STV hails 'strong financial performance' and profit boost in first six months of 2022

STV recorded a strong performance in the first half of 2022 as revenue and profit rose on a record previous year.

The broadcaster announced pre-tax profits of £10.6m in the six months to June 30, while advertising revenue and operating profit also increased by 4% and 22% respectively.

The channel also retained its position as Scotland’s most-watched at peak times, taking an audience share of 22.2%.

Meanwhile flagship news programme STV News at Six maintained its position as Scotland’s number one news programme since 2019.

STV Studios were also able to celebrate 25 new commissions including Criminal Record for Apple TV+ and Written in the Stars for Discovery+, while a record 20 series went into production in 2022 including a second season of Screw for Channel 4.

An increase in active and VIP users on its channels was recorded, while the business reported higher audience in Scotland through its STV Player than all other subscription services combined.

Chief Executive Simon Pitts said: “STV has had a strong first half of the year, with revenue and profit up on our record performance in 2021.

“Our strategy of creating a more diversified business through a relentless focus on production growth, digital streaming and local advertising continues to deliver, with STV Studios revenue up 16%, VOD advertising on STV Player up 16% and regional advertising up 11%.

“Our audience position is strong on TV and online, with STV’s daily, weekly, and monthly reach in H1 higher than all subscription streaming services combined. STV remains the most popular peak time TV channel in Scotland for the fourth year in a row, boosted by dramas like Trigger Point and Our House, and active users on STV Player were up 7% in H1 despite tough comparators in the first half of last year with a lockdown and the Euros football.”

He added: “The advertising market is clearly not going to be immune from the ongoing economic uncertainty, with total advertising up 4% in H1 and forecast to be slightly down for the nine months to September, but we are expecting a stronger Q4, boosted by the first ever winter football World Cup.”