Leadership Change Announced at STV Group
STV Group’s Chief Executive Officer, Simon Pitts, recently declared his intention to leave his position within the coming year. The goal is to start a fresh venture in the initial quarter of 2025, a move revealed by STV Group’s chairman, Paul Reynolds. Currently, the search is underway for replacing this key leadership role within the organization.
Pitts’s Fundamental Role at STV
Pitts has been a notable figure in reshaping STV, initiating transformation from a conventional broadcasting label to a versatile content production and digital streaming company. His tenure, starting in 2018, witnessed STV achieving several significant milestones.
STV’s Achievements under Pitts’s Leadership
- Emerging as Scotland’s most viewed peak-time TV channel for five years consecutively.
- Evolving the STV Player into a rapidly thriving streaming service.
- Establishing one of the premier TV production groups in the UK.
Financial Highlights during Pitts’s Tenure
Financially, STV accomplished a 22% rise in group revenue amounting to £168.4m, while operating profit saw an increase of 16%. However, the adjusted group operating profit experienced a dip of 22%. This decline can be attributed to hurdles in linear advertising revenue and in the face of broader economic uncertainties in the UK.
The Year of STV Studios
Despite these setbacks, STV Studios had a memorable year, with revenue nearly tripling and a colossal 280% swell in operating profit. The studio gained notably from acclaimed dramas and buying out the Greenbird company.
STV’s Goals for the Future
Moving ahead, the STV’s aspiration is to double the revenue of its Studios, escalate Digital revenues by a margin of 50%, along with achieving further cost savings by the conclusion of 2026, according to our sources.
