Glasgow media firm STV Group plc published a trading update saying its total advertising revenue (TAR) was up 5% in its first quarter and is expected to be up 15-20% in Q2 driven by Euro 2024.

Overall, first-half total advertising revenue is expected to be up around 10-12%.

STV reported a current order book of secured future revenues in STV Studios of £86 million and said the business is on track to hit target revenues of £140m in FY26.

STV Group CEO Simon Pitts said: “STV continues to make strong strategic progress and remains on track to deliver its ambitious growth plans out to 2026.

“Total advertising revenue grew 5% in Q1, in line with guidance, and there is good advertising momentum in Q2 which we expect to be up 15-20%, driven by Euro 2024.

“STV Studios continues to perform strongly, securing major new orders from Netflix, Sky and Discovery in the first half despite the challenging commissioning environment, and is on track to hit target revenues of £140m in FY26.

“We have a fantastic programming line-up for the rest of 2024, kicking off next week with live and exclusive coverage of the opening game of Euro 2024 between Germany and Scotland on STV and STV Player.”

STV is holding a site visit for institutional investors at its Glasgow head office on Wednesday.

The firm added: “STV Studios continues to perform well in a challenging commissioning market.  

“Secured future revenues are £86m at the end of May, with new commissioning wins of c.£11m and programme deliveries of c.£12m since the previous reported orderbook of £87m in March. 

“New dramas The Witness (Netflix) and Amadeus (Sky) are both now confirmed for 2025 delivery, changing the phasing of our revenue recognition over FY24 and FY25, and we remain on track to reach our target of £140m in FY26.

“These commissioning wins follow the critical and ratings successes of Criminal Record (AppleTV+) and Blue Lights series 2 (BBC) in recent weeks.”