Adjusted operating profit fell 44% to £11.6m, with adjusted operating margin nearly halving to 6.6% from 11.0%. Statutory operating profit dropped 71% to £3.8m, while group revenue was down 6% to £176.9m. Net debt rose by £6.6m to £45.3m, though the company said this came in at the lower end of its guidance range.

The company, which operates linear channels, the STV Player streaming service and production arm STV Studios, said results were in line with expectations following a negative trading update issued last summer. A cost savings programme totalling £8m is on track to be delivered by the end of 2026, with £4.1m already achieved across 2024 and 2025. Restructuring costs of £1.7m, largely redundancy payments stemming from layoffs of around 60 staff — roughly 10% of the workforce — have been recognised as adjusting items. No final dividend has been declared in respect of 2025.

Chief executive Rufus Radcliffe said the business had acted decisively to adapt to rapidly changing conditions. “We remain focused on improving financial performance in 2026 supported by tight cost discipline despite continued limited market visibility,” he said, adding that the year ahead offered “reasons for optimism,” including the Men’s Football World Cup and new advertiser product innovation.

Total advertising revenue fell 10% to £89.3m, driven primarily by weakness in national linear. Looking ahead, the company expects total advertising revenue in the first quarter of 2026 to be down around 5%, with VOD revenue up 3% and the World Cup anticipated to provide a boost in the second quarter. STV Player, meanwhile, delivered its highest ever consumption, with viewing hours up 9% to 75 million and registered daily active users up 10%. STV Radio, a new audio venture, launched in January 2026 and has begun attracting new advertisers.

STV Studios, the production division, saw revenue hold broadly steady at £83m, though adjusted operating profit declined to £3.9m and adjusted operating margin narrowed to 4.7% from 7.2%, reflecting lower format sales and margin pressure from commissioners. The division secured 37 new commissions and recommissions during the year, down from 51 in 2024. STV has previously spoken of ambitions to grow Studios’ revenue to £140m by the end of 2026, a target that now appears some distance away. The forward production order book stood at £33m at the end of December 2025, down from £40m in August, though the company said no cancellations had been notified. Productions currently underway include the fourth series of BBC One’s Blue Lights, Channel 4 and Canal+’s Army of Shadows, and the second series of Apple TV+’s Criminal Record.