STV presents a bright first-quarter picture

STV chairman Richard Findlay yesterday unveiled a 9 per cent rise in first-quarter revenues despite continued tough trading in the regional television market.

Findlay told shareholders at STV's AGM in Glasgow that the broadcaster had delivered a strong start to the year even though regional airtime revenues were down 10 per cent on the same period in 2010.

The firm was boosted by an 11 per cent rise in national airtime sales during the first quarter, allowing it to post overall growth in revenues.

Findlay also confirmed that STV's new evening news service dedicated to the east of Scotland will begin broadcasting from 16 May.

The six-month trial news slot will be presented by Juliet Dunlop and Caroline Henderson from studios in Edinburgh, replacing the current STV News at Six broadcast, which will continue to air in the west only.

Findlay said there was no update on the status of STV's legal disputes with ITV, which have so far led to 3.5 million in write-offs by the Scottish broadcaster.

STV anticipates a further 2m in legal fees, and has put a "downside value" of 14m on the claims against it, should they be upheld. The first case, involving financial damage claims by ITV and a counter-claim from STV, is due to begin next month.

Shares in STV closed down 2.5p at 136p.