Say what you see: it begins with a “d”, ends in “dend” and sent shares in STV, the Catchphrase programme-maker and Scottish version of ITV, up 6% today.
As fans of the revived quiz show will know the answer is “dividend”, which is being returned to STV shareholders at the end of 2013 after a six-year suspension when debts soared.
Today, STV announced that net debt was down 22% to £43.4 million, and chief executive Rob Woodward said the divi’s return was “a sign that the company is now in good health”.
Half-year, pre-tax profit at the broadcaster, which also brings Antiques Roadshow and Jo Brand’s Great Wall of Comedy to our screens and is recommissioning a new series of Catchphrase, ticked up 5% to £6.7 million. More advertising and higher digital earnings produced an 8% rise in revenues to £51.2 million.
Numis analyst Paul Richards said results were “ahead of our estimates. “In addition to stronger than modelled revenue and profit performance debt was better and pension deficit down,” he added.
The shares rose 10.7p to 184.7p.
