STV Group plc (STVG) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you everyone for joining today. Good afternoon. I'll start with an overview of full year 2025. Lindsay will then take you through the finance review before I return to cover strategic progress and how we are positioning the business for success. We'll finish with Q&A. Our full year 25 performance landed in line with guidance. Group revenue of £176.9 million and adjusted operating profit of £11.6 million reflected disciplined delivery in a difficult advertising and commissioning market. Our cost savings programme is on track delivering £8 million of permanent savings by full year 26. SDV Radio launched in January with a strong early response from both audiences and advertisers. We entered 2026 with a clear plan and reasons for optimism with an expanded World Cup, the scaling up of SDV Radio and international commissions for our studio's business. We are also continuing to explore opportunities emerging from a rapidly transforming media landscape. Consistent with our focus on financial discipline, the board is not recommending a final full year 25 dividend to preserve flexibility and liquidity as trading stabilises, but intends to return to paying a dividend when it is prudent for the group to do so. Now over to Lindsay. Thanks, Rufus. I'll just kick off with a summary of the key financials for the year, which are in line with the trading update that we issued in January. The group generated revenue of £177 million in 2025, down 6% on the prior year. Studios revenues remained resilient to £83 million, down only 1% and underpinned by scripted activity, with the main driver of the group revenue reduction being advertising, which was down 10%. The largest component of TAR is national linear advertising, which was down 16%, with regional revenues performing much bett...