Glasgow-based media firm STV Group plc said on Tuesday its revenue fell 27% to £66.1 million in the six months to June 30, 2026, as revenue in its Studios business plummeted to £15.5 million from £42.2 million in the first half of 2025.
Total advertising revenue (TAR) of £48.1 million was up 5%, slightly ahead of guidance and driven by positive impact of FIFA World Cup.
STV reported a first-half statutory operating loss of £20.5 million (2025: profit of £3.3m), following “non-cash asset impairment in Studios of £25.4m.”
The firm said: “Impairment reflects short- to medium-term uncertainty in pace and scale of commissions following delays in decision-making and evolving market conditions.”
STV Group shares fell as much as 9% on Tuesday. STV Group’s share price has fallen about 70% over the past five years to around £1 to slash the firm’s stock market value to roughly £48 million.
On dividends, STV said: “Given the continued uncertain trading environment and the Board’s focus on preserving financial flexibility, 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.”
STV Group CEO Rufus Radcliffe said: “Our first half performance was in line with our expectations and previous guidance.
“The boost to advertising revenue and viewing from the FIFA World Cup, combined with disciplined cost management, helped offset reduced Studios profitability which reflects the timing of delivery of scripted programming and continued weakness in the commissioning market.
“The Studios division delivered several notable creative and commercial successes in the first half, including Primal Media’s first commission for Disney’s Hulu and our in-house drama label, newly rebranded Blackhill, giving Netflix a global number one drama in The Witness, continuing the growth of our international customer base.
“We also strengthened our scripted pipeline through our exclusive partnership with renowned actor and director Kevin McKidd’s Ferryman Films.
“Given the prolonged slowdown in commissioning activity, we have recognised a non-cash impairment charge in Studios, reflecting a prudent reassessment of short- to medium-term market conditions while remaining confident in the long-term growth prospects of our business and the opportunities ahead.
“Our audio venture continued its strong start with STV Radio entering Scotland’s top ten most-listened-to commercial stations after just six months on air, well ahead of our expectations.
“In Q4, we will launch our AI-powered advertising service, ADapt, offering businesses an unrivalled cross-platform audience reach across broadcast, digital and audio in Scotland.”