STV reports 84% slump in profits

Aug 27 2009

The extent of the pain in regional television has been disclosed as Scotland's STV reported an 84% slump in profits as advertising revenues dropped.

STV posted pre-tax profits of £700,000 in the six months to June 30, compared with £4.5 million the previous year.

Broadcasting operating profits dropped by a quarter to £3.9 million, driven by a £10 million decline in advertising revenue arising from the recession.