STV Group advertising revenues accelerate in Q3

Broadcaster STV Group said on Wednesday that advertising revenues had improved at a better than expected rate in the third quarter on the back of a stronger viewing performance in the period.

Third-quarter total advertising revenues fell 4% year-on-year, while STV-controlled advertising was higher - with regional advertising up 8% and video-on-demand advertising up 10%.

Also driving the outperformance, STV highlighted that television viewing was up 13% in the three months ended 31 October, while online viewing was 82% higher.

The AIM-listed group also maintained its previous guidance for the group's studio production wing, with the impact of shuttering due to the Covid-19 pandemic being only "limited".

Chief executive Simon Pitts said: "Despite the ongoing challenges around Covid-19, I'm encouraged that the advertising market has recovered strongly across the summer and autumn, demonstrating the enduring power of television and our ability to come through further uncertainty with confidence.

"We remain confident in our prospects for growth, and look forward to finishing the year strongly on screen with November traditionally our biggest month of the year."

As of 1330 GMT, STV shares were untraded at 261.0p.