By Joe Hoppe
STV Group PLC said Thursday that it expects total advertising revenue for 2022 to slip 2% when compared with its record prior year, though remaining up 8% on 2019's prepandemic levels.
The Scottish broadcaster said total advertising revenue for the first nine months of the year fell 3%, in line with expectations, with third-quarter revenue down 17% as U.K. economic uncertainty led to caution in the advertising market. However, the fourth quarter saw a stronger performance and is expected to slip 1%, boosted by the "I'm a Celebrity" show and the FIFA World Cup 2022.
The company said its STV Studios unit is making strong progress, with more than 30 new commissions secured this year, up from 15, and confirmed full-year guidance of revenue of 20 million to 25 million pounds ($24.9 million-$31.1 million) and at least GBP1 million in operating profit.
It also confirmed improved guidance for STV Studios for 2023, with secured revenue now at GBP50 million to GBP55 million.
"While we remain mindful of the ongoing macroeconomic uncertainty, we are becoming a more resilient and diversified business that is well placed to take advantage of the growth in demand for streaming and global content," Chief Executive Simon Pitts said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
December 15, 2022 02:27 ET (07:27 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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