It has been a tough year for Criminal Record and Blue Lights maker STV, which saw profits slashed and made layoffs across the board.
STV, which runs linear channels, a streamer and a production arm, STV Studios, saw operating profits tumble by 70% for the full year to December 31, as it posted an overall loss of £4M ($5.3M) against profit of £13.1M in 2024.
Adjusted operating profit was down 44% to £11.6M, adjusted operating margin nearly halved to 6.6% and overall revenue was down 6% to £176.9M. Net debt, meanwhile, rose by 17% to £45.3M.
Having issued a negative trading update last summer over STV Studios, STV today said results were in line with expectations and it is continuing to deliver a savings programme totaling £8M by the end of this year.
“Throughout a challenging 2025 for both of our key markets, we acted decisively to adapt the business to rapidly changing conditions, and have delivered results in line with latest guidance as well as making clear progress across our strategic pillars,” said CEO Rufus Radcliffe. “We remain focused on improving financial performance in 2026 supported by tight cost discipline despite continued limited market visibility.”
Revenue at the production arm was stable at £83.2M while adjusted operating profit was down to £3.9M. STV has previously spoken of a desire to double STV Studios’ profits by the end of 2026 to £140M but that now feels a long way off. Last summer, STV said the studios arm had been hit by “significant commissioning market deterioration” and unscripted projects in advanced development had not been greenlit, while some commissions were delayed to 2026. Today, it said it had a forward production order book of £33M as of December 2025, £7M down on August 2025. Upcoming shows include Channel 4 and Canal+’s Army of Shadows, a second season of Apple’s Criminal Record and the latest run of hit BBC police show Blue Lights.
STV unveiled a £5M cost savings program in March 2024 and a further £3M was identified six months ago predomiantly via layoffs “across the organisation,” according to today’s results. Layoffs of around 60 staffers, totaling roughly 10%, have previously been announced including around 30 in news, although this ended up at 25 after a restructure. Restructuring costs, being redundancy payments of £1.7m, have been recognized as adjusting items in 2025 for STV.
Radcliffe said 2026 offers “reasons for optimism,” pointing to the soccer world cup and a “transforming media landscape” that will “continue to offer opportunities for STV.”