UK's STV warns of annual profit miss on subdued ads market, shares plunge
Shares fell over 24% - biggest percentage drop since November 2007 - to 145.4 pence.
STV has two divisions, Audience, which runs commercial public service broadcaster STV and streaming service STV Player and heavily relies on advertising, and Studios, Scotland's largest TV production company which gets commissions from the likes of Netflix and BBC to produce content.
A worsening macroeconomic backdrop in the UK has led to fewer funding approvals for creative projects, which has impacted the group's unscripted content, such as talk shows or documentaries, with some projects in advanced development stages not being approved and some being delayed to 2026.
STV Group said its scripted labels remained strong and it was still working on projects for Netflix, Apple, Sky and the BBC, with financial expectations remaining unchanged for that segment.
The company expects total advertising revenue, which makes up the lion's share of group revenue, to be down about 8% in the third quarter due to a challenging advertising market.
The group expects total revenue to range between 165 million pounds and 180 million pounds ($221.50 million and $241.63 million), and an adjusted operating margin of about 7% for the year ending December 31, 2025.
($1 = 0.7449 pounds)
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