Annual Report and Accounts 2022
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Contents
Overview
01 2022 financial highlights
02 Introducing STV
03 STV strategy, targets and progress to date
Strategic Report
04 Chairman's statement
06 Chief Executive's report
08 The STV investor proposition
10 STV business model
12 Engaging with our stakeholders
(S.172 statement)
14 Operating review: Broadcast
20 Operating review: Digital
24 Operating review: Studios
30 Finance review
34 Risk management
42 Taskforce on Climate-related Financial Disclosure (TCFD) report
46 Non-financial information statement
47 Social impact
Governance
55 Introduction to governance
56 Board of Directors
59 STV Management Board
60 Corporate governance report
67 Governance Committee reports
72 Remuneration report
88 Directors' report
Financial Statements
91 Independent auditors' report to the members of STV Group plc
97 Consolidated income statement
97 Consolidated statement of comprehensive income
98 Consolidated and parent company balance sheets
99 Consolidated and parent company statements of changes in equity
100 Consolidated and parent company statements of cash flows
101 Notes to the financial statements
124 Five year summary
Additional Info
125 Corporate advisers
126 Shareholder services
STV Annual Report and Accounts 2022 01
2022 financial highlights
Strong financial performance despite macroeconomic uncertainty
Revenue | Total advertising revenue | ||
£137.8m | £110.0m | ||
2021 | £144.5m | 2021 | £112.6m |
Adjusted operating profit1 | Adjusted operating margin1 | ||
£25.8m | 18.7% | ||
2021 | £25.2m | 2021 | 17.5% |
Profit before tax | Adjusted EPS2 | ||
£22.2m | 42.3p | ||
2021 | £20.1m | 2021 | 45.6p |
Dividend per share | Non-broadcast profit (%)1 | ||
11.3p | 38% | ||
2021 | 11.0p | 2021 | 36% |
1
Before exceptional items and inclusive of High-End Television tax credits
(2021 only) (note 27).
2
Before exceptional items and IAS 19 finance costs (note 9).
Throughout this Annual Report, where we state record financial performance, it is made by reference to 2010 when the final disposal was made and the Group as we know it today remained.
Overview
Strategic Report
Governance
Financial Statements
Additional Info
02 STV Annual Report and Accounts 2022
Introducing STV
Scotland's home of news, entertainment and drama
Broadcast
Our broadcast channel, STV, is accessible free-to-air on all the main TV platforms in Scotland and reaches 3 million adults each month.
STV Group plc serves audiences with quality content on air, online and on demand.
The business is organised into three dynamic operating divisions, all supported by a central enabling function.
Our Broadcast division runs commercial Public Service Broadcaster, STV, which operates the Channel 3 licences across central and north Scotland. STV brings viewers a strong network schedule of programming alongside our own locally produced news, current affairs and factual entertainment programming.
STV is the most-watched peak time channel in Scotland and is home to some of the most popular shows on television, including iconic soaps Coronation Street and Emmerdale; entertainment hits The Masked Singer and I'm a Celebrity… Get Me Out of Here!; gripping 9pm dramas; and a wide-ranging selection of home-grown productions. Flagship news programme STV News at Six is the most watched news programme in Scotland.
STV is advertiser funded and our reach as a marketing platform is unrivalled in our home market. National sales of linear spot and sponsorship, and VOD advertising on STV Player, are managed by our national sales agent, ITV, and our Scottish clients are serviced by our dedicated Scotland sales team. We offer a 'one stop shop' to regional clients, helping them with advert creation and design, campaign structure, and post campaign research.
Digital
STV's rapidly growing, free streaming service, STV Player is available across the UK on all major platforms, and features an ever-expanding library of premium content.
Studios
The Group's award-winning production business, STV Studios, is Scotland's
biggest production company, creating and producing world class content for a range of UK and international broadcast networks and streamers.
STV Player gives viewers in Scotland the opportunity to watch STV shows on their terms, live or on demand. The service offers viewers an extensive catalogue of content from the UK and around the world, including 167 must-watch drama box sets such as dystopian drama, The Commons, Irish crime thriller, Blood, and Australian family drama, McLeod's Daughters; a wide range of factual entertainment shows and popular archive material, like Taggart. Much of this rich library of owned and acquired content is not available to stream on any other platform in the UK.
STV Player is now pre-installed in three quarters of the UK's connected TV homes and is available on all major platforms, including Sky Q, NOW, Virgin Media, Amazon Fire TV, Freesat, Youview and Freeview Play.
Viewers can upgrade to STV Player+, a subscription service which offers the opportunity to watch Player content advert-free and download shows for offline viewing.
STV Studios has an impressive track-record across genres, with commissions for broadcasters and streamers such as BBC One and Two, ITV, Channel 4, Channel 5, Discovery+, AppleTV+, Really and Sky.
STV Studios is a family of nine creative labels. Our in-house labels are STV Drama, STV Entertainment and STV Factual. We own a majority stake in award-winning unscripted producer, Primal Media, and a minority stake in Northern Ireland based drama producer, Two Cities Television. We own the younger-skewing entertainment label, Barefaced TV, who's first major commission was with global streamer, Discovery+, for Written in the Stars; and we have a co-production agreement with scripted specialists, Tod Productions, with whom we are co-producing a major drama for AppleTV+. Our most recent additions are unscripted producers Hello Mary, who are based in Brighton and joined in 2021 and Mighty Productions based in Glasgow and London who joined in 2022.
STV Studios continues to be on a promising growth trajectory, delivering a record-breaking 30 programme commissions in 2022, with a strong pipeline for future production.
2022 saw us showcase and produce a diverse range of series and new commissions, with big names and broad appeal, both on our own linear and digital channels and for other UK networks.
Brilliant content drives big audiences, and we have both in spades - with so much more to come.
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Disclaimer
STV Group plc published this content on 23 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 March 2023 16:02:06 UTC.