STV Group revealed this morning that 2021 had been an “exceptional” year of growth for the Glasgow-based media company.
Annual turnover and profits were both well in advance of 2020’s performance - and also better than the figures recorded in 2019 before the onset of the pandemic.
Last year’s turnover hit £144.5million - up 35% on 2020 and 17% in front of 2019.
Pre-tax profits reached £20.1million – triple the 2020 figure and 10% in advance of 2019.
Chief executive Simon Pitts said: “2021 was an exceptional year of growth for STV which saw us deliver the highest revenue, operating profit and lowest net debt on record. We continue to support our people, partners and communities as we emerge from the pandemic with momentum and confidence.
“We are taking full advantage of the growth in video viewing, with STV recording its highest viewing share since 2008 and our streaming service STV Player growing streams by 63% - thanks to huge audiences for new dramas and Euro 2020. This viewing success propelled us to our highest-ever advertising revenues - 24% up on 2020 and 11% ahead of 2019, with growth continuing into 2022.
“Our strategy of creating a more diversified media business through a relentless focus on digital streaming and production growth is delivering, with these new areas now making up 36% of our total profit.”
Mr Pitts added that 2022 had started well with a strong advertising performance in the first quarter, and also particularly good revenue visibility in studios.
“2022 will be our biggest year yet in terms of content - with over 150 hours of new, original drama, 40% more than 2020, including the Ipcress File and Our House starring Martin Compston, followed by extensive coverage of the FIFA World Cup in Qatar later this year."
He also commented that these were very unsettling times with the war in Ukraine.
The CEO added: “Any business implications obviously pale into insignificance against the humanitarian cost. STV has no exposure to trading with Russia and that will remain the case."
FTSE 100
Meanwhile, the UK’s leading share index, the FTSE 100, finished marginally ahead yesterday – up nearly five points at 6,964. And it made a very good start to trading today – ahead 103 points at 7,067.
Companies reporting today
- Full-year results: 888 Holdings, Deutsche Post, Ibstock, Legal & General Group, Network International Holdings, Prudential, Quilter, STV Group, Tullow Oil
- Trading statement: Biffa