Glasgow-based STV Group plc reported group revenue of £66.1m for the six months to 30 June 2026, down 27% from £90.0m a year earlier, as Studios revenue fell to £15.5m (2025: £42.2m) and the division swung to a £3.2m adjusted operating loss.
Group adjusted operating profit slipped 12% to £5.9m, cushioned by a 5% rise in total advertising revenue to £48.1m — slightly ahead of guidance and boosted by the FIFA World Cup — and by ongoing cost savings. The group booked a non-cash impairment charge of £25.4m against Studios, producing a statutory operating loss of £20.5m (2025: profit of £3.3m). Adjusted basic EPS was flat at 7.1p; statutory basic EPS was a loss of 45.8p.
The board is not proposing an interim dividend, citing “the continued uncertain trading environment” and a focus on preserving financial flexibility, and said it will review the position at the full-year results. Net debt fell slightly to £42.9m (start of year: £45.3m) and STV said it is on track to deliver £8m of annualised run-rate cost savings by the end of FY26, following a completed restructuring exercise that reduced roles across the business by around 60.
Guidance was updated in several places. Studios is now expected to be breakeven for FY26, with the group citing delays in commissioning decisions; a return to profit in FY27 is described as subject to positive decisions on a small number of material commissions, alongside a portfolio review. In the Audience division, Q3 total advertising revenue is expected to be down around 5%, broadly in line with Q1’s year-on-year pattern. Total net debt is expected to end the year in the £40–45m range. STV also confirmed a re-phasing of defined benefit pension scheme contributions, reducing cash commitments by £13m in FY27 and extending the recovery plan by one year to 2031.
“Our first half performance was in line with our expectations and previous guidance. The boost to advertising revenue and viewing from the FIFA World Cup, combined with disciplined cost management, helped offset reduced Studios profitability which reflects the timing of delivery of scripted programming and continued weakness in the commissioning market,” said Rufus Radcliffe, Chief Executive.
Radcliffe added: “The Studios division delivered several notable creative and commercial successes in the first half, including Primal Media’s first commission for Disney’s Hulu and our in-house drama label, newly rebranded Blackhill, giving Netflix a global number one drama in The Witness, continuing the growth of our international customer base. We also strengthened our scripted pipeline through our exclusive partnership with renowned actor and director Kevin McKidd’s Ferryman Films. Given the prolonged slowdown in commissioning activity, we have recognised a non-cash impairment charge in Studios, reflecting a prudent reassessment of short- to medium-term market conditions while remaining confident in the long-term growth prospects of our business and the opportunities ahead.”
On the group’s newer ventures, Radcliffe said: “Our audio venture continued its strong start with STV Radio entering Scotland’s top ten most-listened-to commercial stations after just six months on air, well ahead of our expectations. In Q4, we will launch our AI-powered advertising service, ADapt, offering businesses an unrivalled cross-platform audience reach across broadcast, digital and audio in Scotland.”
STV said its Studios production orderbook of contracted activity stood at £36m at end-June 2026, up from £33m at end-2025.
