By Peter A Walker

Copyright insider

STV Group has announced that its chair Paul Reynolds has given notice of his intention to step down by the end of 2025.

He joined the board in February 2021 and has served as chair since April that year.

Following a search process, Clive Whiley will join from 1 October as non-executive director and chair elect.

Whiley was previously non-executive chair of De La Rue and brings more than 40 years’ experience in executive and non-executive director roles across a range of industries and geographies. He is also non-executive chair of Mothercare and senior independent director of Griffin Mining.

Whiley was previously chair of Dignity, senior independent director of Sportech and a non-executive director of Grand Harbour Marina, Camper & Nicholsons Marina Investments and Stanley Gibbons Group.

Reynolds said: “As a Scot who grew up with STV, it has been my great privilege to chair this iconic company over the last five 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 am confident our FastFwd strategy will continue that journey and bring us new audiences and advertisers while we grow our leading TV production business.“

“I look forward to welcoming Clive to the board,“ he continued, adding: “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.”

Whiley said: “I am looking forward to joining the 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.”

STV also published its results for the six months ended 30 June 2025, revealing total revenue of £90m, down marginally on the £90.4m recorded during the same period last year, as studios growth offset advertising declines:

Total advertising revenue (TAR) of £45.6m was down 10% on the £50.7m recorded in 2024, driven by national linear advertising down 16%, impacted by Euros 2024 during the comparator period.

Studios revenue grew 13% from £37.5m to £42.2m, despite a “difficult” commissioning market.

Adjusted operating profit of £6.7m was down 37% on the first half of 2024, reflecting decline in TAR and inflationary pressures, partly offset by cost savings.

Audience profit of £9.1m fell by a quarter year-on-year, while a statutory operating profit of £3.3m – down from £6.5m – reflects restructuring costs of £2m associated with a review of STV’s unscripted label portfolio.

This all led to an overall loss before tax of £200,000 – compared to a 2024 profit of £4.8m.

Net debt stood at £35.7m, including production financing of £5.2m, was lower than at the start of year: total net debt of £38.7m, including production financing of £9.9m.

Management is implementing a cost savings programme to protect profitability and provide balance sheet flexibility, in response to the deterioration in the advertising and content commissioning markets.

The plan is to deliver additional cost savings of £3m per annum, with around £2.5m to be delivered in 2026.

The review of unscripted programming has stopped development activity in STV Studios Entertainment and the group will make no further investment in Mighty Productions.

STV Studios; total order book stood at £40m at the end of August, of which £19m expected to be recognised as revenue in 2025, with the balance in 2026.

STV Radio is “progressing to plan”, with a licence granted by Ofcom, presenter line up announced, and first advertising partner secured.

Given the “uncertain trading environment”, the board is not proposing an interim dividend.

Chief executive Rufus Radcliffe commented: “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.

“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.”

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