Profits were almost flat at -1.5% over the year, against the record £25.2 million reported in 2021.

Revenues at STV Group edged down 5.1%, with mitigations limiting the impact on the firms EBIT estimate to just 6.5%.

The firm said that for a year where huge inflation has impacted the world and some expected an advertising market collapse, this is a good result.

Advertising in the third quarter of this year was down 17%, versus the implied -13% the firm estimated from the early September update.

STV Group has also confirmed 2022 guidance of revenues reaching £20-25m and a profit of at least £1m in its studios finances. The company has also upgraded revenue guidance to £50-55m for 203. This is hugely ahead of the strategy target of £40m.

Looking ahead, STV Group has assumed flat dividennds for 2023 and 2021, based on teh 2022 total of 11.2p at this stage.

Simon Pitts, chief executive of STV Group, said: “STV has performed strongly in 2022 with advertising revenues expected to finish only 2% behind 2021’s record performance and 8% ahead of 2019.

“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.”

He concluded that the firm’s recently announced partnership with ITV “significantly strengthens” its STV Player content and advertising proposition, while STV Studios continues to make great progress towards its goal of becoming the UK’s leading nations and regions production company.