Scottish broadcaster STV has announced a pre-tax profit of £12million for 2008, up from £4million in the previous year and has further reduced its debt.

The profit is despite its turnover decreasing from £185million to £145 million.

The company has also said that of the 12 key performance indicators announced by Rob Woodward, it’s chief executive, 10 have been met including the hours of programming produced by STV.

Richard Findlay explained: “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.”

Rob Woodward continued : “We consolidated STVs position as Scotland’s broadcaster of choice, growing our Regional Advertising, Ventures and Content businesses whilst improving TV margins. The combination of operational leanness and successful strategy execution gives us positive momentum for 2009, and for delivering on our KPI growth targets.”