The loss was driven by a 16% fall in national linear advertising, contributing to a 10% drop in total advertising revenue to £45.6m.

While total revenue remained flat at £90m, this was partially offset by a 13% rise in its Studios division income to £42.2m. However, the production arm will also face cuts, with development in STV Studios Entertainment ceasing and no further investment in Mighty Productions.

The company is now set to cut approximately 60 jobs and close its north of Scotland news operation.

The Scottish broadcaster will centralise its news output with a single programme from Glasgow as part of a new £3m cost-saving drive. The company also announced that chairman Paul Reynolds will step down at the end of the year, to be succeeded by Clive Whiley.

In response to the “challenging trading conditions”, the board has cancelled the interim dividend. The news follows a profit warning in July which caused STV’s share price to fall by a third.

Chief executive Rufus Radcliffe described the cost-saving measures as “necessary to strengthen our financial resilience”. He added: “We recognise that our cost savings programme impacts colleagues across the business, and we are committed to supporting people through this change.”

Paul Reynolds, who has chaired the company since 2021, said it had been a “great privilege” to lead the broadcaster. Incoming chairman Clive Whiley, former non-executive chairman of De La Rue, will join the board on 1 October.