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Shares in media group STV Group (LON:STVG) fell 2.18% to 269p (as of 12.28pm GMT) following the release of a trading update. The update outlined actions taken on costs, cash flow and dividends to mitigate anticipated advertising decline caused by Covid-19. This included the withdrawal of the recommended dividend of 14.7p per share.
Simon Pitts, STV Chief Executive, said:
“Over the last 2 years STV has demonstrated its resilience and ability to grow the business in the face of challenging market conditions. These are now extraordinary times and our immediate focus must be on protecting our brilliant people and fulfilling our public service role to keep our viewers informed and entertained in the most trying of circumstances.
“We have implemented contingency plans to keep our programmes on air, especially our news coverage, have taken decisive steps to reduce costs, manage our cashflow and make funding available to support the local businesses and charities in Scotland who now need it most, and we remain committed to our successful growth strategy for the long term.”