STV Group has announced a 12% increase in revenue, rising from £168.4 million in 2023 to £188 million in 2024, as the broadcaster benefited from acquisitions and Euros-related advertising growth.
In its full-year results for 2024, STV also reported a 3% rise in adjusted operating profit, reaching £20.6 million, up from £20.1 million the previous year. The company credited its diversified strategy for helping it navigate a challenging economic landscape.
Growth Across Divisions
STV’s studios division saw revenue grow by 26% to £84.1 million, with adjusted operating profit rising 18% to £6.1 million. Meanwhile, digital sales before commission increased 8% to £21.8 million, and total advertising revenue (TAR) was up 5%.
Despite strong revenue growth, adjusted operating margin declined slightly to 11%, while the broadcaster achieved cost savings of £1.9 million, exceeding its £1.5 million target. STV remains on track to deliver £5 million in annual savings by the end of 2026.
At the end of 2024, net debt stood at £28.8 million, with a new £70 million revolving credit facility secured for at least three years. The board has proposed a final dividend of 7.4 pence per share, bringing the full-year dividend to 11.3p, consistent with 2023 levels.
Looking Ahead
Rufus Radcliffe, STV’s Chief Executive, announced plans to unveil a five-year strategy refresh in May. Reflecting on the broadcaster’s performance, he stated:
“I’ve been with STV for four months, and it’s clear that the foundations of the business are strong. 2024 was a good year, delivering a solid performance despite a challenging economic backdrop. We are controlling what we can and are very much on track to ensure STV is in the best possible shape when the market recovers.”
He highlighted the continued success of STV Studios, which secured 51 new commissions in 2024 across multiple genres. The company’s 21 production labels have secured future revenue worth £76 million, with strong development pipelines in place.
“STV continues to be Scotland’s pre-eminent marketing platform, reaching 3.3 million people per month,” Radcliffe added. “The Euros provided a welcome boost, winning us a 48% audience share during the tournament and driving record audiences for live viewing on STV Player.”
With a growing production pipeline and digital expansion, STV remains focused on strengthening its position as a leading broadcaster and content producer while enhancing operational efficiencies to support future growth.
