STV Group’s TV ad revenue rose 11% year on year in 2008, giving it 22% of the Scottish ad market.
The group, formerly known as SMG, also saw broadcast sponsorship revenue increase by 50% year on year.
Its cinema advertising business, Pearl & Dean, which has been up for sale since September 2006, will be sold when “the conditions are right” said STV.
Last June, STV sold Virgin Radio for £53.2 million enabling both a return to shareholders of £30 million and further debt paydown.
Richard Findlay, STV chairman, said: “In 2008, we set out to deliver both a strategic transformation of the business and a strong financial performance. I am delighted we have accomplished both, despite difficult market conditions.
“The group is now re-focused, restructured and refinanced, and in a financially sound position to tackle the advertising market challenges 2009 will bring.”
