The following trading update will be provided to shareholders at the Company’s Annual General Meeting to be held at 11am today.
The business has continued to perform well and has delivered a strong start to 2015. Trading during Q1 is in line with the Board’s expectations. National advertising revenues were up 9% in Q1 and the Scottish advertising revenue market was down by 13% due to campaign phasing. Total airtime revenues for the period to end of May are expected to be up 3%, with national revenues up 5% and regional revenues improving on Q1, down 11%.
Digital revenues continue to perform strongly, up 33% in Q1 and are forecast to be up 40% to the end of May.
In addition to the company’s KPI targets, against which good progress continues to be delivered, an additional growth target of a normalised EPS CAGR of 10% across 2014-2017 was announced in February.
Rob Woodward, Chief Executive Officer of STV Group plc, said: “Performance across the business is in line with expectations against our ambitious KPI growth targets. Through the STV Family of consumer services we are successfully growing market share whilst continuing to enhance the service we offer to our advertisers. During the period we confirmed that we have been awarded three further licences to deliver locally focused television services in Aberdeen, Ayr and Dundee all of which will enable further growth of our portfolio and enhanced consumer engagement. Our content production business, STV Productions, continues to build a strong pipeline across genres. Finally, on behalf of the Board, I would like to take this opportunity to acknowledge the contribution made by Jamie Matheson over the past eight years as he retires from the Board this month.”
STV Group plc
Eleanor Marshall, PR & Communications Manager
Tel: 0141 3003670