STV is expected to cut staff after sliding to a half-year loss and announcing additional cost savings of £3 million.
The Glasgow-based broadcaster said £2.5m in cost cuts will be delivered over the next year and follow a previously announced target of £5m by the end 2026.
Chairman Paul Reynolds has announced he will be leaving the role and the board at the end of the year. The board has appointed Clive Whiley as his successor.
The company slipped to a £200,000 half-year loss before tax (2024: profit of £4.8m) as total advertising revenue fell 10% to £45.6m (2024: £50.7m), driven by a 16% fall in national linear advertising.
Flat total revenue of £90m (Jun-24: £90.4m) was partially offset by a 13% rise in Studios income to £42.2m (2024: £37.5m), despite a difficult commissioning market.
In view of the challenging trading conditions the board has cancelled the interim dividend and will continue to review the position.
Rufus Radcliffe, chief executive, commented: “I have every confidence that STV will navigate the currently difficult trading environment in both our key markets, successfully implement our FastFwd strategy, and deliver sustainable value to our shareholders.
“We recognise that our cost savings programme impacts colleagues across the business, and we are committed to supporting people through this change. These steps are necessary to strengthen our financial resilience and position STV for long-term growth.
“The launch of STV Radio is on track, viewing on the STV Player is at an all-time high, and we are delighted that Army of Shadows has been commissioned by Channel 4 from Two Cities.”
Paul Reynolds is to step down as chairman and director by the end of this year. He joined the board in February 2021 and has served as chair since April 2021.
The board said that following a search process, Clive Whiley will join the board from 1 October 2025 as non-executive director and chair elect. He was previously non-executive chairman of De La Rue.
Mr Reynolds said: “As a Scot who grew up with STV, it has been my great privilege to chair this iconic company over the last five years.
“We have continued to grow our brand strength with viewers and advertisers whilst meeting the challenge of diversifying, such that over half our revenues now come from award-winning TV productions for national and international streamers and broadcasters.
“I am confident our FastFwd strategy will continue that journey and bring us new audiences and
advertisers while we grow our leading TV production business.
“Demand for advertising and new shows is currently weak, in line with the UK economy, and Clive’s huge experience will be very helpful in navigating through this tough period, keeping STV strong for the opportunities that the inevitable upturn will bring. I’ll work closely with him over the next few months to ensure a smooth transition.”
Mr Whiley said: “I am looking forward to joining the STV board as the company seeks to deliver the strategy announced earlier this year to grow the business and create value.
“My non-executive career has been characterised by applying my experience of listed and regulated environments to fresh challenges, where I actively seek opportunities to operate in new sectors, with the media industry currently undergoing a period of exceptional change.”
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