STV has posted a drop in its profits, according preliminary financial results announced this morning.
For the STV part of the overall STV plc group, operating profit was £9 million, down from £13 million the year before. For stv plc – which includes the likes of the Pearl & Dean cinema advertising group – operating profit was £9 million, down from £14 million in 2008, during which time the company's radio arm, Virgin Radio, was sold.
Pre-tax profit for stv plc was down from £13 million in 2008 to £6 million last year.
The profits performances were mirrored in turnover. For STV, it was down from £111 million to £90 million; for STV plc, it was down from £145 million to £110 million.
But the company's chair and chief executive were both upbeat.
Said chair, Richard Findlay: “STV has delivered a strong set of results, particularly in light of the extremely challenging market conditions in 2009, including the demise of Setanta and the delay in ITV's re-commission of Taggart. We have, however, concluded the successful turnaround of the business over the past three years, delivering on our promises and establishing STV as a focused and ambitious digital media company, structured to deliver shareholder value as the trading environment improves.”
Added chief executive, Rob Woodward: “STV is a vibrant, innovative and dynamic company with a clear strategy and a dedicated staff. The media industry has been particularly impacted by the unprecedented economic climate through 2009 and whilst we are seeing early signs of success, we have transformed our business to ensure that STV remains strong and competitive going forward. We are confident that as we go into 2010, against a backdrop of improved trading conditions, STV will continue to deliver against its ambitions.”
Read the full financial statement, here.
Yesterday, STV plc's share price closed at 51p. After the results, stock market analysts were recommending to people to buy STV plc shares.