![\"Kelly-Ann](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/08\/Kelly-Ann-Woodland-of-STV.png\")
STV saw group revenue plunge in the first half after a decline in commissions led to a sharp fall in income in its key Studios business which fell to a loss.<\/p>\n
Total revenue for the six months ended 30 June 2026 fell 27% from \u00a390m to \u00a366.1m, with Studios accounting for the large part of the decrease, down from \u00a342.2m to \u00a315.5m. Delays in commissioning decisions mean it is expected to break even this year.<\/p>\n
Advertising revenue helped offset the decline with a 5% increase to \u00a348.1m, driven by the positive impact of the World Cup.<\/p>\n
Adjusted operating profit came in 12% lower at \u00a35.9m, impacted by a \u00a33.2m adjusted operating loss in Studios.<\/p>\n
Audience adjusted operating profit rose 21% to \u00a311.1m. A statutory operating loss of \u00a320.5m was recorded, largely due to a non-cash asset impairment of \u00a325.4m in Studios, reflecting market uncertainties. <\/p>\n
Net debt stood at \u00a342.9m, and the company is on track to deliver \u00a38m in annualised cost savings. No interim dividend is proposed.<\/p>\n
Last month the company said STV Radio, launched in January, was beating audience expectations and was one of the top ten most-listened-to commercial radio stations in Scotland.<\/p>\n
The Glasgow-based broadcaster said tbe restructuring of its television operations is complete with a reduction of about 60 roles across the business. There is an ongoing portfolio review in Studios \u201cgiven market conditions\u201d.<\/p>\n
Its final salary pension scheme contributions have been re-phased, reducing cash commitment to schemes by \u00a313m in FY27 and this has extended the recovery plan by one year to 2031.<\/p>\n
Rufus Radcliffe, chief executive, said: \u201cOur first half performance was in line with our expectations and previous guidance. <\/p>\n
\u201cThe 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.\u201d<\/p>\n
The Studios division delivered Primal Media\u2019s first commission for Disney\u2019s Hulu and the in-house drama label, newly rebranded Blackhill, gave Netflix a global number one drama in The Witness<\/em>, continuing the growth of Studios\u2019 international customer base. <\/p>\n Studios also strengthened its scripted pipeline through an exclusive partnership with actor and director Kevin McKidd\u2019s Ferryman Films. <\/p>\n Mr Radcliffe added:\u201d\u201dGiven 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.<\/p>\n \u201cOur audio venture continued its strong start with STV Radio entering Scotland\u2019s top ten most-listened-to commercial stations after just six months on air, well ahead of our expectations. <\/p>\n \u201cIn 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.\u201d<\/p>\n \t <\/div>\n