STV Group has reported a 12% increase in revenue following Scotland's appearance at Euro 2024.
Accounts show the group's earnings rose from £168.4million in 2023 to £188million in 2024, with operating profit rising 3% from £20.1million to £20.6million.
The broadcaster's full-year results to 31 December 2024 demonstrated “the benefits of diversification against a challenging market backdrop“, according to a statement this morning, with growth driven by acquisitions and Euros-related advertising.
Chief executive Rufus Radcliffe, who is set to outline a five-year “strategy refresh“ in May, said: "I've been with STV for four months and it's clear that the foundations of the business are strong. STV is a much more balanced group following the scaling of our studios and digital businesses, with good growth potential.
"2024 was a good year for STV. We delivered a strong performance against a challenging economic backdrop, with results in line with expectations. We are controlling those elements we can, in line with our strategy, and are very much on track to ensure that STV is in the best possible shape when the market recovers.
"We're seeing continued growth in our studios business, with 51 commissions won in 2024 for more customers than ever before. Across our 21 labels we have secured future revenue of £76million, with strong development pipelines across all genres.
"STV continues to be Scotland's pre-eminent marketing platform, reaching 3.3million people per month. The Euros provided a welcome boost to viewing and advertising in H1 2024, winning us a 48% audience share across the tournament, and delivering record audiences for live viewing on STV Player.
"I'm working closely with the leadership team on a strategy refresh taking us to 2030. This will build on the strengths of our existing strategy and take it to the next stage of development and growth. I look forward to updating on this in May 2025."
You can read the full market update here.