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Press Release 0700 Hours, 1 September 2020 STV Group Plc Half

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Press Release 0700 Hours, 1 September 2020 STV Group Plc Half RNS Number : 5533X STV Group PLC 01 September 2020 Press Release 0700 hours, 1 September 2020 STV Group plc Half Year Results to 30 June 2020 Strongly positioned to resume successful growth strategy • Proactive steps taken to mitigate the impact of Covid-19 and support STV colleagues and partners • Continued record viewing growth on TV and online as STV's public service broadcaster role is reinforced • Total advertising revenue trends improving materially: June -33%; July -7%; August +1% • Digital business accelerating rapidly with online viewing +86% • Significant new commissions secured by STV Studios, including new returnable drama series for C4 Proactive steps to mitigate the impact of Covid-19 • Balance sheet significantly strengthened to enable ongoing investment in STV's successful growth strategy: o Completion of share placing in July raising net proceeds of £15.5m o Extension of bank facilities from £60m to £80m • Swift implementation of full year cost and cash savings of £7m and £11m respectively, as well as postponement of pension contributions from Q2 to December • Focus in H1 has been on the safety of our colleagues and supporting our partners: all furloughed colleagues have been topped up to 100% of salary and we have reinforced our social purpose through the STV Children's Appeal, public health messaging, new diversity commitments and support for local advertisers Financial Performance •Total advertising revenue down 20%, with national down 23% and regional impacted to a lesser extent, down 18% • Digital revenues up 5%, illustrating the growing strength of STV's digital business, with VOD revenue from STV Player +13% •Studios revenue down 17% reflecting the pause in filming in Q2, but profit impact wholly mitigated by strong secondary sales and cost savings • Savings and variable broadcast cost model mitigated nearly half of the revenue decline, with operating profit of £5.2m, down 52% •Interim dividend declared of 3p per share to be satisfied by way of a bonus issue of new ordinary shares 2020 2019 Change Revenue £44.7m £54.9m (19%) EBITDA* £8.0m £13.4m (40%) Operating profit £5.2m £11.0m (52%) Operating margin 12% 20% (8pps) Adjusted profit before tax** £4.4m £10.1m (56%) (Loss)/profit before tax £(4.9)m £9.1m (154%) Adjusted basic EPS** 10.8p 21.8p (50%) Statutory basic EPS (9.2)p 19.7p (147%) Net debt £33.5m £42.0m 20% Dividend per share*** 3.0p 6.3p (52%) * Earnings before interest, tax, depreciation & amortisation and share based payments ** Before exceptional items and IAS19 interest It is proposed that the interim dividend in respect of the current financial year will be satisfied through a bonus issue of *** new ordinary shares Record viewing growth on TV and online •Highest audience growth ever, +12%, with all time viewing share of 19.2%, and growth continuing post lockdown • Lockdown viewing +24%, with daytime +48% and STV News +40% • STV still Scotland's most popular peaktime channel, with 22.0% viewing share o Gap to BBC1 widening, gap to rest of ITV Network at an 18 year high •97% of commercial audiences of over 500k viewers in Scotland delivered by STV •Online viewing +86% and VOD stream starts +72%, with STV Player reaching 1 billion minutes viewed in half the time vs 2019 •Successful digital content strategy sees 1,500 hours of STV Player-exclusive programming account for 30% of viewing in H1, and 5 of top 10 most popular digital shows Strong strategic momentum with diversification plan accelerating • Despite Covid-19 disruption, STV's Growth Fund attracted 55 new advertisers between April and September, with fund doubled to £20m to drive recovery • STV's Digital business continues to scale rapidly: o STV Player content proposition boosted by a further 10 content deals so far in 2020 including drama, sport and true crime, and 5 new simulcast channels o UK-wide launch of STV Player increases its addressable market tenfold. Recent pan-UK launches on Virgin Media and Freeview Play boost distribution by 13 million+ devices o STV Player now pre-installed on around half of the UK's 40m+ connected devices, with potential for further growth •STV's production business is now starting to realise its growth potential following a creative overhaul: o All STV programmes now back in production under new safety protocols o 7 new commissions and 4 recommissions so far in 2020, with STV currently producing shows for 9 different networks o New 6x60 drama series, Screw, commissioned by Channel 4 on back of BAFTA- winning Elizabeth is Missing and The Victim o New 8x60 series, Landmark, commissioned by Sky from STV majority-owned Primal Media o New wholly-owned creative label, Barefaced TV, added to portfolio with strong track record of creating younger-skewing entertainment formats o STV Productions rebranded as STV Studios to better reflect its status as a house of creative brands, with 7 production labels now operating under STV ownership •Lottery divestment process ongoing, albeit timing impacted by Covid-19; net debtor now fully provided for as an exceptional finance charge in the first half. Improving outlook • Focus continues on accelerating successful growth strategy to diversify STV •Given the continued market uncertainty, it is still not possible to provide guidance for the remainder of the year, however the fundamentals of STV's business are strong and improving: o Continued excellent viewing performance, even post lockdown, with strong H2 schedule to come o Advertising trends have improved materially over the summer, with total advertising revenue - 7% in July and +1% in August o Regional revenue returned to growth in July and August, with VOD also growing again in August o STV's digital business is expected to continue to grow strongly o Production hiatus caused by Covid-19 will impact revenue rather than profitability in 2020, with £15 to £20m of commissions already secured for 2021 • We will continue to manage cash and costs carefully, with our variable broadcast cost base offering ongoing protection Board update • The Board proposes an interim dividend for FY20 payable by way of a bonus issue equivalent to 3p per share and is committed to reintroducing a cash dividend at the earliest opportunity • The Company today also announces that Baroness Ford will not seek re-election at next year's AGM. Baroness Ford will have served for eight years as Chairman at that point and, in line with planned succession, will retire from the Board Simon Pitts, STV Chief Executive, said: "I am extremely proud of how everyone at STV has responded to the Covid-19 pandemic. Our record audience growth in the first half, up 12% on TV and 86% online, illustrates the enduring power and relevance of public service broadcasting, particularly STV's local news which has been a vital lifeline for millions of Scots during this crisis. As well as keeping our viewers informed and entertained, our priority has been to protect our colleagues, support local business through our Growth Fund and £1m Local Lifeline campaign, and help our local communities by distributing over £1.5m to over 300 Scottish charities hit hardest by this pandemic. "While our advertising and production revenues have been significantly impacted by Covid-19, we have been able to mitigate nearly half of the impact thanks to the proactive steps we have taken and our variable cost model. The successful share placing in July has also significantly strengthened the balance sheet and given us the confidence to continue to invest behind our growth strategy. "The outlook is much more positive in H2, with advertising trends improving materially in July and August, and a strong schedule to look forward to on TV and online including the return of a full complement of weekly soap episodes from later this month, new drama like Des starring David Tennant, and entertainment juggernauts like the rescheduled BGT live finals and I'm a Celebrity. "We have also successfully accelerated our diversification strategy during lockdown. Our digital business reported continued revenue growth in H1, with the increasing popularity of our digital-only content (now 30% of viewing) and the recent UK-wide launch of STV Player on Virgin Media and Freeview Play illustrating our future growth potential. "In the production business we are busier than ever and have secured 7 new commissions and 4 recommissions so far this year, including new 6-part returnable drama series Screw for Channel 4 and 8- part Sky series Landmark. I was delighted that Catchphrase was the first entertainment show in the UK to resume filming, and all of our shows are now back in production under new safety protocols. "Our new creative partnership with Barefaced TV will target younger-skewing factual entertainment formats and establishes a 7th creative label within the newly rebranded STV Studios, which aims to become the UK's leading nations and regions producer." ------------ There will be a presentation for analysts today, Tuesday 1 September 2020, at 12.30 pm, via Zoom, followed by a Q&A session. Should you wish to join the presentation, please contact Angela Wilson, [email protected] to obtain dial-in details. Enquiries: STV Group plc: Kirstin Stevenson, Head of Communications Tel: 07803 970106 Camarco: Geoffrey Pelham-Lane, Partner Tel: 020 3757 4985 Ben Woodford, Partner Tel: 020 3781 8333 Financial and operational review Group overview The results of the Group for the first half of the year have clearly been significantly impacted by the Covid- 19 pandemic, and the consequences of the resultant lockdown restrictions on the economy, specifically advertising markets and programme production. Against the backdrop of a 19% reduction in revenues (from £54.9m in the first half of 2019 to £44.7m in the current period), the Group mitigated nearly half of the profit impact through decisive actions and its variable cost arrangement with ITV, recording an operating profit of £5.2m for H1 (2019: £11.0m).
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