STV Group plc (STVG.L) said that its total advertising revenue, before commission, for the third quarter was up 5%, stronger than guided. The company confirmed performance remains in line with market expectations, despite ongoing weakness in the linear TV advertising and commissioning markets.
STV Studios continues to trade well, winning commissions despite constrained budgets and delivering for our customers in a continued inflationary environment. The forward orderbook was 92 million pounds at the end of October.
STV Group expects fourth-quarter total advertising revenue to be down by about 10%, impacted by strong comparators, including the Rugby World Cup.
The company expects the full year total advertising revenue, before commission, to be up 2%-3%, boosted by the Euros earlier this year.
The company said its 3-year cost savings plan is on course to deliver at least 1.5 million pounds of savings in 2024 and hit the target 5 million pounds annual run rate by the end of 2026, as previously guided.
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