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AGM and Quarter 1 Trading Update and notification of Board changes

Tagged in: RNS Announcements
The following trading update will be provided to shareholders at the Company’s Annual General Meeting to be held at 11am today.
 
Trading during Q1 was in line with expectations. The outlook to end of May continues to be in line with forecasts with STV national airtime revenues expected to be down 8%.  Regional airtime revenues are expected to be up 5% in the five months to end of May. Digital revenues continue to perform strongly, up 11% in Q1 with VoD up 23%, and are expected to continue to deliver a strong growth trajectory in Q2.

STV2, a new channel and the latest addition to the STV Family of consumer services was successfully launched yesterday. STV2 is the first commercial channel with a distinct schedule for Scotland. The service will be available on DTT, Sky, Virgin and online via the STV Player.

During the period STV Productions has announced a new commission for 20 episodes of a game show format for ITV. Babushka will appear in ITV’s daytime schedule from early May. 
It is also announced that Rob Woodward, Chief Executive Officer, will stand down from his position and from the board within 12 months. STV’s nomination committee will begin a process to identify a successor.

As announced in our last trading update, David Shearer, Senior Independent Director, will retire from the board with effect from today’s AGM after ten years valued service. Simon Miller will be appointed as Senior Independent Director with immediate effect.
 
Margaret Ford, Chairman of STV Group plc, said: “The board is indebted to Rob for his exceptional contribution to the turnaround of the Group and his commitment and passion in driving positive growth over the past ten years.  He has built a strong legacy. With a first class leadership team and staff and highly engaged board in place the company is well positioned to realise its future growth potential and continue to deliver to shareholders.”

Rob Woodward, Chief Executive Officer of STV Group plc, said: “We have made a positive start to 2017 including the launch of new channel, STV2, and further commissions secured for STV Productions.

“As I confirm my decision to pursue fresh challenges after leading the company for the past ten years, I am passionate about STV and its prospects to continue to deliver sustainable profitable growth for our shareholders. The company has an outstanding management team and committed and energised staff that will continue to build on the unique strategic strengths of the business.”

Ends

Enquiries:

STV Group plc
Eleanor Marshall, PR and communications manager
Tel: 0141 300 3670