STV Group has reported total revenue of £144.5m, up 35% on 2020 and 17% on 2019, reflecting "continued momentum" in STV Studios and a "resurgent" advertising market.
The Glasgow-based company's full-year results to 31 December 2021 also revealed adjusted operating profit of £25.2m, up 39% on 2020 and 12% on 2019.
The board has therefore proposed final dividend of 7.3p, bringing full year to 11p - up 22% on 2020.
STV-controlled advertising continued to grow, with video on demand (VOD) advertising on the STV Player up 38% on 2020 and regional advertising rising 22% year-on-year.
Studios revenue trebled year on year, to almost £27m.
Adjusted operating margin, up 0.5% on 2020 at 17.5%, reflects the benefits of Scotland's wider economic recovery and close management of costs.
STV's diversification plan is "building momentum", with 36% of adjusted operating profit now coming from digital and Studios.
The group's all-time viewing share stood at 19.6% - up from 19.2% in 2020 - and the highest since 2008. STV is still the most watched peaktime channel in Scotland, with a share of 22.2%.
Total online streams on the STV Player were up 63% and it is still the fastest growing UK broadcaster VOD service. The STV Player's content offer is scaling up, with 1,000 hours of new and acquired drama added in 2021, 31 new content deals delivered, and 173 new titles.
The STV Growth Fund attracted a further 85 new advertisers to television in 2021, taking the total to over 320 since launch, with the fund boosted to £30m for 2022 to support Scotland’s economic recovery.
STV Studios delivered its most successful year yet, with 16 new commissions, 12 returnable series and now seven returning series.
The group is now on track to hit its three-year growth targets in 2023 - with the aim still to double digital viewing, users and revenue to £20m; quadruple Studios revenue to £40m; and achieve at least 50% of operating profit from outside traditional broadcasting.
Chief executive Simon Pitts said: “2021 was an exceptional year of growth for STV which saw us deliver the highest revenue, operating profit and lowest net debt on record.
“We are taking full advantage of the growth in video viewing, with STV recording its highest viewing share since 2008 and our streaming service STV Player growing streams by 63%, thanks to huge audiences for new dramas and Euro 2020.
“This viewing success propelled us to our highest ever advertising revenues, up 24% on 2020 and 11% ahead of 2019, with growth continuing into 2022. ”
He continued: “Our strategy of creating a more diversified media business through a relentless focus on digital streaming and production growth is delivering, with these new areas now making up 36% of our total profit.
“2022 has started well with a strong advertising performance in the first quarter, and we also have particularly good revenue visibility in Studios.
“It will also be our biggest year yet in terms of content, with over 150 hours of new, original drama, 40% more than 2020, including the Ipcress File and Our House starring Martin Compston, followed by extensive coverage of the FIFA World Cup in Qatar later this year.”
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