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STV Group (STVG) investor relations material
STV Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2025 revenue held steady at £90.0m, with Studios growth offsetting a 10% decline in advertising revenue and adjusted operating profit falling 37% to £6.7m due to lower high-margin advertising and inflationary pressures.
Leadership transition announced, with Clive Wiley appointed as new Chair, supporting the Fast Forward to 2030 strategy.
No interim dividend proposed due to ongoing market uncertainty and a difficult UK unscripted market.
Studios order book at end of August stood at £40m, with £19m revenue expected in FY25 and £21m in FY26.
STV Player achieved record H1 viewing, and Studios secured up to 30 new commissions year to date.
Financial highlights
Total revenue flat year-over-year at £90.0m; adjusted operating profit down 37% to £6.7m, mainly due to lower high-margin advertising revenues.
Studios revenue increased 13% to £42.2m, offsetting declines in other segments.
Total digital revenues grew 5% to just under £11m, driven by VOD.
Net debt at half-year was £35.7m, with leverage at 1.6x, expected to rise to £45–50m by year-end.
Adjusted EPS dropped 54% to 7.1p; adjusted operating margin declined to 7.4% from 11.7%.
Outlook and guidance
FY25 revenue guidance maintained at £165–180m, with group adjusted operating margin expected at approximately 7%.
Q3 total advertising revenue expected to decline 8% year-over-year, with October forecasted to be similar.
Studios' 2026 performance expected to be broadly in line with 2025, given ongoing market difficulties.
Cost saving expectations for the full year reaffirmed at £2.5m.
World Cup in 2026 anticipated to boost ad revenues by 3–5% on a full-year basis.
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