The Scottish version of ITV today declared it was not worried whatever the result of September’s independence referendum in Scotland as other firms, including oil giant Shell, sounded a warning about a Yes vote.
STV chief executive Rob Woodward said the broadcaster was “well-hedged in the event of either outcome in the referendum” as it had a mix of revenues from both inside and outside Scotland.
The Scottish Parliament has committed to maintain STV’s licence, which guarantees its trading relationship with ITV in London, said Woodward.
However, concern mounted elsewhere. Glasgow-headquartered Aggreko warned Scottish independence would force it to split its UK business into two separate trading entities.
The temporary power provider would expect “some years of uncertainty and hiatus”. That follows Shell chief executive Ben van Beurden’s declaration that he wanted Scotland to “remain part of the UK”.
Reports have also suggested regulators could force Royal Bank of Scotland and Lloyds Banking Group to relocate offices from Scotland. Chief Secretary to the Treasury Danny Alexander is expected to discuss the risk of a Yes vote at tomorrow’s National Association of Pension Funds conference in Edinburgh.
Woodward said STV is “in good health” as he restored the dividend for the first time since 2006 after pre-tax profit more than doubled to £14.3 million and debt tumbled.
