The consolidated financial statements on pages 109 to 144 were approved by the Board on 17 March 2026 and were signed on its behalf by:
Rufus Radcliffe\tLindsay DixonChief Executive\tChief Financial & Operating Officer
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"entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "shtag_7377464": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidOrdinaryShares", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "shtag_7378397": { "value": "5700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidOrdinaryShares", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7377465": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "shtag_7377466": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "shtag_7377467": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "shtag_7377468": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "shtag_7377469": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "shtag_7377470": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "shtag_7377471": { "value": "-7600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "shtag_7378398": { "value": "-7600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7377472": { "value": "23300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "shtag_7377473": { "value": "115100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "shtag_7377474": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "shtag_7377475": { "value": "173400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "shtag_7377476": { "value": "2100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "shtag_7377477": { "value": "-316000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "shtag_7377478": { "value": "-1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "shtag_7377479": { "value": "-11000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "shtag_7378399": { "value": "-12900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378533": { "value": "Consolidated and parent company statements of cash flows
Year ended 31 December 2025
Group
Company
Note
2025
\u00a3m
Restated*
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Operating activities
Cash generated by operations
24
15.5
17.7
7.3
12.1
Interest and fees paid in relation to banking facilities
\u00a0(3.6)
(3.3)
\u2013
\u2013
Corporation tax credits received
0.6
4.2
\u2013
\u2013
Pension deficit funding \u2013 recovery plan payment
(10.2)
(9.9)
(3.9)
(3.7)
Net cash generated by operating activities
2.3
8.7
3.4
8.4
Investing activities
Acquisition of subsidiary undertakings, net of cash acquired
14
(0.3)
(1.1)
\u2013
\u2013
Purchase of shares in associates and other investments
(0.6)
\u2013
\u2013
\u2013
Production finance provided to associates
(0.1)
\u2013
\u2013
\u2013
Purchase of intangible assets
(0.8)
(0.7)
\u2013
\u2013
Purchase of property, plant and equipment
(2.5)
(0.7)
\u2013
\u2013
Net cash used in investing activities
(4.3)
(2.5)
\u2013
\u2013
Financing activities
Purchase of additional shares in subsidiary undertakings
14
\u2013
(4.4)
\u2013
\u2013
Payment of obligations under leases
(1.6)
(1.8)
\u2013
\u2013
Borrowings drawn
26.1
31.4
\u2013
\u2013
Borrowings repaid
(18.0)
(23.9)
\u2013
\u2013
Dividends paid to non-controlling interests
\u2013
(0.6)
\u2013
\u2013
Dividends paid to equity holders
(3.3)
(5.1)
(3.3)
(5.1)
Net cash generated by/(used in) financing activities
3.2
(4.4)
(3.3)
(5.1)
Net increase in cash and cash equivalents
1.2
1.8
0.1
3.3
Net cash and cash equivalents, including overdraft balances, at beginning of year
11.1
9.3
0.1
(3.2)
Net cash and cash equivalents, including overdraft balances, at end of year
12.3
11.1
0.2
0.1
* Details of the restatement are disclosed in note 2.
24. Notes to the consolidated and parent statement of cash flows
Group
Company
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Operating profit/(loss) for the year
3.8
13.2
(0.8)
(0.6)
Adjustments for:
Depreciation and amortisation (note 4)
6.1
6.1
\u2013
\u2013
Share based payments
0.1
0.1
0.1
0.1
Loss on disposal of assets (note 7)
0.4
0.2
\u2013
\u2013
Impairment of assets*
3.0
\u2013
\u2013
\u2013
Decrease in inventories
3.7
8.0
\u2013
\u2013
Decrease/(increase) in trade and other receivables
1.8
(5.0)
(0.1)
(0.3)
(Decrease)/increase in trade and other payables
(3.4)
(4.9)
0.5
0.3
Decrease in intra Group balances
\u2013
\u2013
7.6
12.6
Cash generated by operations
15.5
17.7
7.3
12.1
*\tImpairment of assets are included in adjusting items relating to restructuring as explained in note 7.
Non-cash investing and financing activities
Right of use assets of \u00a30.1m were acquired during the year (2024: \u00a3nil). Right of use asset additions were \u00a31.6m (2024: \u00a30.4m) during the year.\t
Net debt reconciliation
RCF
\u00a0\u00a3m
Production
financing
\u00a3m
Net cash
and cash equivalents, including overdrafts
\u00a3m
Net (debt)/ cash
\u00a3m
Lease liabilities
\u00a3m
Net debt including lease liabilities
\u00a3m
At 1 January 2024
(38.3)
(3.3)
9.3
(32.3)
(19.1)
(51.4)
Cash flows
(0.9)
(6.6)
1.8
(5.7)
1.8
(3.9)
Non-cash movements*
(0.7)
\u2013
\u2013
(0.7)
(0.1)
(0.8)
At 31 December 2024
(39.9)
(9.9)
11.1
(38.7)
(17.4)
(56.1)
Cash flows
(14.8)
7.6
1.2
(6.0)
1.6
(4.4)
Non-cash movements*
(0.6)
\u2013
\u2013
(0.6)
(2.2)
(2.8)
At 31 December 2025
(55.3)
(2.3)
12.3
(45.3)
(18.0)
(63.3)
Net debt excluding production financing was \u00a343.0m (2024: \u00a328.8m).
*\tNon-cash movements relate to the amortisation of borrowing costs (for long-term borrowings), borrowings recognised on acquisition, the acquisition and additions of right-of-use assets and lease interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378481": { "value": "15500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378482": { "value": "17700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378483": { "value": "3600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378484": { "value": "3300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378485": { "value": "-600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378486": { "value": "-4200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378487": { "value": "-10200000.0", "decimals": -5, "dimensions": { "concept": "ext:PensionDeficitFundingRecoveryPlanPayment", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378488": { "value": "-9900000.0", "decimals": -5, "dimensions": { "concept": "ext:PensionDeficitFundingRecoveryPlanPayment", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378489": { "value": "2300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378490": { "value": "8700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378491": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AssetsOtherThanCashOrCashEquivalentsInSubsidiaryOrBusinessesAcquiredOrDisposed2013", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378492": { "value": "-1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AssetsOtherThanCashOrCashEquivalentsInSubsidiaryOrBusinessesAcquiredOrDisposed2013", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378493": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInAssociates", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378494": { "value": "-0.0", "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInAssociates", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378495": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ext:ProductionFinanceProvidedToAssociate", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378496": { "value": "-0.0", "dimensions": { "concept": "ext:ProductionFinanceProvidedToAssociate", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378497": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378498": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378499": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378500": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378501": { "value": "-4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378502": { "value": "-2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378503": { "value": "-0.0", "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378504": { "value": "4400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378505": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378506": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:21380075GOOTTBDNDJ58", 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"ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7378522": { "value": "11100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_7377261": { "value": "1. General information
The consolidated financial statements of STV Group plc (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2025 were approved and authorised for issue in accordance with a resolution of the Directors on 17 March 2026. The comparative information is presented for the year ended 31 December 2024.
STV Group plc is a public limited company, limited by shares, incorporated in Scotland, United Kingdom, and is listed on the London Stock Exchange.
The principal activities of the Group are the production of content for UK and international commissioners, acquisition of content for viewers of its linear broadcast and Video on Demand player, and the sale of advertising airtime and space in these media and on the newly launched STV Radio.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377252": { "value": "STV Group plc ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377253": { "value": "STV Group plc ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377254": { "value": "STV Group plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377259": { "value": "public limited company, limited by shares, ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377255": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377256": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377257": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377258": { "value": "The principal activities of the Group are the production of content for UK and international commissioners, acquisition of content for viewers of its linear broadcast and Video on Demand player, and the sale of advertising airtime and space in these media and on the newly launched STV Radio.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377326": { "value": "2. Material accounting policy information
The material accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to the current and prior years.
Basis of preparation
The financial statements are prepared in accordance with IFRS as adopted by the UK Endorsement Board and in accordance with the UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
These financial statements are presented in Sterling, which is the currency of the primary economic environment in which the Group and Company operates and rounded to the nearest 0.1 million pounds (\u00a3m) except where otherwise indicated. They have been prepared under the historical cost convention and where other bases are applied these are identified in the relevant accounting policy below.
Basis of consolidation
The Group financial statements incorporate the financial statements of STV Group plc and all its subsidiaries up to 31 December each year, using consistent accounting policies.
Subsidiaries are entities over which the Company has control. Control is achieved when the Company has the power over the subsidiary, is exposed, or has rights to, variable returns from its involvement with the subsidiary, and has the ability to use its power to affect its returns. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition method of accounting and their results are included from the date of acquisition.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation.
An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are accounted for using the equity method.
Non-controlling interests represent the portion of profit or loss and net assets/(liabilities) in subsidiaries that are not held by the Group and are presented within equity in the consolidated balance sheet, separately from the Company shareholders\u2019 equity.
Adoption of new and revised standards
In the current year, the Group has adopted the following new amendments with no material impact:
\u2022\tAmendments to IAS 21 The Effects of Changes in Foreign Exchange Rates, in the publication titled Lack of Exchangeability.
Standards and amendments to standards that have been issued but are not effective for 2025 and have not been adopted early are:
\u2022\tAmendments to IFRS 9 and IFRS 7 (The amendments are effective for annual reporting periods beginning on or after 1 January 2026 with earlier application permitted).
\u00a0\u2013 Amendments to the Classification and Measurement of Financial Instruments
\u2022\tAnnual Improvements to IFRS Accounting Standards \u2013 Volume 11 (The amendments are effective for annual reporting periods beginning on or after 1 January 2026, with early application permitted).
\u00a0\u2013 Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows
\u2022\tAmendments to IFRS 9 and IFRS 7 (The amendments are effective for annual reporting periods beginning on or after 1 January 2026, with early application permitted).
\u00a0\u2013 Contracts Referencing Nature-dependent Electricity
\u2022\tIFRS 18 (An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted).
\u00a0\u2013 Presentation and Disclosures in Financial Statements
\u2022\tIFRS 19 (The new standard is effective for reporting periods beginning on or after 1 January 2027 with earlier application permitted).
\u00a0\u2013 Subsidiaries without Public Accountability: Disclosures
114\u00a0\u00a0STV Annual Report and Accounts 2025
2. Material accounting policy information continued
The above standards and amendments issued but not yet effective will be adopted in accordance with their effective dates. Management do not expect any material impact from the implementation of the above standards when they become effective.
Prior year adjustments
The Group acquired 100% of Greenbird Media Limited in July 2023, with put options in place to acquire the remaining shareholding of majority interests in subsidiaries held by the acquired company at the date of acquisition. During 2024, some of these options were exercised, resulting in a cash outflow of \u00a34.4m. In the 2024 consolidated statement of cashflows, this transaction was incorrectly disclosed within investing activities. In consideration of paragraphs 42A and 42B of IAS 7, the cash outflows arising from changes in ownership interests in a subsidiary that do not result in a loss of control should have been disclosed within financing activities. Therefore, the 2024 consolidated statement of cash flows, shown as a comparator to the 2025 statement, has been restated to reclassify the \u00a34.4m outflow from investing activities to financing activities. There was no impact on net cash flows for the period.
The above change was prompted by an enquiry from the Corporate Reporting Review team of the Financial Reporting Council (FRC) as part of its regular review and assessment of the quality of corporate reporting in the UK. The Group agreed to make the change above within the 2025 financial statements.
When reviewing the Group\u2019s 2024 Annual Report and Accounts, the FRC has made clear the scope and limitations of its review as follows:
\u201cThe review was based on the Group\u2019s 2024 Annual Report and Accounts and did not benefit from detailed knowledge of the Group\u2019s business or an understanding of the underlying transactions entered into. It was, however, conducted by staff of the FRC who have an understanding of the relevant legal and accounting framework.
\u201cThe FRC review provides no assurance that the Group\u2019s Annual Report and Accounts are correct in all material respects; the FRC\u2019s role is not to verify the information provided to it but to consider compliance with reporting requirements. Communications from the FRC are written on the basis that the FRC (which includes its officers, employees and agents) accepts no liability for reliance on them by the Company or any third party, including but not limited to investors and shareholders.\u201d
Going concern
At 31 December 2025, the Group was in a net debt position of \u00a345.3m comprising drawdowns under its Revolving Credit Facility of \u00a356.0m and production financing facility of \u00a32.3m, partially offset by unamortised finance fees of \u00a30.7m and net cash balances of \u00a312.3m. The Group is in a net current asset position and generates cash from operations that enables it to meet its liabilities as they fall due, and other obligations. Headroom under the Group\u2019s banking facilities at 31 December 2025 was \u00a319m under the RCF plus the \u00a315m accordion facility (31 December 2024: \u00a330m plus \u00a310m accordion).
During the year, the Group has operated within its key financial covenants of leverage (ratio of net debt to EBITDA) and interest cover, with limits of 3 times maximum and 4 times minimum, respectively. At 31 December 2025, the Group\u2019s leverage was 2.5 times and its interest cover was 6.1 times, both well within covenant limits.
As part of the going concern review, the Group considers forecasts of the advertising and commissioning markets to determine the impact on liquidity. The Group\u2019s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group will be able to operate within the level of its current available funding and financial covenants.
The Directors performed a full review of principal risks and uncertainties during 2025 as part of its process to review and approve the three-year plan covering the period to 31 December 2028.
A severe but plausible downside scenario was identified that reflected crystallisation of several risks, principally in relation to advertising revenues and the number and scale of programme commissions anticipated to be won and delivered in the period. This scenario did not make any assumptions around a broad UK economic recovery but reflected the benefit of certain mitigating actions within the control of management, including the flexibility agreed with pension trustees on the timing of contributions payable (note 25). Under this scenario, the Group is projected to generate sufficient cash to enable it to continue in operation and remain within the covenant levels under the Group banking arrangements.
Following completion of these activities, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for at least 12 months from the date of this report. Accordingly, the Group continues to adopt the going concern basis in preparing its consolidated financial statements.
Revenue recognition
Under IFRS 15, the performance obligations promised in contracts with customers are identified and revenue recognition is based on an assessment of when control of the good or service promised in the contract is transferred to the customer. Revenue is recognised when the performance obligation in the contract is satisfied which is either at a \u2018point in time\u2019 or \u2018over time\u2019 depending on when or as control of the good or service is transferred to the customer.
Key classes of revenue are recognised as follows:
a.\tAdvertising and sponsorship revenues
\u00a0Revenues are stated net of advertising agency commissions.
\u00a0Television advertising revenue and online advertising revenue are recognised at the point of transmission of the advert. Revenue from sponsorship of the Group\u2019s programmes is recognised on a straight-line basis over the period of the transmission schedule for each sponsorship campaign.
Notes to the financial statements
For the year ended 31 December 2025
Overview |\u00a0Strategic Report\u00a0\u00a0|\u00a0Governance |\u00a0Financial Statements\u00a0|\u00a0Additional Information
STV Annual Report and Accounts 2025 115
b.\tProgramme production revenues
\u00a0For producer for hire contracts where, in the event of cancellation, cost is recovered plus an agreed margin, the associated revenue is recognised over the term of the contract. The input method is used to measure costs and therefore revenue, as it is considered to be the method that best reflects the measure of the Group\u2019s performance and transfer of control. All other revenue from third party commissions is recognised on delivery of the finished programme to the commissioning broadcaster as at that point the performance obligations are delivered and control passes to the broadcaster for the period of their licence.
\u00a0Revenue from the licencing of programmes to overseas broadcasters or in the UK secondary market (usually digital channels) is recognised on the licence commencement date. An element of the original cost of production is deferred and recognised against the future revenue stream expected to be generated in the secondary and overseas sales markets. The amount to be deferred varies by programme based on future overseas and secondary sales potential and involves significant estimate (see note 3).
Dividend income
Dividend income is recognised when the right to receive payment is established.
Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is deducted from the related expense. When the grant relates to an asset, it is deducted from the asset\u2019s carrying value.
Taxation
Taxation expense comprises current and deferred tax. Tax is recognised in the income statement, except to the extent it relates to items recognised in other comprehensive income or directly in equity, in which case the related tax is also recognised in other comprehensive income or directly in equity.
Current tax is the amount of tax payable or recoverable in respect of the taxable profit or loss for the year, using tax rates that are in force during the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other financial years and it further excludes items that are never taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the reversal of the temporary difference can be controlled by the Group and it is probable that the difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
Adjusting items
Adjusting items are items that are unusual because of their size, nature or incidence and which the Directors consider should be disclosed separately to enable a full understanding of the Group\u2019s results. They are presented on the face of the Consolidated Income Statement in a column before statutory results.
Adjusting items may include but are not restricted to: profits or losses arising on disposal or closure of a business; the cost of significant business restructuring; significant impairments of intangible or tangible assets; significant gains or losses on sale of investments, intangible or tangible assets; adjustments to the fair value of acquisition-related items; amortisation of fair value adjustments in regard to intangible assets recognised in a business combination; IAS 19 finance costs; presentation of HETV production tax credits; and other items due to their significance, size or nature. Details of specific adjusting items recognised during the year are included within note 7.
Foreign currency translation
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Currency translation differences are recognised in the consolidated income statement.
Business combinations
Business combinations are accounted for using the acquisition method of accounting. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred and liabilities incurred. Acquisition-related costs are recognised in the income statement as incurred.
At the acquisition date, the identifiable assets acquired and liabilities assumed are recognised at their fair value.
116\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
2. Material accounting policy information continued
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in the income statement as a bargain purchase gain (or loss if the liabilities assumed exceed the identifiable assets).
Goodwill in respect of an acquired business is recognised as an intangible asset. Goodwill is carried at cost less any recognised impairment losses and is tested at least annually.
Intangible assets
Intangible assets, other than goodwill, are held at cost less accumulated amortisation and any provision for impairment. Included within intangible assets are:
Web development \u2013 assets in the course of construction which comprise the development of STV Player, STV\u2019s online streaming platform, including directly attributable costs to bring the assets into use and may include capitalised borrowing costs.
Intellectual property \u2013 fair value of intangible assets recognised on acquisition of subsidiaries, which comprise production intellectual property and distribution intellectual property. Production intellectual property relates to the rights owned by acquired subsidiaries to established profitable formats that are likely to be re-commissioned in future periods. Distribution intellectual property relates to the value attributable to existing and expected renewal of distribution agreements of back-catalogue productions in secondary markets.
Amortisation is provided at the following rates per annum to write off the costs of intangible assets, less residual value, on a straight line basis from the date they are brought into use:
Web development
between 20% and 33%
Intellectual property
between 7% and 13%
Property, plant and equipment
The Group\u2019s policy is to state property, plant and equipment at cost less accumulated depreciation and any recognised impairment loss. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.
Depreciation is provided to write off the cost of the assets, less estimated residual values, in equal annual instalments as follows:
Leasehold improvements
between 5% and 10%
Plant, technical equipment and other
between 10% and 20%
Residual values and useful economic lives are reviewed annually. Depreciation is charged on all additions to, or disposals of, depreciating assets in the year of purchase or disposal, from the date of being brought into use or to the date of disposal.
Any impairment in value is charged to the income statement.
Depreciation and amortisation are both presented within operating expenses in the consolidated income statement.
Leases
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.
Lease liability
The lease liability is initially measured as the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or the Group\u2019s incremental borrowing rate where not readily available.
Lease payments included in the measurement of the lease liability comprise:
\u2022\tfixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022\tvariable lease payments that are based on an index or rate, initially measured using the index or rate as at the commencement date
\u2022\tamounts expected to be payable by the Group under residual value guarantees
\u2022\tthe exercise price of purchase options, if the Group is reasonably certain to exercise those options; and
\u2022\tpayments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
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STV Annual Report and Accounts 2025 117
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the Group\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
Lease payments are allocated between principal and finance cost. The finance cost element is charged to the income statement over the lease period in order to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets
Right-of-use assets comprise the initial measurement of the corresponding lease liability, any lease payments made at or before the commencement date, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are predominantly in relation to leasehold properties.
Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the underlying asset. If the lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (CGU\u2019s) fair value less costs of disposal and its value-in-use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
Inventories
Inventories are stated at the lower of cost or net realisable value. Net realisable value represents the estimated selling price less estimated costs to complete and the estimated selling costs.
The Group has the following items included in inventory:
\u2022\tProgramme production work in progress
\u00a0Programme production work in progress for programmes being made for third parties is recorded at cost less any provision for impairment. When the programme production has been completed, and at the point of delivery to the commissioner, the inventory value is charged to the income statement to match the cost of production with the revenue recognised. Costs incurred in the development of creative ideas and the programme slate are recognised as inventory at the lower of cost and net realisable value and are reviewed at least annually. Provision is made where appropriate.
\u2022\tDeferred programme production
\u00a0Deferred programme production stock represents original costs of production that are deferred and recognised against future revenue streams expected to be generated in the secondary sales markets, or from advertising revenue generated on STV Player. This is to ensure that revenue and costs are matched as closely as possible. The amount to be deferred varies by programme based on future secondary sales potential. The estimate of future sales and deferred programme production stock is referred to in the critical accounting judgements and estimates section (note 3).
\u2022\tRecorded programmes
\u00a0Recorded programmes are programmes which the Group purchases for transmission on its broadcast and Video on Demand platforms. They are valued at direct cost including labour and overheads less appropriate provisions and are charged to the income statement after the first transmission or sale.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are recorded at amortised cost with the exception of equity investments which are recognised at fair value through other comprehensive income (FVOCI) and derivative financial instruments which are recognised at fair value through profit and loss (FVTPL). Financial liabilities are measured at amortised cost.
i) Trade and other receivables
Trade receivables do not carry any interest and are stated at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables, contract assets and other receivables.
A provision is established for trade receivables if there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of trade.
118\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
2. Material accounting policy information continued
ii) Investments
Investments are classified as fair value through other comprehensive income (FVOCI) with subsequent gains or losses arising from changes in fair value recognised in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit and loss following the derecognition of the investment.
Equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured by other means are held at cost unless the Group is deemed to hold significant influence. Investments, whereby the Group is deemed to hold significant influence, are initially recognised at cost and adjusted thereafter for the post-acquisition change in the net assets of the investment. A share of the profit or loss, based on equity holding, is recognised in the income statement for the period.
iii) Classification of financial liabilities and equity
Financial liabilities and equity instruments are classified according to the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
iv) Bank borrowings
Interest-bearing bank loans and overdrafts are initially recorded at fair value being the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost. Premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Accrued interest is recognised within accrued expenses.
v) Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
vi) Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
vii) Derivative financial instruments
Financial liabilities in regard to put option contracts which require the Group to purchase its own equity instruments for cash or another financial asset are recognised at the present value of the estimated put option exercise price, with a corresponding charge included within non-controlling interest. Any subsequent remeasurement of the put option liability is recognised within the consolidated income statement.
Financial liabilities or assets in regard to foreign currency forward contracts are recognised at fair value through profit or loss at the balance sheet date.
The Group uses interest swaps to hedge its exposure to fluctuations in interest rates. Gains or losses arising from the movement in fair value are taken to the income statement, with an associated financial asset or liability recognised for the fair value at the balance sheet date.
viii) Production financing facilities
Separate production financing facilities are entered into with third parties for individual programme production activities. These short-term facilities are available for the duration of programme production activity, and are used in circumstances when the Group is cash-flowing the production (with the commissioner paying in full on delivery of the final programme). These facilities are initially recorded at fair value being the amounts drawn down, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest rate method.
Pensions
For defined benefit pension schemes, the annual service cost is calculated using the projected unit credit method and is recognised over the future service lives of participating employees, in accordance with the advice of qualified actuaries. Current service cost and administration expenses are recognised in operating costs and net interest on the net pension liability is recognised in finance costs.
The finance cost recognised in the consolidated income statement reflects the net interest on the net pension liability. This represents the change in the net pension liability resulting from the passage of time, and is determined by applying the discount rate to the opening net liability, taking into account employer contributions paid into the scheme, and hence reducing the net liability during the year.
Past service costs resulting from enhanced benefits are recognised immediately in the consolidated income statement. Actuarial gains and losses, which represent the difference between interest on scheme assets, experience on the defined benefit obligation and the effect of changes in actuarial assumptions, are recognised in full in the consolidated statement of comprehensive income in the year in which they occur.
The retirement benefit obligation recognised in the consolidated balance sheet comprises the net total for each scheme of the present value of the benefit obligation, using a discount rate based on yields at the balance sheet date on appropriate high-quality corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and are denominated in sterling, minus the fair value of the scheme assets at the balance sheet date.
Payments to defined contribution schemes are charged to the income statement as an expense as they fall due.
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STV Annual Report and Accounts 2025 119
Share-based payments
The Group issues equity-settled share-based payments to certain employees. A fair value for the equity-settled share awards is measured at the date of grant. The Group measures the fair value of each award using an appropriate option pricing model.
The fair value of each award is recognised as an expense over the vesting period on a straight-line basis, after allowing for an estimate of the share awards that will eventually vest. The level of vesting is reviewed at each reporting period and the charge is adjusted, where appropriate, to reflect actual and estimated levels of vesting. The other reserve within equity relates to share based payments.
Dividend distribution
Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the period in which they are approved and paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377264": { "value": "Basis of preparation
The financial statements are prepared in accordance with IFRS as adopted by the UK Endorsement Board and in accordance with the UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
These financial statements are presented in Sterling, which is the currency of the primary economic environment in which the Group and Company operates and rounded to the nearest 0.1 million pounds (\u00a3m) except where otherwise indicated. They have been prepared under the historical cost convention and where other bases are applied these are identified in the relevant accounting policy below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377260": { "value": "The financial statements are prepared in accordance with IFRS as adopted by the UK Endorsement Board and in accordance with the UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377263": { "value": "Basis of consolidation
The Group financial statements incorporate the financial statements of STV Group plc and all its subsidiaries up to 31 December each year, using consistent accounting policies.
Subsidiaries are entities over which the Company has control. Control is achieved when the Company has the power over the subsidiary, is exposed, or has rights to, variable returns from its involvement with the subsidiary, and has the ability to use its power to affect its returns. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition method of accounting and their results are included from the date of acquisition.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation.
An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are accounted for using the equity method.
Non-controlling interests represent the portion of profit or loss and net assets/(liabilities) in subsidiaries that are not held by the Group and are presented within equity in the consolidated balance sheet, separately from the Company shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377331": { "value": "An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are accounted for using the equity method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377262": { "value": "Non-controlling interests represent the portion of profit or loss and net assets/(liabilities) in subsidiaries that are not held by the Group and are presented within equity in the consolidated balance sheet, separately from the Company shareholders\u2019 equity", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377332": { "value": "In the current year, the Group has adopted the following new amendments with no material impact:
\u2022\tAmendments to IAS 21 The Effects of Changes in Foreign Exchange Rates, in the publication titled Lack of Exchangeability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377333": { "value": "Going concern
At 31 December 2025, the Group was in a net debt position of \u00a345.3m comprising drawdowns under its Revolving Credit Facility of \u00a356.0m and production financing facility of \u00a32.3m, partially offset by unamortised finance fees of \u00a30.7m and net cash balances of \u00a312.3m. The Group is in a net current asset position and generates cash from operations that enables it to meet its liabilities as they fall due, and other obligations. Headroom under the Group\u2019s banking facilities at 31 December 2025 was \u00a319m under the RCF plus the \u00a315m accordion facility (31 December 2024: \u00a330m plus \u00a310m accordion).
During the year, the Group has operated within its key financial covenants of leverage (ratio of net debt to EBITDA) and interest cover, with limits of 3 times maximum and 4 times minimum, respectively. At 31 December 2025, the Group\u2019s leverage was 2.5 times and its interest cover was 6.1 times, both well within covenant limits.
As part of the going concern review, the Group considers forecasts of the advertising and commissioning markets to determine the impact on liquidity. The Group\u2019s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group will be able to operate within the level of its current available funding and financial covenants.
The Directors performed a full review of principal risks and uncertainties during 2025 as part of its process to review and approve the three-year plan covering the period to 31 December 2028.
A severe but plausible downside scenario was identified that reflected crystallisation of several risks, principally in relation to advertising revenues and the number and scale of programme commissions anticipated to be won and delivered in the period. This scenario did not make any assumptions around a broad UK economic recovery but reflected the benefit of certain mitigating actions within the control of management, including the flexibility agreed with pension trustees on the timing of contributions payable (note 25). Under this scenario, the Group is projected to generate sufficient cash to enable it to continue in operation and remain within the covenant levels under the Group banking arrangements.
Following completion of these activities, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for at least 12 months from the date of this report. Accordingly, the Group continues to adopt the going concern basis in preparing its consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378534": { "value": "Revenue recognition
Under IFRS 15, the performance obligations promised in contracts with customers are identified and revenue recognition is based on an assessment of when control of the good or service promised in the contract is transferred to the customer. Revenue is recognised when the performance obligation in the contract is satisfied which is either at a \u2018point in time\u2019 or \u2018over time\u2019 depending on when or as control of the good or service is transferred to the customer.
Key classes of revenue are recognised as follows:
a.\tAdvertising and sponsorship revenues
\u00a0Revenues are stated net of advertising agency commissions.
\u00a0Television advertising revenue and online advertising revenue are recognised at the point of transmission of the advert. Revenue from sponsorship of the Group\u2019s programmes is recognised on a straight-line basis over the period of the transmission schedule for each sponsorship campaign.
Notes to the financial statements
For the year ended 31 December 2025
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STV Annual Report and Accounts 2025 115
b.\tProgramme production revenues
\u00a0For producer for hire contracts where, in the event of cancellation, cost is recovered plus an agreed margin, the associated revenue is recognised over the term of the contract. The input method is used to measure costs and therefore revenue, as it is considered to be the method that best reflects the measure of the Group\u2019s performance and transfer of control. All other revenue from third party commissions is recognised on delivery of the finished programme to the commissioning broadcaster as at that point the performance obligations are delivered and control passes to the broadcaster for the period of their licence.
\u00a0Revenue from the licencing of programmes to overseas broadcasters or in the UK secondary market (usually digital channels) is recognised on the licence commencement date. An element of the original cost of production is deferred and recognised against the future revenue stream expected to be generated in the secondary and overseas sales markets. The amount to be deferred varies by programme based on future overseas and secondary sales potential and involves significant estimate (see note 3).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377266": { "value": "Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is deducted from the related expense. When the grant relates to an asset, it is deducted from the asset\u2019s carrying value", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377267": { "value": "Taxation
Taxation expense comprises current and deferred tax. Tax is recognised in the income statement, except to the extent it relates to items recognised in other comprehensive income or directly in equity, in which case the related tax is also recognised in other comprehensive income or directly in equity.Current tax is the amount of tax payable or recoverable in respect of the taxable profit or loss for the year, using tax rates that are in force during the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other financial years and it further excludes items that are never taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the reversal of the temporary difference can be controlled by the Group and it is probable that the difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377265": { "value": "Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the reversal of the temporary difference can be controlled by the Group and it is probable that the difference will not reverse in the foreseeable futureDeferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377320": { "value": "Adjusting items
Adjusting items are items that are unusual because of their size, nature or incidence and which the Directors consider should be disclosed separately to enable a full understanding of the Group\u2019s results. They are presented on the face of the Consolidated Income Statement in a column before statutory results.
Adjusting items may include but are not restricted to: profits or losses arising on disposal or closure of a business; the cost of significant business restructuring; significant impairments of intangible or tangible assets; significant gains or losses on sale of investments, intangible or tangible assets; adjustments to the fair value of acquisition-related items; amortisation of fair value adjustments in regard to intangible assets recognised in a business combination; IAS 19 finance costs; presentation of HETV production tax credits; and other items due to their significance, size or nature. Details of specific adjusting items recognised during the year are included within note 7.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377268": { "value": "Foreign currency translation
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Currency translation differences are recognised in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377271": { "value": "Business combinations
Business combinations are accounted for using the acquisition method of accounting. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred and liabilities incurred. Acquisition-related costs are recognised in the income statement as incurred.
At the acquisition date, the identifiable assets acquired and liabilities assumed are recognised at their fair value.
116\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
2. Material accounting policy information continued
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in the income statement as a bargain purchase gain (or loss if the liabilities assumed exceed the identifiable assets).
Goodwill in respect of an acquired business is recognised as an intangible asset. Goodwill is carried at cost less any recognised impairment losses and is tested at least annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377269": { "value": "Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in the income statement as a bargain purchase gain (or loss if the liabilities assumed exceed the identifiable assets).
Goodwill in respect of an acquired business is recognised as an intangible asset. Goodwill is carried at cost less any recognised impairment losses and is tested at least annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377272": { "value": "Intangible assets
Intangible assets, other than goodwill, are held at cost less accumulated amortisation and any provision for impairment. Included within intangible assets are:
Web development \u2013 assets in the course of construction which comprise the development of STV Player, STV\u2019s online streaming platform, including directly attributable costs to bring the assets into use and may include capitalised borrowing costs.
Intellectual property \u2013 fair value of intangible assets recognised on acquisition of subsidiaries, which comprise production intellectual property and distribution intellectual property. Production intellectual property relates to the rights owned by acquired subsidiaries to established profitable formats that are likely to be re-commissioned in future periods. Distribution intellectual property relates to the value attributable to existing and expected renewal of distribution agreements of back-catalogue productions in secondary markets.
Amortisation is provided at the following rates per annum to write off the costs of intangible assets, less residual value, on a straight line basis from the date they are brought into use:
Web development
between 20% and 33%
Intellectual property
between 7% and 13%
Property, plant and equipment
The Group\u2019s policy is to state property, plant and equipment at cost less accumulated depreciation and any recognised impairment loss. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.
Depreciation is provided to write off the cost of the assets, less estimated residual values, in equal annual instalments as follows:
Leasehold improvements
between 5% and 10%
Plant, technical equipment and other
between 10% and 20%
Residual values and useful economic lives are reviewed annually. Depreciation is charged on all additions to, or disposals of, depreciating assets in the year of purchase or disposal, from the date of being brought into use or to the date of disposal.
Any impairment in value is charged to the income statement.
Depreciation and amortisation are both presented within operating expenses in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377270": { "value": "Property, plant and equipment
The Group\u2019s policy is to state property, plant and equipment at cost less accumulated depreciation and any recognised impairment loss. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.
Depreciation is provided to write off the cost of the assets, less estimated residual values, in equal annual instalments as follows:
Leasehold improvements
between 5% and 10%
Plant, technical equipment and other
between 10% and 20%
Residual values and useful economic lives are reviewed annually. Depreciation is charged on all additions to, or disposals of, depreciating assets in the year of purchase or disposal, from the date of being brought into use or to the date of disposal.
Any impairment in value is charged to the income statement.
Depreciation and amortisation are both presented within operating expenses in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377273": { "value": "Leases
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.
Lease liability
The lease liability is initially measured as the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or the Group\u2019s incremental borrowing rate where not readily available.
Lease payments included in the measurement of the lease liability comprise:
\u2022\tfixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022\tvariable lease payments that are based on an index or rate, initially measured using the index or rate as at the commencement date
\u2022\tamounts expected to be payable by the Group under residual value guarantees
\u2022\tthe exercise price of purchase options, if the Group is reasonably certain to exercise those options; and
\u2022\tpayments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the Group\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
Lease payments are allocated between principal and finance cost. The finance cost element is charged to the income statement over the lease period in order to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets
Right-of-use assets comprise the initial measurement of the corresponding lease liability, any lease payments made at or before the commencement date, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are predominantly in relation to leasehold properties.
Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the underlying asset. If the lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377276": { "value": "Lease payments are allocated between principal and finance cost. The finance cost element is charged to the income statement over the lease period in order to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Accrued interest is recognised within accrued expenses.The finance cost recognised in the consolidated income statement reflects the net interest on the net pension liability. This represents the change in the net pension liability resulting from the passage of time, and is determined by applying the discount rate to the opening net liability, taking into account employer contributions paid into the scheme, and hence reducing the net liability during the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378536": { "value": "Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (CGU\u2019s) fair value less costs of disposal and its value-in-use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378535": { "value": "Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (CGU\u2019s) fair value less costs of disposal and its value-in-use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377277": { "value": "Inventories
Inventories are stated at the lower of cost or net realisable value. Net realisable value represents the estimated selling price less estimated costs to complete and the estimated selling costs.
The Group has the following items included in inventory:
\u2022\tProgramme production work in progress
\u00a0Programme production work in progress for programmes being made for third parties is recorded at cost less any provision for impairment. When the programme production has been completed, and at the point of delivery to the commissioner, the inventory value is charged to the income statement to match the cost of production with the revenue recognised. Costs incurred in the development of creative ideas and the programme slate are recognised as inventory at the lower of cost and net realisable value and are reviewed at least annually. Provision is made where appropriate.
\u2022\tDeferred programme production
\u00a0Deferred programme production stock represents original costs of production that are deferred and recognised against future revenue streams expected to be generated in the secondary sales markets, or from advertising revenue generated on STV Player. This is to ensure that revenue and costs are matched as closely as possible. The amount to be deferred varies by programme based on future secondary sales potential. The estimate of future sales and deferred programme production stock is referred to in the critical accounting judgements and estimates section (note 3).
\u2022\tRecorded programmes
\u00a0Recorded programmes are programmes which the Group purchases for transmission on its broadcast and Video on Demand platforms. They are valued at direct cost including labour and overheads less appropriate provisions and are charged to the income statement after the first transmission or sale", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377275": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377274": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377279": { "value": "Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are recorded at amortised cost with the exception of equity investments which are recognised at fair value through other comprehensive income (FVOCI) and derivative financial instruments which are recognised at fair value through profit and loss (FVTPL). Financial liabilities are measured at amortised cost.
i) Trade and other receivables
Trade receivables do not carry any interest and are stated at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables, contract assets and other receivables.
A provision is established for trade receivables if there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of trade.
118\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
2. Material accounting policy information continued
ii) Investments
Investments are classified as fair value through other comprehensive income (FVOCI) with subsequent gains or losses arising from changes in fair value recognised in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit and loss following the derecognition of the investment.
Equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured by other means are held at cost unless the Group is deemed to hold significant influence. Investments, whereby the Group is deemed to hold significant influence, are initially recognised at cost and adjusted thereafter for the post-acquisition change in the net assets of the investment. A share of the profit or loss, based on equity holding, is recognised in the income statement for the period.
iii) Classification of financial liabilities and equity
Financial liabilities and equity instruments are classified according to the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
iv) Bank borrowings
Interest-bearing bank loans and overdrafts are initially recorded at fair value being the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost. Premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Accrued interest is recognised within accrued expenses.
v) Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
vi) Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
vii) Derivative financial instruments
Financial liabilities in regard to put option contracts which require the Group to purchase its own equity instruments for cash or another financial asset are recognised at the present value of the estimated put option exercise price, with a corresponding charge included within non-controlling interest. Any subsequent remeasurement of the put option liability is recognised within the consolidated income statement.
Financial liabilities or assets in regard to foreign currency forward contracts are recognised at fair value through profit or loss at the balance sheet date.
The Group uses interest swaps to hedge its exposure to fluctuations in interest rates. Gains or losses arising from the movement in fair value are taken to the income statement, with an associated financial asset or liability recognised for the fair value at the balance sheet date.
viii) Production financing facilities
Separate production financing facilities are entered into with third parties for individual programme production activities. These short-term facilities are available for the duration of programme production activity, and are used in circumstances when the Group is cash-flowing the production (with the commissioner paying in full on delivery of the final programme). These facilities are initially recorded at fair value being the amounts drawn down, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377280": { "value": "Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are recorded at amortised cost with the exception of equity investments which are recognised at fair value through other comprehensive income (FVOCI) and derivative financial instruments which are recognised at fair value through profit and loss (FVTPL)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377278": { "value": "Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are recorded at amortised cost with the exception of equity investments which are recognised at fair value through other comprehensive income (FVOCI) and derivative financial instruments which are recognised at fair value through profit and loss (FVTPL)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377281": { "value": "Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument.Financial liabilities are measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378537": { "value": "i) Trade and other receivables
Trade receivables do not carry any interest and are stated at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables, contract assets and other receivables.
A provision is established for trade receivables if there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of trade.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377284": { "value": "ii) Investments
Investments are classified as fair value through other comprehensive income (FVOCI) with subsequent gains or losses arising from changes in fair value recognised in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit and loss following the derecognition of the investment.
Equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured by other means are held at cost unless the Group is deemed to hold significant influence. Investments, whereby the Group is deemed to hold significant influence, are initially recognised at cost and adjusted thereafter for the post-acquisition change in the net assets of the investment. A share of the profit or loss, based on equity holding, is recognised in the income statement for the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378539": { "value": "iv) Bank borrowings
Interest-bearing bank loans and overdrafts are initially recorded at fair value being the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost. Premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Accrued interest is recognised within accrued expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378538": { "value": "iv) Bank borrowings
Interest-bearing bank loans and overdrafts are initially recorded at fair value being the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost. Premiums payable on settlement or redemption and direct issue costs, are accounted for using an effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Accrued interest is recognised within accrued expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377283": { "value": "v) Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377282": { "value": "vi) Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377334": { "value": "vii) Derivative financial instruments
Financial liabilities in regard to put option contracts which require the Group to purchase its own equity instruments for cash or another financial asset are recognised at the present value of the estimated put option exercise price, with a corresponding charge included within non-controlling interest. Any subsequent remeasurement of the put option liability is recognised within the consolidated income statement.
Financial liabilities or assets in regard to foreign currency forward contracts are recognised at fair value through profit or loss at the balance sheet date.
The Group uses interest swaps to hedge its exposure to fluctuations in interest rates. Gains or losses arising from the movement in fair value are taken to the income statement, with an associated financial asset or liability recognised for the fair value at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377285": { "value": "Pensions
For defined benefit pension schemes, the annual service cost is calculated using the projected unit credit method and is recognised over the future service lives of participating employees, in accordance with the advice of qualified actuaries. Current service cost and administration expenses are recognised in operating costs and net interest on the net pension liability is recognised in finance costs.
The finance cost recognised in the consolidated income statement reflects the net interest on the net pension liability. This represents the change in the net pension liability resulting from the passage of time, and is determined by applying the discount rate to the opening net liability, taking into account employer contributions paid into the scheme, and hence reducing the net liability during the year.
Past service costs resulting from enhanced benefits are recognised immediately in the consolidated income statement. Actuarial gains and losses, which represent the difference between interest on scheme assets, experience on the defined benefit obligation and the effect of changes in actuarial assumptions, are recognised in full in the consolidated statement of comprehensive income in the year in which they occur.
The retirement benefit obligation recognised in the consolidated balance sheet comprises the net total for each scheme of the present value of the benefit obligation, using a discount rate based on yields at the balance sheet date on appropriate high-quality corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and are denominated in sterling, minus the fair value of the scheme assets at the balance sheet date.
Payments to defined contribution schemes are charged to the income statement as an expense as they fall due.
Share-based payments
The Group issues equity-settled share-based payments to certain employees. A fair value for the equity-settled share awards is measured at the date of grant. The Group measures the fair value of each award using an appropriate option pricing model.
The fair value of each award is recognised as an expense over the vesting period on a straight-line basis, after allowing for an estimate of the share awards that will eventually vest. The level of vesting is reviewed at each reporting period and the charge is adjusted, where appropriate, to reflect actual and estimated levels of vesting. The other reserve within equity relates to share based payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377288": { "value": "Share-based payments
The Group issues equity-settled share-based payments to certain employees. A fair value for the equity-settled share awards is measured at the date of grant. The Group measures the fair value of each award using an appropriate option pricing model.
The fair value of each award is recognised as an expense over the vesting period on a straight-line basis, after allowing for an estimate of the share awards that will eventually vest. The level of vesting is reviewed at each reporting period and the charge is adjusted, where appropriate, to reflect actual and estimated levels of vesting. The other reserve within equity relates to share based payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377321": { "value": "Dividend distribution
Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the period in which they are approved and paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377287": { "value": "3. Critical accounting judgements and estimates
The preparation of the consolidated and Company financial statements, in conformity with IFRS, requires management to make judgements that affect the application of accounting policies and the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. Management bases these judgements and estimates on a combination of past experience, professional expert advice and other evidence that is relevant to each individual circumstance. Actual results may differ from these judgements and the resulting estimates and are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised. Significant judgements in the current year and on a recurring basis are presented to the Audit & Risk Committee.
Judgements
In the course of preparing the financial statements, no judgements have been made in applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the consolidated Group or parent company financial statements, other than those involving estimation below.
Estimates
The Directors consider the following to be the key estimates applicable to the financial statements, which have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year:
Group
Inventory
Deferred programme production stock forms part of inventory and is stated in the financial statements at the lower of cost or net realisable value. The key assumptions are estimating the likely future revenues that associated programme costs are expensed in line with, and the discount rate applied. A detailed forecast of future secondary sales is prepared by management based on historic experience and expected future trends. The estimation process is complex due to the inherent risks and uncertainties associated with long-term forecasting. A different estimate of the projected future revenues, or a different discount rate, could result in a material adjustment to the projected value of the cash flows of the asset, and consequently result in a material adjustment to the carrying value of the asset in the next financial year. During the year, \u00a31.7m was expensed through the income statement (2024: \u00a31.2m).
Additional information is disclosed in note 16.
Group and Company
Pension obligations
The present value of the pension obligations depends on several factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost/(income) for pensions include the discount rate, inflation and mortality rate. These assumptions are reviewed and updated at least bi-annually. A small change in these assumptions could materially impact the carrying amount of pension obligations in the next financial year.
The Group determines the appropriate discount rate at the end of each year. This is the rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability.
Regarding mortality, the base tables used are updated every three years (to coincide with triennial valuations) or more frequently when there is evidence of a change in experience. The CMI tables relating to future improvements in mortality are updated when new information is available, usually annually.
Other key assumptions for pension obligations are based in part on current market conditions. Additional information, along with details of sensitivities, is disclosed in note 25.
120\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
3. Critical accounting judgements and estimates continued
Company
Carrying value of parent company investments
At the end of each reporting period, the Company assesses whether there are any internal or external indicators that an asset may be impaired (i.e. its carrying amount may be higher than its recoverable amount). The market capitalisation of the parent company was less than its net assets at 31 December 2025 and therefore the recoverable amount of the investment in subsidiary companies has been calculated. In determining the recoverable amount, key assumptions are made regarding future performance of subsidiary undertakings, long term growth rates and discount rate. A different estimate of the projected future cash flows, or a different long term growth rate or discount rate, could result in a material adjustment to the recoverable amount of the asset, and as a consequence result in a material adjustment to the carrying value of the asset in the next financial year. Based on the assumptions applied in the current year, the investments\u2019 recoverable amount is greater than its carrying value and consequently no impairment is considered necessary. Additional information is disclosed in note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377286": { "value": "3. Critical accounting judgements and estimates
The preparation of the consolidated and Company financial statements, in conformity with IFRS, requires management to make judgements that affect the application of accounting policies and the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. Management bases these judgements and estimates on a combination of past experience, professional expert advice and other evidence that is relevant to each individual circumstance. Actual results may differ from these judgements and the resulting estimates and are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised. Significant judgements in the current year and on a recurring basis are presented to the Audit & Risk Committee.
Judgements
In the course of preparing the financial statements, no judgements have been made in applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the consolidated Group or parent company financial statements, other than those involving estimation below.
Estimates
The Directors consider the following to be the key estimates applicable to the financial statements, which have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year:
Group
Inventory
Deferred programme production stock forms part of inventory and is stated in the financial statements at the lower of cost or net realisable value. The key assumptions are estimating the likely future revenues that associated programme costs are expensed in line with, and the discount rate applied. A detailed forecast of future secondary sales is prepared by management based on historic experience and expected future trends. The estimation process is complex due to the inherent risks and uncertainties associated with long-term forecasting. A different estimate of the projected future revenues, or a different discount rate, could result in a material adjustment to the projected value of the cash flows of the asset, and consequently result in a material adjustment to the carrying value of the asset in the next financial year. During the year, \u00a31.7m was expensed through the income statement (2024: \u00a31.2m).
Additional information is disclosed in note 16.
Group and Company
Pension obligations
The present value of the pension obligations depends on several factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost/(income) for pensions include the discount rate, inflation and mortality rate. These assumptions are reviewed and updated at least bi-annually. A small change in these assumptions could materially impact the carrying amount of pension obligations in the next financial year.
The Group determines the appropriate discount rate at the end of each year. This is the rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability.
Regarding mortality, the base tables used are updated every three years (to coincide with triennial valuations) or more frequently when there is evidence of a change in experience. The CMI tables relating to future improvements in mortality are updated when new information is available, usually annually.
Other key assumptions for pension obligations are based in part on current market conditions. Additional information, along with details of sensitivities, is disclosed in note 25.
120\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
3. Critical accounting judgements and estimates continued
Company
Carrying value of parent company investments
At the end of each reporting period, the Company assesses whether there are any internal or external indicators that an asset may be impaired (i.e. its carrying amount may be higher than its recoverable amount). The market capitalisation of the parent company was less than its net assets at 31 December 2025 and therefore the recoverable amount of the investment in subsidiary companies has been calculated. In determining the recoverable amount, key assumptions are made regarding future performance of subsidiary undertakings, long term growth rates and discount rate. A different estimate of the projected future cash flows, or a different long term growth rate or discount rate, could result in a material adjustment to the recoverable amount of the asset, and as a consequence result in a material adjustment to the carrying value of the asset in the next financial year. Based on the assumptions applied in the current year, the investments\u2019 recoverable amount is greater than its carrying value and consequently no impairment is considered necessary. Additional information is disclosed in note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378540": { "value": "4. Business segments
Information reported to the Group\u2019s Chief Executive for the purposes of resource allocation and assessment of segment performance is by product. The Group\u2019s operating segments are Audience (combining Broadcast and Digital following merger of the businesses in H1 2025) and Studios.
Audience
Studios
Total
Continuing operations
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Sales
104.5
112.2
83.2
84.4
187.7
196.6
Inter-segment sales
(10.6)
(8.3)
(0.2)
(0.3)
(10.8)
(8.6)
Segment revenue
93.9
103.9
83.0
84.1
176.9
188.0
Segment result
Adjusted operating profit before unallocated corporate expenses
12.5
19.3
3.9
6.1
16.4
25.4
Unallocated corporate expenses
(4.8)
(4.8)
Adjusted operating profit
11.6
20.6
Adjusting items in operating profit (note 7)
(7.8)
(7.4)
Statutory operating profit
3.8
13.2
Other adjusting items \u2013 finance costs (note 7)
(4.0)
(4.1)
Finance costs
(4.8)
(3.5)
Other gains and losses (note 7)
(0.8)
4.8
Share of loss of associates
(0.1)
\u2013
(Loss)/profit before tax
(5.9)
10.4
Tax credit
1.9
2.7
(Loss)/profit for the year
(4.0)
13.1
Adjusted operating profit (as shown above) is the statutory operating profit before adjusting items and includes production tax credits receivable. The production tax credits receivable relate solely to the Studios operating segment. Unallocated corporate expenses relate to central expenses not directly attributable to divisions.
Revenue includes \u00a328.0m from sources outside the UK (2024: \u00a314.8m). Operating profit includes \u00a35.2m arising outside the UK (2024: \u00a34.5m).
Audience
Studios
Total
Segment assets and liabilities
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Assets
40.3
28.1
100.3
102.2
140.6
130.3
Liabilities
(39.8)
(28.1)
(43.7)
(46.5)
(83.5)
(74.6)
Segment total
0.5
\u2013
56.6
55.7
57.1
55.7
Unallocated corporate assets
21.3
39.4
Unallocated corporate liabilities
(96.5)
(108.0)
Consolidated
(18.1)
(12.9)
Overview |\u00a0Strategic Report\u00a0\u00a0|\u00a0Governance |\u00a0Financial Statements\u00a0|\u00a0Additional Information
STV Annual Report and Accounts 2025 121
Segment assets consist primarily of property, plant and equipment, certain leased assets, inventories, trade and other receivables and cash and bank deposits. Amounts due from HMRC in regard to production tax credits are disclosed within Studios. All other corporation tax balances are disclosed within corporate.
Segment liabilities comprise operating liabilities including trade and other payables, provisions and certain lease liabilities. They exclude Group borrowings, retirement benefit obligations, tax liabilities and other non-current liabilities, including the remaining lease liabilities.
All the net assets in both years were held in the UK and therefore operate in a single geographical segment.
Audience
Studios
Other
Total
Other segment information
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Capital additions
2.6
1.2
0.1
7.2
2.3
0.5
5.0
8.9
Depreciation and amortisation
2.0
2.1
2.1
1.8
2.0
2.2
6.1
6.1
Information reported to the Group\u2019s Chief Executive for the purposes of resource allocation and assessment of segment performance is by product. The Group\u2019s operating segments are Audience (combining Broadcast and Digital following merger of the businesses in H1 2025) and Studios.
Segment assets consist primarily of property, plant and equipment, certain leased assets, inventories, trade and other receivables and cash and bank deposits. Amounts due from HMRC in regard to production tax credits are disclosed within Studios. All other corporation tax balances are disclosed within corporate.
Segment liabilities comprise operating liabilities including trade and other payables, provisions and certain lease liabilities. They exclude Group borrowings, retirement benefit obligations, tax liabilities and other non-current liabilities, including the remaining lease liabilities.
All the net assets in both years were held in the UK and therefore operate in a single geographical segment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377291": { "value": "Depreciation and amortisation (excluding adjusting items)
4.3
4.4
Services provided by the Group\u2019s auditors
During the year the Group obtained the following services from the Company\u2019s auditors:\t
2025
\u00a3m
2024
\u00a3m
Group
Fees payable to Company auditors for the audit of the parent company and consolidated financial statements
0.4
0.4
Fees payable to the Company\u2019s auditors and their associates for other services:
\u2013 The audit of the Company\u2019s subsidiaries pursuant to legislation
0.1
0.1
\u2013 Audit-related assurance services
\u2013
\u2013
0.5
0.5
The audit fees paid in respect of the parent company were less than \u00a30.1m for the current and prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377335": { "value": "6. Staff
Group\t
\u00a0
Aggregate remuneration
2025
\u00a3m
2024
\u00a3m
Wages and salaries
43.7
38.8
Share based payments
0.1
0.1
Social security costs
5.3
4.4
Other pension costs
1.2
1.1
Total aggregate remuneration
50.3
44.4
Less: staff costs allocated to productions, adjusting items or capitalised
(12.1)
(7.1)
Aggregate remuneration within operating expenses
38.2
37.3
122\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
Average monthly number of employees (including Executive Directors)
2025
Number
2024
Number
Audience
392
379
Studios
285
195
Group/Corporate
61
69
Total average number of employees
738
643
Details of Directors\u2019 remuneration is provided in the Remuneration Report on pages 82 to 98.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377292": { "value": "6. Staff
Group\t
\u00a0
Aggregate remuneration
2025
\u00a3m
2024
\u00a3m
Wages and salaries
43.7
38.8
Share based payments
0.1
0.1
Social security costs
5.3
4.4
Other pension costs
1.2
1.1
Total aggregate remuneration
50.3
44.4
Less: staff costs allocated to productions, adjusting items or capitalised
(12.1)
(7.1)
Aggregate remuneration within operating expenses
38.2
37.3
122\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
6. Staff continued
Average monthly number of employees (including Executive Directors)
2025
Number
2024
Number
Audience
392
379
Studios
285
195
Group/Corporate
61
69
Total average number of employees
738
643
Details of Directors\u2019 remuneration is provided in the Remuneration Report on pages 82 to 98.
Company
The Company had no employees during the current or preceding year.
The only element of Directors\u2019 remuneration recognised in the Company income statement in the year is the estimated charge associated with share-based payments of \u00a30.1m (2024: \u00a30.1m). No Director received any other remuneration from the Company during the year (2024: \u00a3nil). The emoluments of the Directors are paid by another Group company which makes no recharge to the parent company.
25. Retirement benefit schemes
Defined contribution schemes
The Group operates two money purchase schemes, the STV Pension Scheme and the Pearl & Dean Cinemas Pension Scheme. Total employer contributions expensed by the Group in the year were \u00a31.2m (2024: \u00a31.1m).
Defined benefit schemes
The Group operates two defined benefit pension schemes, the benefits of which are related to service and final salary. The schemes are trustee administered and the schemes\u2019 assets are held independently from those of the Group. Pension costs are assessed in accordance with the advice of an independent professionally qualified actuary. Details on the principal risk identified in relation to defined benefit pension scheme liabilities are shown on page 31.
The schemes are the Scottish and Grampian Television Retirement Benefit Scheme and the Caledonian Publishing Pension Scheme. Both are closed schemes and accounted for under the projected unit credit method.
The net deficit of the schemes is recognised in the consolidated balance sheet, with the deficit of the Caledonian Publishing Pension Scheme recognised in the Company balance sheet as STV Group plc is the sponsoring employer. In both the Group and Company balance sheets, the net deficits are presented within non-current liabilities as follows:
Group
Company
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Defined benefit scheme obligations
(310.6)
(319.1)
(118.5)
(121.8)
Defined benefit scheme assets
271.4
270.8
102.1
102.6
Net pension deficit
(39.2)
(48.3)
(16.4)
(19.2)
A related offsetting deferred tax asset for the Group of \u00a39.8m (2024: \u00a312.1m) and the Company of \u00a34.1m (2024: \u00a34.8m) is included within non-current assets. Therefore, the pension scheme deficit net of deferred tax for the Group was \u00a329.4m at 31 December 2025 (2024: \u00a336.2m) and the Company was \u00a312.3m (2024: \u00a314.4m).
Assumptions used to estimate the scheme obligations
The significant actuarial assumptions used for accounting purposes reflect prevailing market conditions in the UK and are as follows:
Group and Company
2025
%
2024
%
Rate of increase in salaries
nil
nil
Rate of increase of pensions in payment
2.90
3.25
Discount rate
5.40
5.45
Rate of price inflation (RPI)
2.90
3.25
Assumptions regarding future mortality experience are set based on advice, published statistics and experience in each scheme and are reflected in the table below (average life expectations of a pensioner retiring at age 65).
Group
Company
2025
Years
2024
Years
2025
Years
2024
Years
Retiring at balance sheet date:
Male
21.0
20.7
20.6
20.3
Female
23.0
22.9
22.7
22.6
Retiring in 25 years:
Male
22.1
21.9
22.0
21.8
Female
24.0
24.0
24.0
24.0
140\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
25. Retirement benefit schemes continued
The sensitivities regarding the principal assumptions used to measure the defined benefit obligation are set out below:
Assumption
Change in assumption
Impact on scheme liabilities
Group
Discount rate
Increase/decrease by 0.25%
Decrease/increase by 2%
Rate of price inflation (RPI)
Increase/decrease by 0.25%
Increase/decrease by 1%
Rate of mortality
Decrease by 1 year
Decrease by 4%
Company
Discount rate
Increase/decrease by 0.25%
Decrease/increase by 2%
Rate of price inflation (RPI)
Increase/decrease by 0.25%
Increase/decrease by 1%
Rate of mortality
Decrease by 1 year
Decrease by 5%
These sensitivities have been calculated to show the movement in the defined benefit obligations in isolation, and assuming no other changes in market conditions at the balance sheet date.
Defined benefit scheme assets
The movement in the fair value of the defined benefit scheme\u2019s assets is analysed below:
Group
Company
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Fair value of scheme assets at 1 January
270.8
295.4
102.6
111.8
Interest income
14.3
12.9
5.4
4.9
Return on plan assets excluding interest income
2.0
(22.8)
0.9
(7.6)
Contributions from the employer
10.2
10.2
3.9
3.9
Administrative expenses paid from plan assets
(1.3)
(1.0)
(0.6)
(0.5)
Benefits paid from plan
(24.6)
(23.9)
(10.1)
(9.9)
Fair value of scheme assets at 31 December
271.4
270.8
102.1
102.6
At 31 December 2025, the assets were invested in a diversified portfolio that consisted primarily of investment funds and instruments. One of the schemes also holds insurance policies that pay an income into the scheme. The corresponding assets are included within the fair value of the scheme assets. The fair value of the Scheme\u2019s assets is shown below:
At 31 December 2025
At 31 December 2024
Group
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Equity and equity options
12.0
44.3
56.3
9.2
47.5
56.7
Alternative return seeking
11.0
18.6
29.6
8.0
24.2
32.2
Cashflow matching credit
0.2
85.4
85.6
1.7
61.9
63.6
Liability-driven investments and cash
119.8
(29.7)
90.1
147.5
(39.1)
108.4
Currency hedge
\u2013
0.3
0.3
\u2013
(0.1)
(0.1)
Annuity policies
\u2013
9.5
9.5
\u2013
10.0
10.0
143.0
128.4
271.4
166.4
104.4
270.8
At 31 December 2025
At 31 December 2024
Company
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Equity and equity options
4.6
17.3
21.9
3.6
18.7
22.3
Alternative return seeking
4.4
7.1
11.5
3.2
9.6
12.8
Cashflow matching credit
0.1
33.3
33.4
0.7
25.1
25.8
Liability-driven investments and cash
48.2
(13.1)
35.1
58.5
(16.8)
41.7
Currency hedge
\u2013
0.2
0.2
\u2013
\u2013
\u2013
57.3
44.8
102.1
66.0
36.6
102.6
Overview |\u00a0Strategic Report\u00a0\u00a0|\u00a0Governance |\u00a0Financial Statements\u00a0|\u00a0Additional Information
STV Annual Report and Accounts 2025 141
Defined benefit scheme obligations
The movement in the present value of the defined benefit obligation is analysed below:\t
Group
Company
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Defined benefit obligation at 1 January
319.1
350.2
121.8
137.3
Experience loss/(gain)
1.1
5.4
0.4
(2.0)
Interest cost
16.7
15.3
6.3
6.0
Remeasurement (gain)/loss
(1.7)
(27.9)
0.1
(9.6)
Benefits paid from the schemes
(24.6)
(23.9)
(10.1)
(9.9)
Defined benefit obligation at 31 December
310.6
319.1
118.5
121.8
The defined benefit obligation at 31 December 2025 includes an amount of \u00a39.5m relating to the benefits payable to the holders of the annuity contracts.
Amounts recognised through the income statement
Amounts recognised through the consolidated income statement are as follows:
2025
\u00a3m
2024
\u00a3m
Amount charged to operating expenses:
Administration expenses
(1.3)
(1.0)
Amount charged to finance costs:
Net interest expense
(2.4)
(2.4)
Total charged in the consolidated income statement
(3.7)
(3.4)
Amounts recognised through the statement of comprehensive income
The amounts recognised in the consolidated statement of comprehensive income are:\t
2025
\u00a3m
2024
\u00a3m
Return on plan assets excluding interest income
2.0
(22.8)
Actuarial losses on liabilities arising from change in:
\u2013 demographic assumptions
(1.9)
0.3
\u2013 financial assumptions
3.6
27.6
\u2013 experience adjustments
(1.1)
(5.4)
Total recognised in the consolidated statement of comprehensive income
2.6
(0.3)
Funding arrangements
Contribution rates to the scheme are determined by a qualified independent actuary on the basis of a triennial valuation using the projected unit credit method. The most recent triennial valuation was carried out as at 31 December 2023. This valuation resulted in a deficit of \u00a361m on a pre-tax basis compared to \u00a3116m on a pre-tax basis at the previous settlement date.
Deficit recovery plans end in October 2030, with the aggregate monthly payments slightly lower than the previous recovery plans. The 2025 deficit recovery payments totalled \u00a310.2m, with annual payments then increasing at the rate of 2% per annum over the term of the recovery plans. In September 2025, the Group agreed a re-phased Schedule of Contributions with the Trustees as one of the cash protection measures implemented following the Group reducing its short term revenue and operating profit forecasts. This ensures the same level of contribution paid into the schemes over the recovery plan period but with a rephasing of amounts payable in 2026 into 2027. The contingent cash mechanism previously in place has been paused until at least 2028 with no further contingent payments required until then unless the Group and the Trustees agree otherwise.
The recovery plans are designed to enable the schemes to reach a fully funded position, using prudent assumptions about the future, by 2030.
142\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
26. Share-based compensation
The purpose of the share-based compensation plans is to align the interests of management and employees with those of shareholders by providing incentives to improve the Company\u2019s performance on a long-term basis, thereby increasing shareholder value.
The Company has the following plans currently operating:
i)\tLong-term incentive plans
ii)\tEmployee share plans
Total share-based compensation costs were \u00a30.1m (2024: \u00a30.1m).
i) Long-term incentive plans (LTIP)
The Group has a long-term incentive plan for Executive Directors and other senior executives. Awards are normally granted in the form of a right to acquire shares in the Company for a zero or nominal amount. Awards vest over a period of at least three years, subject to the satisfaction of performance conditions.
The performance measures are agreed by the Remuneration Committee based on what they consider to be aligned with the delivery of strategy and creation of long term shareholder value. The Committee has discretion to use different or additional measures or weightings to ensure that the LTIP remains appropriately aligned to the business strategy and objectives. The performance measures are based on a combination of earnings growth and total shareholder return and are valued based on an appropriate option pricing model.
The assumptions used for the 2025 LTIP valuation are:
%
Risk-free interest rate expected
4.0
Dividend yield expected share
4.5
Price volatility
31.7
Awards granted under the Company\u2019s long term incentive plan that were outstanding at the end of the year had the following market prices at the date of award:
Year awarded
Market price on grant date
\u00a3
2025
Number
2024
Number
2015 LTIP
4.25
1,607
1,607
2016 LTIP
3.67
3,755
3,755
2017 LTIP
3.65
7,118
7,118
2019 LTIP
3.55
78,179
142,780
2020 LTIP
2.85
139,943
139,943
2021 LTIP
3.30
51,894
51,894
2023 LTIP
2.52
437,331
437,331
2024 LTIP
2.40
489,123
489,123
2025 LTIP
1.54
1,098,956
\u2013
The weighted average fair value of share options outstanding was \u00a32.1m (2024: 2.7m).
ii) Employee share plans
The employee share plans are open to all employees. They provide for a grant price approximately equal to 90% of the middle market quotation of a share on the dealing day last preceding the relevant date of invitation, as derived from the London Stock Exchange daily office list, and can be purchased once a year. There are currently 2 employee share plans outstanding and the exercise prices for options under these plans range from \u00a32.35 to \u00a32.47. At 31 December 2025 there were 224,327 (2024: 335,187) options outstanding under the plans. The employee share plans are valued using the Black-Scholes model.
Overview |\u00a0Strategic Report\u00a0\u00a0|\u00a0Governance |\u00a0Financial Statements\u00a0|\u00a0Additional Information
STV Annual Report and Accounts 2025 143
Employee Benefits Trust
The Group has investments in its own shares as a result of shares purchased by the STV Employees\u2019 Benefit Trust (EBT). Transactions with the Group-sponsored EBT are included in these financial statements and consist of the EBT\u2019s purchases of shares in STV plc, which is accounted for as a reduction to retained earnings. The table below shows the number of STV plc shares held in the EBT at 31 December 2025 and the purchases/(releases) from the EBT made in the year to satisfy awards under the Group\u2019s share schemes disclosed above and in relation to shares awarded to certain employees for the achievement of long term service milestones (Loyalty awards):
Scheme
Shares held at
Average
exercise price
\u00a3
Number of shares (released)/purchased
Nominal value
\u00a3
1 January 2025
1,032,044
516,022
2019 LTIP releases
1.92
(64,601)
2021 DBP releases
1.63
(12,134)
Loyalty releases
1.65
(9,090)
31 December 2025
946,219
473,109
The total number of shares held by the EBT at 31 December 2025 represents 2.0% (2024: 2.2%) of STV\u2019s issued share capital.
The market value of own shares held at 31 December 2025 is \u00a31.0m (2024: \u00a32.2m). The weighted average exercise price of share options outstanding was \u00a32.11 (2024: \u00a32.67). The weighted average remaining contractual life of share options outstanding was 7.7 years (2024: 7.5 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377336": { "value": "8. Tax credit
2025
\u00a3m
2024
\u00a3m
Corporation tax
Current year charge
(0.3)
(1.4)
Production tax credits
0.9
3.9
0.6
2.5
Deferred tax (note 22)
1.3
0.2
Tax credit for the year
1.9
2.7
The credit for the year can be reconciled to the (loss)/profit per the income statement as follows:\t
2025
\u00a3m
2024
\u00a3m
(Loss)/profit before tax
(5.9)
10.4
Tax at the UK corporation tax rate of 25% (2024: 23.5%)
1.5
(2.6)
Tax effects of:
Other (expenses)/income not deductible for tax purposes
(1.6)
0.2
Other timing differences
(0.3)
(0.2)
Losses not recognised
(0.2)
\u2013
Production tax credits
0.9
3.9
Losses utilised
0.2
\u2013
Changes in estimates related to prior years
1.4
1.4
Tax credit for the year
1.9
2.7
9. Earnings per share
The calculation of earnings per share is based on earnings after tax and the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held for use by the STV Employee Benefit Trust.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The Group has one type of dilutive potential ordinary shares, namely share options granted to employees. In the current year, potential ordinary shares have been excluded from diluted EPS because they would decrease the loss per share and be anti-dilutive.
124\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
9. Earnings per share continued
The adjusted earnings per share figures that have also been calculated are based on earnings before adjusting items that are significant in nature and/or quantum and not expected to recur every year and are therefore considered to be distortive.
The adjusting items recognised in the current and prior year are detailed in note 7 and presented below net of the related tax effect. Adjusted earnings per share have been presented to provide shareholders with an additional measure of the Group\u2019s year on year performance.
Earnings per share
2025
pence
2024
pence
Basic earnings per share
(10.8)p
23.5p
Diluted earnings per share
(10.8)p
23.4p
Adjusted basic earnings per share
13.1p
29.0p
Adjusted diluted earnings per share
13.1p
29.0p
The following reflects the earnings and share data used in the calculation of earnings per share:
Earnings
Ref
2025
\u00a3m
2024
\u00a3m
(Loss)/profit for the year attributable to equity shareholders
(5.0)
10.8
Adjusting items in operating profit (net of tax)
(i)
6.3
3.2
IAS 19 net financing cost
(ii)
2.4
2.4
Other finance costs
(iii)
1.6
1.7
Other gains and losses
(iv)
0.8
(4.8)
Adjusted profit for the year
6.1
13.3
Number of shares
2025
million
2024
million
Weighted average number of ordinary shares for the purposes of basic earnings per share
46.0
45.9
Dilution due to share options
0.2
0.1
Weighted average number of ordinary shares for the purposes of diluted earnings per share
46.2
46.0
Details of the adjustments to earnings are as follows:
i) Adjusting items in operating (loss)/profit (net of tax): \u00a36.3m (2024: \u00a33.2m)
Charge of \u00a36.9m (2024: \u00a33.5m), net of related tax credit of \u00a30.6m (2024: \u00a30.3m). The gross amount is the related adjusting items within operating profit per note 7, excluding HETV tax credits.
ii) Adjustment for IAS 19 financing cost: \u00a32.4m (2024: \u00a32.4m)
The IAS 19 financing cost is adjusted as it is a non-cash item that relates to historical defined benefit pension schemes.
iii) Adjustment for other finance costs: \u00a31.6m (2024: \u00a31.7m)
Other finance costs relate to unwinding of the discount of put options acquired in a business combination.
iv) Adjustment for other gains and losses: \u00a30.8m loss (2024: gain of \u00a34.8m)
Other gains and losses relate to fair value adjustments as detailed in note 7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377337": { "value": "The calculation of earnings per share is based on earnings after tax and the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held for use by the STV Employee Benefit Trust.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The Group has one type of dilutive potential ordinary shares, namely share options granted to employees. In the current year, potential ordinary shares have been excluded from diluted EPS because they would decrease the loss per share and be anti-dilutive.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377310": { "value": "10. Dividends
2025
per share
2024
per share
2025
\u00a3m
2024
\u00a3m
Dividends on equity ordinary shares
Paid final dividend
7.4p
7.4p
3.3
3.3
Paid interim dividend
\u2013
3.9p
\u2013
1.8
Dividends paid
7.4p
11.3p
3.3
5.1
The Board is not proposing any dividend in respect of the current financial year in light of the uncertain trading environment. The Board will keep the position under review.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377322": { "value": "0.074", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "shtag_7377328": { "value": "0.113", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "shtag_7377327": { "value": "11. Intangible assets
Goodwill
\u00a3m
Production intellectual
property
\u00a3m
Distribution intellectual
property
\u00a3m
Web development
\u00a3m
Total
\u00a3m
Cost
At 1 January 2024
14.5
5.0
5.0
6.7
31.2
Additions
\u2013
\u2013
\u2013
0.7
0.7
Acquisitions (note 14)
5.8
7.1
\u2013
\u2013
12.9
Disposals
\u2013
\u2013
\u2013
(3.7)
(3.7)
At 1 January 2025
20.3
12.1
5.0
3.7
41.1
Additions
\u2013
\u2013
\u2013
0.8
0.8
Acquisitions (note 14)
1.6
(0.5)
\u2013
\u2013
1.1
At 31 December 2025
21.9
11.6
5.0
4.5
43.0
Accumulated amortisation and impairment
At 1 January 2024
\u2013
0.3
0.2
5.7
6.2
Amortisation
\u2013
1.4
0.3
0.4
2.1
Disposals
\u2013
\u2013
\u2013
(3.7)
(3.7)
At 1 January 2025
\u2013
1.7
0.5
2.4
4.6
Amortisation
\u2013
1.5
0.3
0.5
2.3
Impairment
\u2013
1.1
\u2013
\u2013
1.1
At 31 December 2025
\u2013
4.3
0.8
2.9
8.0
Net book value at 31 December 2025
21.9
7.3
4.2
1.6
35.0
Net book value at 31 December 2024
20.3
10.4
4.5
1.3
36.5
During the year, the Group acquired an increased equity stake in Flicker Productions Limited, which resulted in the recognition of goodwill of \u00a31.2m and intellectual property of \u00a30.1m. The fair value of the acquired assets and liabilities has been finalised during the year for Hello Halo Productions Limited and Rumpus Media Limited. This resulted in an additional \u00a30.4m of goodwill being recognised, and a reduction to intellectual property of \u00a30.6m. An impairment charge of \u00a31.1m has been recognised relating to the carrying value of production intellectual property attributable to titles that are not expected to return, as detailed in note 7.
In 2024, intangible assets recognised on acquisition totalled \u00a312.9m, relating to the acquisition of Two Cities Television Limited, Hello Halo Productions Limited and Rumpus Media Limited.
The remaining average useful life of production intellectual property and distribution intellectual property is 5.3 years (2024: 7.3 years) and 12.5 years (2024: 13.5 years) respectively.
Web development primarily relates to the development of STV Player. In 2024, disposals related to web development assets with \u00a3nil net book value that were no longer in use.
Impairment review
The Group has \u00a321.9m goodwill recognised in relation to acquisitions of production businesses between 2023-2025 (note 14), which has been attributed in full to the STV Studios cash-generating unit (CGU). The recoverable amount of the CGU has been determined by calculating its value in use. This is based on five-year cash flow projections, which are grounded in the three-year plan for the Studios CGU, prepared by the divisional Leadership Team and approved by the Executive Directors. Consideration has also been given to the severe but plausible downside scenario identified in the viability modelling as it relates to the Studios CGU. The key assumptions on which the forecasts are based include revenue generation (including revenue from new commissions and returning series), production and operating margin achievable, and the applicable discount rate. These assumptions have been determined by using a combination of extrapolation of historic trends in the business, internal and industry estimates, and long-term growth rates in the primary markets in which the CGU operates. A long-term growth rate of 2.0% has been applied (2024: 2.0%). A pre-tax discount rate of 12.0% has been used in discounting the projected cashflows (2024: 12.8%). No reasonably possible change in assumptions or discount rate would lead to an impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377311": { "value": "12. Property, plant and equipment\t
Leasehold
improvements
\u00a3m
Plant, technical equipment and other
\u00a3m
Assets under
construction
\u00a3m
Total
\u00a3m
Cost
At 1 January 2024
0.4
24.9
0.3
25.6
Additions
\u2013
0.4
0.3
0.7
Transfers
\u2013
0.3
(0.3)
\u2013
Disposals
(0.4)
(2.0)
\u2013
(2.4)
At 1 January 2025
\u2013
23.6
0.3
23.9
Additions
\u2013
1.4
1.1
2.5
Transfers
\u2013
1.3
(1.3)
\u2013
Disposals
\u2013
(0.9)
\u2013
(0.9)
At 31 December 2025
\u2013
25.4
0.1
25.5
Accumulated depreciation and impairment
At 1 January 2024
0.2
16.5
\u2013
16.7
Charge for year
\u2013
2.6
\u2013
2.6
Disposals
(0.2)
(2.0)
\u2013
(2.2)
At 1 January 2025
\u2013
17.1
\u2013
17.1
Charge for year
\u2013
2.2
\u2013
2.2
Disposals
\u2013
(0.9)
\u2013
(0.9)
At 31 December 2025
\u2013
18.4
\u2013
18.4
Net book value at 31 December 2025
\u2013
7.0
0.1
7.1
Net book value at 31 December 2024
\u2013
6.5
0.3
6.8
The Group and Company did not have any capital commitments at 31 December 2025 (2024: \u00a3nil). Disposals of plant, technical equipment and other assets relates to the write down of assets with \u00a3nil net book value that are no longer in use. In 2024, disposals of leasehold improvements relates to assets written down on exit from the leasehold premises.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377338": { "value": "14. Business combinations
Flicker Productions Limited
In July 2023, the Group acquired a minority stake of 40% in Flicker Productions Limited (Flicker), as part of the acquisition of Greenbird Media Limited group. On 8 April 2025, the Group increased its equity stake in Flicker to 100% with the additional 60% transferring to the Group for nominal consideration.
In line with accounting requirements for a business combination achieved in stages, the initial stake of 40% has been remeasured at fair value at the acquisition date, resulting in a gain of \u00a30.1m, which is presented within other gains and losses on the face of the income statement.
The Group has completed its work in relation to assessing the fair values of identifiable assets acquired and liabilities assumed, therefore the amounts presented below are considered final. There were no adjustments required to the provisional values previously disclosed within the interim statement as at 30 June 2025.
Fair value of identifiable assets and liabilities of Flicker Productions Limited
Final
\u00a3m
Intangible assets
0.1
Right of use asset
0.1
Inventory
0.2
Trade and other receivables
0.1
Cash and cash equivalents
0.1
Trade and other payables
(1.4)
Contract liabilities
(0.2)
Lease liabilities
(0.1)
Fair value of net identifiable liabilities
(1.1)
Goodwill
1.2
Consideration
0.1
Total net cash inflow relating to acquisition of Flicker Productions Limited
\u00a3m
Consideration paid
\u2013
Cash and cash equivalents acquired
0.1
Total cash inflow
0.1
Goodwill of \u00a31.2m represents the value placed on the opportunity to enhance the future growth prospects of the STV Studios unscripted division through increasing the volume of new productions, formats and intellectual property. This has been calculated as the fair value of the consideration transferred less the net of the fair value of the identifiable assets acquired and liabilities assumed.
From the date of acquisition, Flicker contributed revenue of \u00a30.5m and an operating loss of \u00a30.1m to the Group\u2019s results. If the acquisition had occurred on 1 January 2025, Flicker would have contributed revenue of \u00a30.6m and an operating loss of \u00a30.5m to the Group\u2019s results.
128\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
14. Business combinations continued
Hello Halo Productions Limited
During the year, the Group finalised its fair value assessment of the identifiable assets acquired and liabilities assumed of Hello Halo Productions Limited and subsidiary company, acquired on 30 August 2024. The table below sets out the adjustments that have been made to the provisional fair values previously disclosed within the annual financial statements for year ended 31 December 2024, to reach the final position.
Fair value of identifiable assets and liabilities of Hello Halo Productions Limited and subsidiary company
Provisional
\u00a3m
Adjustments
\u00a3m
Final
\u00a3m
Intangible assets
0.2
(0.2)
\u2013
Inventory
2.1
0.2
2.3
Trade and other receivables
1.3
\u2013
1.3
Contract assets
0.1
\u2013
0.1
Cash and cash equivalents
\u2013
0.3
0.3
Deferred tax liabilities
(0.1)
0.1
\u2013
Trade and other payables
(3.3)
(0.5)
(3.8)
Contract liabilities
(3.2)
\u2013
(3.2)
Fair value of net identifiable liabilities
(2.9)
(0.1)
(3.0)
Adjustments to non-controlling interest regarding put options
2.8
\u2013
2.8
Goodwill
1.9
0.1
2.0
Consideration
1.8
\u2013
1.8
\u00a3m
\u00a3m
\u00a3m
Present value of expected liability on put options
2.8
\u2013
2.8
Rumpus Media Limited
During the year, the Group finalised its fair value assessment of the identifiable assets acquired and liabilities assumed of Rumpus Media Limited, acquired on 17 July 2024. The table below sets out the adjustments that have been made to the provisional fair values previously disclosed within the annual financial statements for year ended 31 December 2024, to reach the final position.
Fair value of identifiable assets and liabilities of Rumpus Media Limited
Provisional
\u00a3m
Adjustments
\u00a3m
Final
\u00a3m
Intangible assets
0.4
(0.4)
\u2013
Inventory
0.4
\u2013
0.4
Trade and other receivables
0.8
\u2013
0.8
Contract assets
0.3
\u2013
0.3
Cash and cash equivalents
0.7
\u2013
0.7
Deferred tax liabilities
(0.1)
0.1
\u2013
Trade and other payables
(1.1)
\u2013
(1.1)
Contract liabilities
(0.9)
\u2013
(0.9)
Borrowings
(0.3)
\u2013
(0.3)
Fair value of net identifiable assets/(liabilities)
0.2
(0.3)
(0.1)
Goodwill
0.2
0.3
0.5
Consideration
0.4
\u2013
0.4
Overview |\u00a0Strategic Report\u00a0\u00a0|\u00a0Governance |\u00a0Financial Statements\u00a0|\u00a0Additional Information
STV Annual Report and Accounts 2025 129
Summary of acquisition related transactions for year ended 31 December 2025
\u00a0
Two Cities
\u00a3m
Hello Halo
\u00a3m
Flicker
\u00a3m
Greenbird Media
\u00a3m
Total
\u00a3m
Cash (outflow)/inflow
Consideration paid, net of cash acquired
\u2013
\u2013
0.1
\u2013
0.1
Deferred consideration paid
\u2013
\u2013
\u2013
(0.4)
(0.4)
Acquisition of subsidiary undertakings, net of cash acquired
\u2013
\u2013
0.1
(0.4)
(0.3)
Other gains and (losses)
Revaluation of initial investment to fair value at acquisition date
\u2013
\u2013
0.1
\u2013
0.1
Revaluation of expected liability of put options to fair value as at 31 December 2025
(1.3)
0.5
\u2013
(0.1)
(0.9)
(1.3)
0.5
0.1
(0.1)
(0.8)
Summary of acquisition related transactions for year ended 31 December 2024
Two Cities
\u00a3m
Hello Halo
\u00a3m
Rumpus
\u00a3m
Greenbird Media
\u00a3m
Total
\u00a3m
Cash (outflow)/inflow
Consideration paid, net of cash acquired
(0.4)
(0.8)
\u00a00.7
\u2013
(0.5)
Deferred consideration paid
\u2013
\u2013
\u2013
(0.6)
(0.6)
Acquisition of subsidiary undertakings, net of cash acquired
(0.4)
(0.8)
\u00a00.7
(0.6)
(1.1)
Purchase of additional shares in subsidiary undertakings
\u2013
\u2013
\u2013
(4.4)
(4.4)
Changes in non-controlling interest
Proportionate share of net (assets)/liabilities at acquisition date
(2.0)
\u2013
\u2013
\u2013
(2.0)
Present value of expected liability on put options recognised on acquisition
\u00a07.1
\u00a02.8
\u2013
\u2013
\u00a09.9
Adjustments recognised following finalisation of fair value of assets acquired and liabilities assumed
\u2013
\u2013
\u2013
(0.3)
(0.3)
\u00a05.1
\u00a02.8
\u2013
(0.3)
\u00a07.6
Other gains and (losses)
Revaluation of initial investment held to fair value at acquisition date
\u00a02.3
\u00a00.8
(0.2)
\u2013
\u00a02.9
Revaluation of expected liability of put options to fair value as at 31 December 2024
\u00a01.0
\u2013
\u2013
\u00a00.9
\u00a01.9
\u00a03.3
\u00a00.8
(0.2)
\u00a00.9
\u00a04.8
2025
\u00a3m
2024
\u00a3m
Group
Associates
0.5
2.1
Other
0.8
0.2
1.3
2.3
The movement in other investments in the year relates to the acquisition of an 18.75% stake in branded content startup, Fan Club, for a total consideration of \u00a30.6m.
130\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
15. Investments continued
2025
\u00a3m
2024
\u00a3m
Associates
At 1 January
2.1
3.9
Share of loss
(0.1)
\u2013
Disposals
(0.4)
\u2013
Impairment
(1.1)
\u2013
Reallocations
\u2013
(1.8)
At 31 December
0.5
2.1
The investments in associates are initially recognised at cost and then subsequently updated to reflect the Group\u2019s share of post-acquisition profits or losses in accordance with the equity method of accounting.
During the year, the Group disposed of its minority stake in Pi Productions Ltd resulting in a \u00a30.4m write-off. In addition, and as detailed in note 7, no further investment will be made in Mighty Productions with the carrying value written off in full (\u00a31.1m).
In 2024, minority investments were held in Two Cities Television Limited, Hello Halo Productions Limited and Rumpus Media Limited, totalling \u00a31.8m. The Group\u2019s shareholding was increased to a majority stake in each of these entities during the prior year, and the \u00a31.8m investment value held in these associates was reallocated to investments in subsidiaries and eliminated on consolidation.
The Group also owns a 25% shareholding in the unscripted production company, Hello Mary.
No dividends have been received from any associate undertaking. The class of shares held in associates are all ordinary.
The Group also holds shares in Mirriad Advertising plc which has a nominal fair value at the balance sheet date. This investment is measured at fair value through the Consolidated Statement of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377294": { "value": "2025
\u00a3m
2024
\u00a3m
Group
Associates
0.5
2.1
Other
0.8
0.2
1.3
2.3
2025
\u00a3m
2024
\u00a3m
Associates
At 1 January
2.1
3.9
Share of loss
(0.1)
\u2013
Disposals
(0.4)
\u2013
Impairment
(1.1)
\u2013
Reallocations
\u2013
(1.8)
At 31 December
0.5
2.1
The investments in associates are initially recognised at cost and then subsequently updated to reflect the Group\u2019s share of post-acquisition profits or losses in accordance with the equity method of accounting.
During the year, the Group disposed of its minority stake in Pi Productions Ltd resulting in a \u00a30.4m write-off. In addition, and as detailed in note 7, no further investment will be made in Mighty Productions with the carrying value written off in full (\u00a31.1m).
In 2024, minority investments were held in Two Cities Television Limited, Hello Halo Productions Limited and Rumpus Media Limited, totalling \u00a31.8m. The Group\u2019s shareholding was increased to a majority stake in each of these entities during the prior year, and the \u00a31.8m investment value held in these associates was reallocated to investments in subsidiaries and eliminated on consolidation.
The Group also owns a 25% shareholding in the unscripted production company, Hello Mary.
No dividends have been received from any associate undertaking. The class of shares held in associates are all ordinary.
The Group also holds shares in Mirriad Advertising plc which has a nominal fair value at the balance sheet date. This investment is measured at fair value through the Consolidated Statement of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377323": { "value": "2025
\u00a3m
2024
\u00a3m
Associates
At 1 January
2.1
3.9
Share of loss
(0.1)
\u2013
Disposals
(0.4)
\u2013
Impairment
(1.1)
\u2013
Reallocations
\u2013
(1.8)
At 31 December
0.5
2.1
The Group also holds shares in Mirriad Advertising plc which has a nominal fair value at the balance sheet date. This investment is measured at fair value through the Consolidated Statement of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377312": { "value": "Subsidiary undertakings\t
A full list of subsidiary undertakings as at 31 December 2025 is as follows:
Undertaking
Principal activity
Registered address
Audit exemption
Year end
STV News Services Limited*
Investment holding undertaking
(1)
(4)
\u00a0STV Television Limited
Investment holding undertaking
\u00a0STV Central Limited
Television broadcasting
\u00a0STV North Limited
Television broadcasting
\u00a0STV Studios Limited
Programme production
\u00a0STV Drama Productions Limited
Programme production
\u00a0STV Documentaries Limited
Dormant
\u00a0STV Factual Limited
Dormant
\u00a0STV Drama Productions 3 Limited
Programme production
31 July
\u00a0STV Tod Productions Limited
Programme production
31 August
\u00a0Primal Media Limited (80%)
Programme production
(1)
\u00a0STV Studios Services Limited (formerly Greenbird \u00a0Media Limited)
Investment holding undertaking
(1)
\u00a0Teal Media Limited
Advertising inventory trading
(1)
\u00a0Crackit Productions Limited (99%)
Programme production
(2)
\u00a0Tuesday\u2019s Child Television Limited (63%)
Programme production
(2)
\u00a0Interstellar Television Limited (32%)
Programme production
(2)
\u00a0Show Me The Honey Limited (32%)
Dormant
(2)
\u00a0Rumpus Media Limited (99%)
Programme production
(2)
\u00a0Hello Halo Productions Limited (51%)
Programme production
(2)
\u00a0Hello Halo Kids Limited (51%)
Programme production
(2)
\u00a0Flicker Productions Limited\u2020
Programme production
(2)
\u00a0Two Cities Television Limited (51%)
Programme production
(3)
\u00a0Two Cities (Blue Lights) Limited (51%)
Programme production
(3)
31 May
\u00a0Two Cities (Blue Lights 2) Limited (51%)
Programme production
(3)
30 June
\u00a0Two Cities (Blue Lights 3) Limited (51%)
Programme production
30 June
\u00a0Two Cities (Blue Lights 4) Limited (51%) (formerly \u00a0Two Cities 1984 Limited)
Programme production
(3)
31 July
\u00a0Two Cities (Vienna) Limited (51%)
Programme production
(3)
31 August
\u00a0Ginger Television Productions Limited
Dormant
(1)
\u00a0SKA Ginger Productions Limited (50%)
Dormant
(1)
\u00a0Altissimo Music Limited
Music rights
\u00a0stv.tv Limited
Dormant
\u00a0Solutions.tv Limited
Dormant
\u00a0Grampian Television Limited
Dormant
STV Audio Limited*
Radio broadcasting
(4)
STV Services Limited*
Group services undertaking
(4)
\u00a0Scottish News Network Limited
Dormant
Rise & Shine (Television) Limited*
Dormant
\u00a0Peoples champion.com Limited
Dormant
\u00a0The Ginger Media Group Limited
Dormant
(1)
* Directly held. \u2020 Acquired in the year.
The registered address for all companies (except where noted) is Pacific Quay, Glasgow, G51 1PQ.
(1)\t6th Floor, 236 Grays Inn Road, London, England, WC1X 8HB
(2)\t71 Queen Victoria Street, London, England, EC4V 4BE
(3)\t18 Glasshouse Studios Fryern Court Road, Fordingbridge, Hampshire, England, SP6 1QX
(4)\tCertain subsidiaries of the Group can take an exemption from having an audit. Strict criteria must be met for this exemption to be taken, and it must be agreed by the Directors of that subsidiary entity. Listed above are subsidiaries controlled and consolidated by the Group, where the Directors have taken the exemption from having an audit of its financial statements. This exemption is taken in accordance with the Companies Act 2006 s479A.
132\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
15. Investments continued
The investments are stated in the balance sheet at cost less amounts written off for impairment in value. All the above investments are 100% shareholdings except where stated. All subsidiary undertakings are incorporated in the United Kingdom. All shares held are classed as ordinary shares.
All subsidiary undertakings have a financial year end of 31 December 2025 except where otherwise stated above. The reason that the financial years are non-coterminous with the Group is due to the timing of production commissions and deliveries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377296": { "value": "The investments are stated in the balance sheet at cost less amounts written off for impairment in value", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377297": { "value": "16. Inventories
\u00a0
Group
2025
\u00a3m
2024
\u00a3m
Deferred programme production
13.8
14.2
Programme production work in progress
10.7
14.6
24.5
28.8
Deferred programme production stock represents costs of original production which are deferred and recognised against future revenue streams expected to be generated in the secondary sales market. This asset is classified as current, even though it will be realised into cash over several years, due to the homogeneous nature of the inventory which would result in an arbitrary split between current and non-current, and to be consistent with normal industry practice. It is anticipated that \u00a31.8m (2024: \u00a31.3m) is likely to be realised within 12 months.
At 31 December 2025, the net present value (NPV) of the future sales, estimated over a maximum period of 15 years for drama and 10 years for other genres of programming, was \u00a318.5m (2024: \u00a317.6m), compared to a net book value of \u00a313.8m (2024: \u00a314.2m). A discount rate of 9.7% (2024: 10.1%) was applied. Future sales in 2026 are expected to be \u00a33.5m.
The sensitivities regarding the principal assumptions used to support the carrying value of the deferred programme production stock are set out below:
Assumption
Change in assumption
Impact on NPV
Discount rate
Increase/decrease by 0.25%
Decrease/increase by \u00a30.2m
Rate of price inflation (RPI)
Increase/decrease by 0.25%
Increase/decrease by \u00a30.2m
Sales
Increase/decrease by 10.0%
Increase/decrease by \u00a31.5m
17. Trade and other receivables
Group
Current
Non-current
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Trade receivables
14.3
16.3
\u2013
\u2013
Prepayments
6.4
4.1
\u2013
\u2013
Contract assets
7.1
9.0
\u2013
\u2013
Other receivables
15.9
16.9
0.3
0.5
43.7
46.3
0.3
0.5
Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work completed but not billed at the reporting date.
Other receivables includes \u00a312.9m (2024: \u00a32.1m) in relation to net credits receivable under the Audio-Visual Expenditure Credits regime. Presentation of these items has been updated in the year, reallocated from corporation tax recoverable for 2024. Other receivables also includes \u00a31.0m (2024: \u00a39.8m) relating to foreign tax credits receivable.
Overview |\u00a0Strategic Report\u00a0\u00a0|\u00a0Governance |\u00a0Financial Statements\u00a0|\u00a0Additional Information
STV Annual Report and Accounts 2025 133
Company
Current
Non-current
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Amounts owed by Group undertakings
\u2013
\u2013
105.3
112.3
Other receivables
1.0
1.0
0.9
105.3
112.3
A reconciliation of the contract assets balance is included in note 18.
Amounts owed by Group undertakings are unsecured with no interest chargeable.
Group
At 31 December, the ageing analysis of the trade receivables, net of any provisions for impairment, is as follows:\t
2025
\u00a3m
2024
\u00a3m
Not past due
10.2
10.2
Up to 30 days overdue
2.8
4.7
Between 30 and 90 days overdue
0.9
0.6
Over 90 days overdue
0.4
0.8
14.3
16.3
The Group engages in a number of contra deals whereby advertising is provided in exchange for goods and services instead of cash consideration. The proportion of contra deals not yet utilised by the Group sits within balances that are more than 90 days overdue.
The Group applies the simplified approach to measuring expected credit losses, and so uses a lifetime expected loss allowance. At 31 December 2025 and 31 December 2024, trade receivables impaired and fully provided for were less than \u00a30.1m.
The Directors consider that the carrying amount of trade and other receivables approximates their fair value. Except for those trade receivables that have been provided for, all trade receivables are expected to be recovered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378544": { "value": "Group
Current
Non-current
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Trade receivables
14.3
16.3
\u2013
\u2013
Prepayments
6.4
4.1
\u2013
\u2013
Contract assets
7.1
9.0
\u2013
\u2013
Other receivables
15.9
16.9
0.3
0.5
43.7
46.3
0.3
0.5
Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work completed but not billed at the reporting date.
Other receivables includes \u00a312.9m (2024: \u00a32.1m) in relation to net credits receivable under the Audio-Visual Expenditure Credits regime. Presentation of these items has been updated in the year, reallocated from corporation tax recoverable for 2024. Other receivables also includes \u00a31.0m (2024: \u00a39.8m) relating to foreign tax credits receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378543": { "value": "Group
Current
Non-current
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Trade receivables
14.3
16.3
\u2013
\u2013
Prepayments
6.4
4.1
\u2013
\u2013
Contract assets
7.1
9.0
\u2013
\u2013
Other receivables
15.9
16.9
0.3
0.5
43.7
46.3
0.3
0.5
Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work completed but not billed at the reporting date.
Other receivables includes \u00a312.9m (2024: \u00a32.1m) in relation to net credits receivable under the Audio-Visual Expenditure Credits regime. Presentation of these items has been updated in the year, reallocated from corporation tax recoverable for 2024. Other receivables also includes \u00a31.0m (2024: \u00a39.8m) relating to foreign tax credits receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378542": { "value": "Group
Current
Non-current
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Trade receivables
14.3
16.3
\u2013
\u2013
Prepayments
6.4
4.1
\u2013
\u2013
Contract assets
7.1
9.0
\u2013
\u2013
Other receivables
15.9
16.9
0.3
0.5
43.7
46.3
0.3
0.5
Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work completed but not billed at the reporting date.
Other receivables includes \u00a312.9m (2024: \u00a32.1m) in relation to net credits receivable under the Audio-Visual Expenditure Credits regime. Presentation of these items has been updated in the year, reallocated from corporation tax recoverable for 2024. Other receivables also includes \u00a31.0m (2024: \u00a39.8m) relating to foreign tax credits receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378541": { "value": "Group
Current
Non-current
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Trade receivables
14.3
16.3
\u2013
\u2013
Prepayments
6.4
4.1
\u2013
\u2013
Contract assets
7.1
9.0
\u2013
\u2013
Other receivables
15.9
16.9
0.3
0.5
43.7
46.3
0.3
0.5
Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work completed but not billed at the reporting date.
Other receivables includes \u00a312.9m (2024: \u00a32.1m) in relation to net credits receivable under the Audio-Visual Expenditure Credits regime. Presentation of these items has been updated in the year, reallocated from corporation tax recoverable for 2024. Other receivables also includes \u00a31.0m (2024: \u00a39.8m) relating to foreign tax credits receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377324": { "value": "Other receivables includes \u00a312.9m (2024: \u00a32.1m) in relation to net credits receivable under the Audio-Visual Expenditure Credits regime. Presentation of these items has been updated in the year, reallocated from corporation tax recoverable for 2024. Other receivables also includes \u00a31.0m (2024: \u00a39.8m) relating to foreign tax credits receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378545": { "value": "The Group applies the simplified approach to measuring expected credit losses, and so uses a lifetime expected loss allowance. At 31 December 2025 and 31 December 2024, trade receivables impaired and fully provided for were less than \u00a30.1m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377325": { "value": "18. Trade and other payables
Group
Company
Current
Non-current
Current
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Trade and other payables
18.3
7.1
10.7
15.2
\u2013
\u2013
Accrued expenses
16.0
16.1
\u2013
\u2013
\u2013
\u2013
Contract liabilities
13.3
21.4
\u2013
\u2013
\u2013
\u2013
Amounts owed to Group undertakings (payable on demand)
\u2013
\u2013
\u2013
\u2013
3.9
3.3
Social security and other taxes
3.6
3.5
\u2013
\u2013
\u2013
\u2013
51.2
48.1
10.7
15.2
3.9
3.3
The Directors consider that the carrying amount of trade and other payables approximates their fair value.
Trade and other payables include put option liabilities and deferred consideration acquired from business combinations of \u00a36.9m current (2024: \u00a3nil) and \u00a310.7m non-current (2024: \u00a315.2m). See note 21 for further details.
Contract liabilities (deferred income) primarily relate to the consideration received from customers in advance of transferring a good or service.
The amounts owed to Group undertakings are unsecured with no interest chargeable.
134\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
18. Trade and other payables continued
2025
2024
Contract assets
\u00a3m
Contract liabilities
\u00a3m
Contract assets
\u00a3m
Contract liabilities
\u00a3m
Balance at 1 January
9.0
(21.4)
12.9
(6.0)
Acquisitions (note 14)
\u2013
(0.2)
0.4
(15.6)
Transfers to trade receivables
(8.6)
\u2013
(13.2)
\u2013
Changes to the measurement of progress
6.7
\u2013
8.9
\u2013
Revenue recognised in the period
\u2013
20.9
\u2013
21.5
Cash received
\u2013
(12.6)
\u2013
(21.3)
Balance at 31 December
7.1
(13.3)
9.0
(21.4)
The contract liabilities balance will all be recognised as revenue within one year of the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377313": { "value": "18. Trade and other payables
Group
Company
Current
Non-current
Current
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Trade and other payables
18.3
7.1
10.7
15.2
\u2013
\u2013
Accrued expenses
16.0
16.1
\u2013
\u2013
\u2013
\u2013
Contract liabilities
13.3
21.4
\u2013
\u2013
\u2013
\u2013
Amounts owed to Group undertakings (payable on demand)
\u2013
\u2013
\u2013
\u2013
3.9
3.3
Social security and other taxes
3.6
3.5
\u2013
\u2013
\u2013
\u2013
51.2
48.1
10.7
15.2
3.9
3.3
The Directors consider that the carrying amount of trade and other payables approximates their fair value.
Trade and other payables include put option liabilities and deferred consideration acquired from business combinations of \u00a36.9m current (2024: \u00a3nil) and \u00a310.7m non-current (2024: \u00a315.2m). See note 21 for further details.
Contract liabilities (deferred income) primarily relate to the consideration received from customers in advance of transferring a good or service.
The amounts owed to Group undertakings are unsecured with no interest chargeable.
134\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
18. Trade and other payables continued
2025
2024
Contract assets
\u00a3m
Contract liabilities
\u00a3m
Contract assets
\u00a3m
Contract liabilities
\u00a3m
Balance at 1 January
9.0
(21.4)
12.9
(6.0)
Acquisitions (note 14)
\u2013
(0.2)
0.4
(15.6)
Transfers to trade receivables
(8.6)
\u2013
(13.2)
\u2013
Changes to the measurement of progress
6.7
\u2013
8.9
\u2013
Revenue recognised in the period
\u2013
20.9
\u2013
21.5
Cash received
\u2013
(12.6)
\u2013
(21.3)
Balance at 31 December
7.1
(13.3)
9.0
(21.4)
The contract liabilities balance will all be recognised as revenue within one year of the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378548": { "value": "Trade and other payablesGroup
Company
Current
Non-current
Current
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Trade and other payables
18.3
7.1
10.7
15.2
\u2013
\u2013
Accrued expenses
16.0
16.1
\u2013
\u2013
\u2013
\u2013
Contract liabilities
13.3
21.4
\u2013
\u2013
\u2013
\u2013
Amounts owed to Group undertakings (payable on demand)
\u2013
\u2013
\u2013
\u2013
3.9
3.3
Social security and other taxes
3.6
3.5
\u2013
\u2013
\u2013
\u2013
51.2
48.1
10.7
15.2
3.9
3.3
Group
Company
Current
Non-current
Current
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Trade and other payables
18.3
7.1
10.7
15.2
\u2013
\u2013
Accrued expenses
16.0
16.1
\u2013
\u2013
\u2013
\u2013
Contract liabilities
13.3
21.4
\u2013
\u2013
\u2013
\u2013
Amounts owed to Group undertakings (payable on demand)
\u2013
\u2013
\u2013
\u2013
3.9
3.3
Social security and other taxes
3.6
3.5
\u2013
\u2013
\u2013
\u2013
51.2
48.1
10.7
15.2
3.9
3.3
Group
Company
Current
Non-current
Current
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Trade and other payables
18.3
7.1
10.7
15.2
\u2013
\u2013
Accrued expenses
16.0
16.1
\u2013
\u2013
\u2013
\u2013
Contract liabilities
13.3
21.4
\u2013
\u2013
\u2013
\u2013
Amounts owed to Group undertakings (payable on demand)
\u2013
\u2013
\u2013
\u2013
3.9
3.3
Social security and other taxes
3.6
3.5
\u2013
\u2013
\u2013
\u2013
51.2
48.1
10.7
15.2
3.9
3.3
19. Borrowings
Non-current liabilities
Group
2025
\u00a3m
2024
\u00a3m
Bank loans
55.3
39.6
At the balance sheet date, the Group had a \u00a375m Revolving Credit Facility (RCF) in place, with a \u00a315m accordion. The RCF matures in February 2028. The principal financial covenants are the ratio of net debt to EBITDA (which must be below 3 times) and interest cover (which must be higher than 4 times), with the exception of the period from March 2026 to March 2027 inclusive when covenant levels were relaxed slightly. The ratio of net debt to EBITDA varies between below 3 times and below 3.75 times, and interest cover varies between higher than 4 times and higher than 3.5 times.
The effective interest rate on bank loans was:
2025
%
2024
%
Bank loans (floating)
6.3
7.2
The Group put in place an interest rate swap in November 2025. This swap has a notional principal of \u00a340m and is for a period of two years at a rate of 3.586% which is set against the SONIA floating rate over the term of the swap.
Current liabilities\t
Group
2025
\u00a3m
2024
\u00a3m
Bank loans
2.3
10.2
The Group has one loan facility (2024: two) relating to production financing of which \u00a32.3m (2024: \u00a39.9m) was drawn down at the balance sheet date. The commissioned programme to which the facility at 31 December 2025 relates, delivered at the end of 2025 with all amounts drawn down to be settled during 2026. The two facilities in place at end of 31 December 2024 have been fully settled during 2025.
At 31 December 2024, there also existed borrowings under CBILS of \u00a30.3m in one of the Group\u2019s subsidiary companies, which was repaid in H1 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377315": { "value": "20. Lease liabilities
Group
2025
\u00a3m
2024
\u00a3m
Current
1.2
0.8
Non-current
16.9
16.6
18.1
17.4
The income statement shows the following amounts relating to leases:
Group
2025
\u00a3m
2024
\u00a3m
Interest expense (included in finance costs)
0.5
0.5
Maturity analysis
Minimum payments
Present value
of payments
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Not later than 1 year
1.7
1.3
1.2
0.8
Later than 1 year but not later than 5 years
6.2
5.3
4.7
3.7
Later than 5 years
14.2
15.1
12.2
12.9
22.1
21.7
18.1
17.4
Less: future finance charges
(4.0)
(4.3)
Present value of lease obligations
18.1
17.4
22. Deferred tax\t
The analysis of the deferred tax balance is as follows:\t
Group
Company
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Deferred tax assets
19.8
19.5
4.1
4.8
Deferred tax liabilities
(3.2)
(3.8)
\u2013
\u2013
Net deferred tax assets
16.6
15.7
4.1
4.8
The movement in deferred tax assets and liabilities during the year, taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Tax trading losses
\u00a3m
Other temporary differences
\u00a3m
Accelerated
tax depreciation
\u00a3m
Retirement
benefit obligations
\u00a3m
Total
\u00a3m
Group
At 1 January 2024
5.6
(1.9)
(0.2)
13.7
17.2
Credit/(charge) to income
1.5
0.2
0.2
(1.7)
0.2
Credit to equity/OCI
\u2013
\u2013
\u2013
0.1
0.1
Liability recognised on acquisition (note 14)
\u2013
(1.8)
\u2013
\u2013
(1.8)
At 1 January 2025
7.1
(3.5)
\u2013
12.1
15.7
Credit/(charge) to income
2.7
0.5
(0.3)
(1.6)
1.3
Charge to equity/OCI
\u2013
\u2013
\u2013
(0.6)
(0.6)
Adjustment to liability recognised on acquisition (note 14)
\u2013
0.2
\u2013
\u2013
0.2
At 31 December 2025
9.8
(2.8)
(0.3)
9.9
16.6
Company
At 1 January 2024
\u2013
\u2013
\u2013
6.4
6.4
Charge to income
\u2013
\u2013
\u2013
(0.6)
(0.6)
Charge to equity/OCI
\u2013
\u2013
\u2013
(1.0)
(1.0)
At 1 January 2025
\u2013
\u2013
\u2013
4.8
4.8
Charge to income
\u2013
\u2013
\u2013
(0.6)
(0.6)
Charge to equity/OCI
\u2013
\u2013
\u2013
(0.1)
(0.1)
At 31 December 2025
\u2013
\u2013
\u2013
4.1
4.1
The Finance Act 2025, which received Royal Assent on 20 March 2025, had no impact on the corporation tax figures. The deferred tax balances at 31 December 2025 have been stated at a rate of 25% (2024: 25%), which is the rate at which the temporary differences are expected to unwind. A deferred tax asset has been recognised in respect of certain temporary differences as it is probable that the Group will generate sufficient taxable profits in the future against which these temporary differences can be offset.
A deferred tax asset of \u00a316.6m has not been recognised (2024: \u00a313.5m), calculated with reference to the headline rate of 25%. There are no associated expiry dates applicable. The following table summarises the nature and size of deferred tax assets not recognised.
Loss category
Gross
amount
\u00a3m
Deferred tax asset not recognised
\u00a3m
Capital
42.7
10.7
Non-trade loan relationships
10.0
2.4
Trade
13.1
3.3
Management expenses
0.7
0.2
23. Ordinary shares and share premium
Number
of shares
(thousands)
Ordinary
shares
\u00a3m
Share premium
\u00a3m
Total
\u00a3m
Group and Company
At 1 January and 31 December 2025
46,723
23.3
115.1
138.4
The total authorised number of ordinary shares is 63 million shares (2024: 63 million shares) with a par value of \u00a30.50 per share (2024: \u00a30.50 per share). All issued shares are fully paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377340": { "value": "26. Share-based compensation
The purpose of the share-based compensation plans is to align the interests of management and employees with those of shareholders by providing incentives to improve the Company\u2019s performance on a long-term basis, thereby increasing shareholder value.
The Company has the following plans currently operating:
i)\tLong-term incentive plans
ii)\tEmployee share plans
Total share-based compensation costs were \u00a30.1m (2024: \u00a30.1m).
i) Long-term incentive plans (LTIP)
The Group has a long-term incentive plan for Executive Directors and other senior executives. Awards are normally granted in the form of a right to acquire shares in the Company for a zero or nominal amount. Awards vest over a period of at least three years, subject to the satisfaction of performance conditions.
The performance measures are agreed by the Remuneration Committee based on what they consider to be aligned with the delivery of strategy and creation of long term shareholder value. The Committee has discretion to use different or additional measures or weightings to ensure that the LTIP remains appropriately aligned to the business strategy and objectives. The performance measures are based on a combination of earnings growth and total shareholder return and are valued based on an appropriate option pricing model.
The assumptions used for the 2025 LTIP valuation are:
%
Risk-free interest rate expected
4.0
Dividend yield expected share
4.5
Price volatility
31.7
Awards granted under the Company\u2019s long term incentive plan that were outstanding at the end of the year had the following market prices at the date of award:
Year awarded
Market price on grant date
\u00a3
2025
Number
2024
Number
2015 LTIP
4.25
1,607
1,607
2016 LTIP
3.67
3,755
3,755
2017 LTIP
3.65
7,118
7,118
2019 LTIP
3.55
78,179
142,780
2020 LTIP
2.85
139,943
139,943
2021 LTIP
3.30
51,894
51,894
2023 LTIP
2.52
437,331
437,331
2024 LTIP
2.40
489,123
489,123
2025 LTIP
1.54
1,098,956
\u2013
The weighted average fair value of share options outstanding was \u00a32.1m (2024: 2.7m).
ii) Employee share plans
The employee share plans are open to all employees. They provide for a grant price approximately equal to 90% of the middle market quotation of a share on the dealing day last preceding the relevant date of invitation, as derived from the London Stock Exchange daily office list, and can be purchased once a year. There are currently 2 employee share plans outstanding and the exercise prices for options under these plans range from \u00a32.35 to \u00a32.47. At 31 December 2025 there were 224,327 (2024: 335,187) options outstanding under the plans. The employee share plans are valued using the Black-Scholes model.
Overview |\u00a0Strategic Report\u00a0\u00a0|\u00a0Governance |\u00a0Financial Statements\u00a0|\u00a0Additional Information
STV Annual Report and Accounts 2025 143
Employee Benefits Trust
The Group has investments in its own shares as a result of shares purchased by the STV Employees\u2019 Benefit Trust (EBT). Transactions with the Group-sponsored EBT are included in these financial statements and consist of the EBT\u2019s purchases of shares in STV plc, which is accounted for as a reduction to retained earnings. The table below shows the number of STV plc shares held in the EBT at 31 December 2025 and the purchases/(releases) from the EBT made in the year to satisfy awards under the Group\u2019s share schemes disclosed above and in relation to shares awarded to certain employees for the achievement of long term service milestones (Loyalty awards):
Scheme
Shares held at
Average
exercise price
\u00a3
Number of shares (released)/purchased
Nominal value
\u00a3
1 January 2025
1,032,044
516,022
2019 LTIP releases
1.92
(64,601)
2021 DBP releases
1.63
(12,134)
Loyalty releases
1.65
(9,090)
31 December 2025
946,219
473,109
The total number of shares held by the EBT at 31 December 2025 represents 2.0% (2024: 2.2%) of STV\u2019s issued share capital.
The market value of own shares held at 31 December 2025 is \u00a31.0m (2024: \u00a32.2m). The weighted average exercise price of share options outstanding was \u00a32.11 (2024: \u00a32.67). The weighted average remaining contractual life of share options outstanding was 7.7 years (2024: 7.5 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377301": { "value": "27. Financial risk management
Capital management
The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. This is achieved through monitoring cashflow forecasts, utilising cost effective production financing where practical and through regular review of both current and forecast covenant metrics. The Group also targets a return on invested capital at a rate that is at least equivalent to the Group\u2019s weighted average cost of capital when assessing potential investments.
The capital structure of the Company consists of debt, which includes the bank loans disclosed in note 19, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued share capital, reserves and retained earnings.
Covenants
The Group is subject to two financial covenants in respect of its committed borrowing facilities. The terms of the Facility Agreement contain the following covenants (i) the ratio of average net debt to adjusted earnings (pre adjusting) before interest, tax, depreciation and amortisation (EBITDA) and (ii) the ratio of adjusted EBITDA to cash interest, both of which are tested quarterly. The Group complied with all the required covenants in each of the test periods to the balance sheet date.
Financial risk management objectives
The Group\u2019s activities expose it to a variety of financial risks: currency risk, credit risk, liquidity risk and cash flow interest rate risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance.
Risk management is carried out under policies approved by the Board with financial risks being identified, evaluated and hedged in close co-operation with the Group\u2019s operating divisions. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as currency risk, interest rate risk, credit risk, use of financial instruments and investing excess liquidity.
a. Currency risk
The Group operates almost wholly within the UK and is exposed to minimal currency risk. The Group\u2019s borrowings are denominated in Sterling which is also the Group\u2019s intra-UK net currency flow. Currency risk arises primarily with respect to the Euro and the US dollar, and from future commercial transactions and trade assets and liabilities in foreign currencies, including productions that have filming taking place overseas. The Group manages its exposure to currency risk where required and it is Group policy to ensure that all material payments or receipts are fully hedged. At 31 December 2025 the Group had foreign currency forward contracts in place with a total financial asset recognised of \u00a3nil (2024: \u00a30.5m) as detailed in note 21.
b. Credit risk
Credit risk is the risk of losses due to the failure of the Group\u2019s customers to meet their payment obligations towards the Group. The Group has policies in place to ensure that sales are made to customers with an appropriate credit history. Independent credit ratings are sought for all potential customers and based on the outcome of the feedback from the ratings agency, a judgement is made on the appropriate level of credit to be given.
144\u00a0\u00a0STV Annual Report and Accounts 2025
Notes to the financial statements
For the year ended 31 December 2025
27. Financial risk management continued
c. Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its payment obligations. Prudent liquidity management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the nature of the underlying business, the aim is to maintain flexibility in funding by keeping committed credit lines available.
Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising the undrawn borrowing facility (note 19) and net cash and cash equivalents) on the basis of expected cash flow. This is generally carried out at a Group level. In addition, the Group\u2019s liquidity management policy includes projecting cash flows and considering the level of liquid assets necessary to meet these: monitoring balance sheet liquidity ratios against internal targets and bank facility requirements; and maintaining debt financing plans.
d. Cash flow interest rate risk
As the Group has no significant interest bearing assets, the Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk arises from long-term borrowings.
Borrowings issued at short-term floating rates expose the Group to cash flow interest rate risk.
Regular sensitivity analysis is carried out and following an Interest Rate Risk Management review, the Group put in place an interest rate swap in November 2025. This swap has a notional principal of \u00a340m and is for a period of two years at a rate of 3.586% which is set against the SONIA floating rate over the term of the swap.
With average borrowings of \u00a352m in 2025 and with \u00a340m hedged under the swap arrangement, the impact of volatility in interest rates is significantly reduced. At this level of borrowing, a 1% movement in interest rates would change interest paid by +/- \u00a30.1m per annum against an unhedged change of +/-\u00a30.5m. 1.00% is considered a reasonably possible change from the decrease already observed in the Bank of England base rate in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377299": { "value": "Capital management
The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. This is achieved through monitoring cashflow forecasts, utilising cost effective production financing where practical and through regular review of both current and forecast covenant metrics. The Group also targets a return on invested capital at a rate that is at least equivalent to the Group\u2019s weighted average cost of capital when assessing potential investments.
The capital structure of the Company consists of debt, which includes the bank loans disclosed in note 19, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued share capital, reserves and retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377318": { "value": "c. Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its payment obligations. Prudent liquidity management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the nature of the underlying business, the aim is to maintain flexibility in funding by keeping committed credit lines available.
Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising the undrawn borrowing facility (note 19) and net cash and cash equivalents) on the basis of expected cash flow. This is generally carried out at a Group level. In addition, the Group\u2019s liquidity management policy includes projecting cash flows and considering the level of liquid assets necessary to meet these: monitoring balance sheet liquidity ratios against internal targets and bank facility requirements; and maintaining debt financing plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7378549": { "value": "28. Transactions with related parties
Group
Key management compensation
Key management personnel are deemed to be the Executive and Non-Executive Directors of the Group, as they have authority and responsibility for controlling the Group\u2019s activities. Key management remuneration is detailed as follows:
2025
\u00a3m
2024
\u00a3m
Short-term employee benefits*
1.3
1.8
*\tSee the Directors\u2019 Remuneration Report on pages 82 to 98 for details.
Other related party transactions
The Group provided advertising with an estimated fair value of \u00a30.6m (2024: \u00a30.6m) for nil consideration to the charity organisation STV Appeal. The charity purchased advertising from the Group for a total of \u00a30.2m (2024: \u00a30.2m).
In 2024, A \u00a30.6m dividend was paid to the Managing Director and minority shareholder of subsidiary company Tuesday\u2019s Child Television Limited.
Amounts paid to the Group\u2019s retirement benefit plans are set out in note 25.
Company
The Company had no related party transactions with its subsidiaries in the year other than cashflow movements within the Group resulting in the movement of intercompany balances. See note 24 for details of the cashflow movement in intra group balances. See note 17 and note 18 for the amounts owed by and owed to Group companies as at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377300": { "value": "Key management compensation
Key management personnel are deemed to be the Executive and Non-Executive Directors of the Group, as they have authority and responsibility for controlling the Group\u2019s activities. Key management remuneration is detailed as follows:
2025
\u00a3m
2024
\u00a3m
Short-term employee benefits*
1.3
1.8
*\tSee the Directors\u2019 Remuneration Report on pages 82 to 98 for details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377319": { "value": "29. Contingent liabilities and other commitments
Company
Under a group registration for Value Added Tax, the companies within the Group are jointly and severally liable for Value Added Tax due by any member of the group registration. At 31 December 2025, the Value Added Tax payable by other members of the group registration amounted to \u00a31.8m (2024: \u00a31.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_7377302": { "value": "Pacific Quay Glasgow G51 1PQ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:21380075GOOTTBDNDJ58", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }