Trading Update & Announcement of Board Changes
STV Group plc
Trading Update and Announcement of Board Changes
26 April 2018
The following trading update will be provided to shareholders at the Company's Annual General Meeting to be held at 11am today.
Business performance continues in line with expectations and the guidance in the previous trading update of 1 March 2018.
In line with the broader market, STV national airtime revenue was up 1% in Q1 as anticipated and is expected to be down 2% to the end of May. We expect national market airtime growth in H1 with the FIFA World Cup beginning in June.
Regional airtime revenue is continuing to perform strongly, up 20% to 25% for the year to date to the end of May.
STV's revenues from digital activities are expected to be up 20% to 25% for the year to date to the end of May, with this rate of growth expected to continue throughout 2018.
In addition, STV Productions has already secured over 30% more revenue so far in 2018 than in the whole of 2017.
Reflecting this positive start to the year, STV Productions has today announced five new documentary commissions for the BBC. These commissions are amongst the first awarded by BBC Scotland as part of the broadcaster's additional investment in Scotland. They underscore how well placed STV Productions is to meet the increasing demand for programming from the nations and regions.
Earlier this month the commission of a new four-part entertainment series for Channel 4, Sex Tape, was announced. Additionally, the BBC has confirmed a second drama from STV Productions for BBC One, Elizabeth is Missing, alongside drama series The Victim, which will transmit on BBC One later this year.
We are also announcing that Michael Jackson will step down from the Board, as of today's AGM, having provided nine years' valued service as a non-executive director.
David Bergg will join as a non-executive director, effective from 1 May 2018, bringing his extensive knowledge of commercial broadcasting to the Board.
Finally, the conclusions of the strategic review of the business that was commenced by Simon Pitts on his appointment as Chief Executive Officer will be announced on 16 May 2018. A full update to shareholders will be provided on that date.
Simon Pitts, Chief Executive Officer, said:
"We have made a positive start to 2018, with regional and digital revenues performing particularly strongly. STV Productions has also secured a range of new commissions already this year, including a number of returning and returnable series, cementing our position as one of the UK's leading nations and regions production companies."
"Since January, I have been working closely with colleagues across the business to develop the next phase of STV's strategy. I look forward to sharing our vision and plans for growth."
Chairman, Baroness Margaret Ford said:
"I'd like to thank Michael Jackson for his considerable contribution to STV over the last nine years. I'm also delighted to be welcoming David Bergg to the Board as a non-executive director. David brings a wealth of commercial broadcasting experience after a stellar executive career which began in the television industry in Scotland in the 1980s. His sector knowledge and insight will be hugely valuable as we grow the business."
Ends
Enquiries:-
STV Group plc
George Watt, Chief Financial Officer Tel: 0141 300 3341
Ellen Drummond, PR & Communications Manager Tel: 07803 970143
This information is provided by RNS
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