STV Group plc announced the appointment of corporate veteran Clive Whiley as its new chairman as the Glasgow media firm revealed a first half loss before tax of £200,000 for the six months to June 30, 2025, compared to a profit of £4.8 million for the same period of the prior year, and started a “comprehensive cost savings programme.”
STV said it will cut around 60 jobs as part of its cost-saving programme “following a drop in advertising revenue and a deterioration in the content commissioning market.”
The Glasgow broadcaster said the cuts represent 10% of the company’s workforce. It also announced plans to replace its central belt and north of Scotland news with a single programme presented from Glasgow.
The move requires permission from the UK media regulator Ofcom.
STV shares fell about 4% and are now down about 50% in 2025, reducing the firm’s stock market value to roughly £52 million.
“Management is implementing a comprehensive cost savings programme to protect profitability and provide balance sheet flexibility in response to the deterioration in the advertising and content commissioning markets, and ensure the business is well set for growth as market conditions improve,” said the Glasgow firm.
“Cost savings programme to deliver additional cost savings of £3m per annum with c.£2.5m to be delivered in FY26 and expected cost of change of c.£1m. These savings are incremental to the previously announced target of £5m run rate by end 2026.”
STV Group reported first-half total revenue of £90 million (Jun-24: £90.4m) “as Studios growth offsets advertising declines” and total advertising revenue (TAR) of £45.6 million “down 10%, driven by national linear advertising down 16% impacted by Euros 2024 in the comparator.”
The firm’s Studios business grew revenue 13% to £42.2 million “despite difficult commissioning market.”
The company will pay no interim dividend compared to 3.9p in the prior year.
“Given the uncertain trading environment, the board is not proposing an interim dividend and will continue to review the position and provide a further update at the full year results,” said STV.
In its outlook, the company said: “No change to full year 2025 outlook as guided in July: Q3 TAR expected to be down c.8%; visibility remains limited with current indications for October looking similar.
“STV Studios total orderbook of £40m at end of August, of which £19m expected to be recognised as revenue in 2025 with the balance in 2026. Commissioning decisions expected in the coming weeks on a number of unscripted and scripted developments at advance stage.”
STV Group CEO Rufus Radcliffe said: “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.”
On the change of chairman, STV said: ” … Paul Reynolds, Chairman, has given the Board notice of his intention to step down as Chairman and Director of the Company by the end of 2025. Paul joined the Board in February 2021 and has served as Chair since April 2021.
“The Board is pleased to announce that, following a search process, Clive Whiley will join the Board from 1 October 2025 as Non-Executive Director and Chair Elect and will succeed Paul Reynolds when he steps down.
“Clive Whiley was previously non-executive Chairman of De La Rue plc and brings with him over forty years’ experience in executive and non-executive director roles across a wide range of industries and geographies in both regulated and listed companies since becoming a Member of the London Stock Exchange in 1983.
“Clive is also non-executive Chairman of Mothercare plc and Senior Independent Director of Griffin Mining Limited. Clive has been appointed as a non-executive director of Mpac Group plc with effect from 1 October 2025.
“He was previously Chairman of Dignity plc, Senior Independent Director of Sportech plc and a non-executive director of Grand Harbour Marina plc, Camper & Nicholsons Marina Investments Limited and Stanley Gibbons Group plc.”
Reynolds said: “As a Scot who grew up with STV, it has been my great privilege to chair this iconic company over the last 5 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 look forward to welcoming Clive to the Board. 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.”
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.”
On its “audience division” STV said: “In the first half of the year, STV remained the most popular peak time channel in Scotland with a viewing share of 21% and delivering 96% of the top 500 commercial audiences.
“Together, STV and STV Player reached 3.5m viewers per month, which is 76% of Scots. STV’s peak time commercial TV share was greater than any other commercial media group across linear and digital platforms, and STV has a higher viewing share than the ad-tier of Netflix, Disney+ and Prime Video combined.
“STV Player achieved its best ever H1 in viewing terms, delivering 37m viewing hours, an increase of 8% year on year.
“STV’s drama has out-performed all our commercial competitors across H1, with our top drama, crime thriller Protection, +40% greater than closest rival Patience on Channel 4. Soaps also continue to attract strong audiences: whilst overall viewing to soaps (Emmerdale and Coronation Street) is down 3% year on year, on-demand viewing on STV Player has increased by 48%, with Emmerdale and Coronation Street the top two performers on STV Player. In third position is Brookside, which we acquired in 2023 and has delivered 10.6m hours of viewing to date.
“Our most watched moment of the year was in the Scotland v England Six Nations match, which attracted a peak audience of 750k. STV is also the nation’s top destination for entertainment, with Scots spending more time watching entertainment programming, such as I’m A Celebrity… and Britain’s Got Talent, with STV than any other broadcaster or platform.
“STV News at Six remains the most watched news programme in Scotland for the 6th year, with a 30% viewing share, and the latest Ofcom news consumption report confirms that STV News is the number one choice for news about Scotland. STV’s digital news amassed a total of 226m views across H1, with shifting trends in consumption resulting in a 207% increase in video views. YouTube views were up 33% (+1.2m) year on year and TikTok views +154% (+25m) year on year.
“Partnerships remain paramount for our audience business, and we secured some key STV Player-only acquisitions in H1, boosting our inventory and driving viewer engagement.
“In January, STV Player teamed up with Premier Sports in a unique deal that combined our ad-free programming with live sports and on-demand content from Premier Sports, including football, rugby, and motorsports.”