STV boss Simon Pitts is exiting the enterprise after six years.

Pitts has led the Scottish broadcaster-producer since 2018, throughout what has been a tough interval beset by the Covid-19 pandemic and advert recession. He has, nonetheless, delivered development and seen a lift in manufacturing arm STV Studios, which is now making huge price range reveals corresponding to Apple TV+’s Legal Document.

He’ll take up a brand new function in a 12 months’s time and stay with the Scottish outfit till then whereas the board appoints a successor.

“Simon has been an excellent chief of STV over the previous six years,” mentioned Chairman Paul Reynolds. “Because the architect of our diversification technique, he has efficiently led the transformation of STV from a linear broadcaster right into a resilient content material creation and digital streaming enterprise with an thrilling future.”

Pitts added: “With STV’s newest diversification targets absolutely achieved, now could be the best time to plan a easy and orderly succession. Our management staff may be very sturdy, our technique is obvious and it’s delivering. Our STV colleagues are doing a incredible job producing world class programmes, information and digital & business merchandise on daily basis of the 12 months, staying forward of the competitors and creating sturdy foundations for the long run.”

The announcement was made as STV unveiled its full-year outcomes, exhibiting a turnover increase of 22% to £168.4M ($212M) however adjusted working revenue declines of 22% to £20.1M. The 12 months skilled difficult financial headwinds, with the advert market badly impacted, and complete promoting income was down 12% to beneath £100M. Broadcasters in England have additionally been feeling the pinch, with Channel four shedding round 250 and ITV promoting BritBox Worldwide and implementing a recruitment freeze. “Our general monetary efficiency was impacted by weak linear promoting and value inflation, as anticipated and associated to the difficult UK macro surroundings, though the beginning of 2024 has been extra encouraging,” mentioned Pitts.

STV Studios had a robust 12 months, with gross sales greater than doubling to £67.2M. The manufacturing arm landed plenty of huge reveals together with Peter Capaldi-starrer Legal Document, BBC One’s Blue Lights, which has been recommissioned as much as Season four already, and new format The Underdog: Josh Should Win. It additionally purchased Lego Masters maker Greenbird for round £21.4M.

Going forwards, STV will enter a brand new three-year technique that may see it look to double Studios revenues to £140m with a goal to attain a 10% margin, develop digital revenues by 50% to £30m at a margin of not less than 40% and improve worldwide revenues to 15% of Group / 25% of Studios.