Scottish TV broadcaster STV slumped to a reported loss last year after paying £18m to settle a dispute with ITV. However, strip out exceptional charges of £14.9m and adjusted pre-tax profits rose 12 per cent to £14m, helped by a repositioning of the business to drive non-broadcast revenues.
Chief executive Rob Woodward notes the business is successfully driving up digital revenues, which increased 69 per cent to £7.1m last year, reflecting a growing online audience and, more importantly, STV being able to monitise it. This growth partially offset contractions in national and regional airtime revenues, although revenue in the consumer segment still declined by 3 per cent to £93.6m.
Production revenues also suffered, falling 14 per cent to £8.4m, as a result of the loss of the contract to produce Taggart. However, Mr Woodward says the unit is "in the midst of being reinvented" into a multi-genre production outfit and expects an improved performance next year. This is underpinned by shows like Antiques Roadshow, which has secured a two-year deal with the BBC.
Peel Hunt is expecting 2012 adjusted pre-tax profits of £15.6m and EPS of 42.3p (£14m and 36.3p in 2011).
STV GROUP (STVG) | ||||
---|---|---|---|---|
ORD PRICE: | 108p | MARKET VALUE: | £42.0m | |
TOUCH: | 107-109p | 12-MONTH HIGH: | 184p | LOW: 76.25p |
DIVIDEND YIELD: | nil | PE RATIO: | 67 | |
NET ASSET VALUE: | * | NET DEBT: | £54.5m |
Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
---|---|---|---|---|
2007 | 120 | -22.7 | -120.0 | nil |
2008 | 111 | 4.9 | 3.6 | nil |
2009 | 90 | 6.1 | 12.3 | nil |
2010 | 105 | 3.9 | 14.6 | nil |
2011 | 102 | -0.9 | 1.6 | nil |
% change | -3 | - | - | - |
*Negative shareholders fund of £29.7m |