STV Group PLC Trading Update & Announcement of Board Changes (1449M)
26 April 2018 - 7:30PM
UK Regulatory
TIDMSTVG
RNS Number : 1449M
STV Group PLC
26 April 2018
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
The company news service from the London Stock Exchange
END
MSCEAKLSAADPEFF
(END) Dow Jones Newswires
April 26, 2018 05:30 ET (09:30 GMT)
Stv (LSE:STVG)
Historical Stock Chart
From Apr 2024 to May 2024
Stv (LSE:STVG)
Historical Stock Chart
From May 2023 to May 2024