STV reveals growth in first-quarter revenues

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Commercial broadcaster STV today said it has made a “strong start” to its new financial year, with airtime revenues growing ahead of expectations.

The Glasgow-based group told investors that national airtime revenues have risen 5 per cent on a year ago, which should help deliver an increase of 7 per cent for the period from January to May.

Chief executive Rob Woodward said digital revenues rose 15 per cent in the first quarter, in line with the board’s hopes, and are expected to be up between 15 and 20 per cent for the full year.

STV, which holds its annual meeting today, has benefited from an upturn in work at its production arm, which makes shows such as Catchphrase and Celebrity Antiques Road Trip.

Last month the firm said it would be paying its first dividend in seven years as it reported a 5 per cent rise in annual operating profits to £18 million.