Business
Interim Results for 6 months ended 30 June 2023
Interim Results for 6 months ended 30 June 2023.
About this update from Stv Group Plc
[{"type":"text","content":"\n\n \n \n \n\nPress Release 0700 hours, 5 September 2023\n \nSTV Group plc Interim Results for the 6 months ended 30 June 2023\n \nDiversification strategy accelerates: revenue from growth areas more than offsets expected linear advertising declines\n \nHighlights\n \n· Diversification strategy accelerates delivering total revenue growth of 21%\n· Studios revenue nearly quadruples even before benefit of Greenbird acquisition in H2\n· Strong Digital growth; STV Player streams +25% and new registrations +65%\n· Adjusted operating profit down 33% with wider economic uncertainty impacting linear advertising revenue and cost inflation, as expected\n· STV is Scotland's most watched peak time channel for 6th year in a row across H1\n· First half total advertising revenue down 14%, with Q3 expected to grow by 3-5% driven by major sporting events including Rugby World Cup\n· STV expects over 60% of 2023 earnings to come from outside broadcasting, comfortably exceeding 50% diversification target\n· Board proposes interim dividend of 3.9p, in line with 2022\n \n\n\n\n\nFinancial Summary - 6 months to 30 June\n \n\n\n2023\n\n\n2022\n\n\nvs 2022\n\n\n \n\n\n\n\nRevenue\n\n\n£75.3m\n\n\n£62.1m\n\n\n+21%\n\n\n \n\n\n\n\nTotal advertising revenue\n\n\n£45.8m\n\n\n£53.2m\n\n\n -14%\n\n\n \n\n\n\n\nAdjusted operating profit*\n\n\n£8.0m\n\n\n£11.9m\n\n\n-33%\n\n\n \n\n\n\n\nAdjusted operating margin*\n\n\n11%\n\n\n19%\n\n\n -8pps\n\n\n \n\n\n\n\nOperating profit\n\n\n£nil\n\n\n£11.9m\n\n\n-100%\n\n\n \n\n\n\n\nProfit for the period\n\n\n£3.3m\n\n\n£8.4m\n\n\n -61%\n\n\n \n\n\n\n\nAdjusted basic EPS**\n\n\n14.8p\n\n\n20.0p\n\n\n-26%\n\n\n \n\n\n\n\nStatutory basic EPS\n\n\n7.2p\n\n\n18.7p\n\n\n-61%\n\n\n \n\n\n\n\nNet debt+\n\n\n£16.3m\n\n\n£6.6m\n\n\n-£9.7m\n\n\n \n\n\n\n\nDividend per share\n\n\n3.9p\n\n\n3.9p\n\n\nflat\n\n\n \n\n\n\n\n*\n**\n\n\nBefore exceptional items and including HETV tax credits (2023 only)\nBefore exceptional items (2023 only) and IAS 19 finance costs (both periods)\n\n\n\n\n+\n\n\nExcluding lease liabilities; net debt at 31 December 2022 of £15.1m\n\n\n\n\n \n\n...