STV Returns to Dividend List
STV is now making a comeback in the dividend list. Its shares in the Scottish broadcaster were reported to have climbed up six percent yesterday.
Chief executive of STV Rob Woodward said that the dividend's return was an evidence that the company is now doing good. The net debt of STV was also reported to have gone down 22% to £43.4m.
It was six years ago when the payout was cancelled after debts soared. The STV said on the channel 3 licensee in Scotland that its production had ensured a further commission for 12 episodes of Catchphrase for ITV. It was secured after the popular game show was revived in April.
It brings Catchphrase and the Antiques Road Trip to TV screens. The pre-tax profits at the broadcaster has surged five percent to £6.7m. Moreover, with the help of increased advertising and higher digital earnings, the revenues witnessed an eight percent rise to £51.2m.
Woodward said, "We have delivered another strong financial performance with a further significant reduction in net debt. We are pleased to announce our intention to return to dividend for the 2013 full year".
He said that they are aiming to achieving 33% of their profits from non-broadcasting activities by the end of 2015.
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