STV Group PLC - Glasgow-based television broadcaster and content producer expects annual operating profit of £20 million in 2023, which would be a 21% drop from £25.3 million achieved in 2022. Says this is the result of ‘weak national TV advertising in [the fourth quarter] and the related effect on the rate of commissioning in Studios’.
Chief Executive Officer Simon Pitts says: STV continues to make strong strategic progress despite a challenging linear advertising and commissioning market impacted by ongoing economic uncertainty in the UK...We remain confident in our future growth prospects, with a strong content line-up on STV and STV Player, a compelling pipeline of new programme ideas across the expanded STV Studios, and a clear growth strategy, ensuring that we are well placed for the economic recovery when it comes.‘
Current stock price: 180.22 pence, down 5.8%
12-month change: down 30%
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