of acclaimed programmes such as Scotland Tonight. STV's production business secured a two-year deal for hit series Antiques Road Trip for the BBC, delivered a successful partnership with US production company Kinetic and secured a commercial relationship with Group M providing opportunities to deliver network shows, the first being four-part show Perez Hilton Super Fan to ITV2.

Richard Findlay, Chairman, said: "STV has delivered a robust set of results for 2011 against challenging economic conditions from which no consumer business is immune. We are focused on our clear strategy and KPI targets and we continue to improve efficiencies behind the scenes, to ensure we deliver value for shareholders and a first rate and distinctive service for viewers and consumers."