STV has signalled it remains focused on paying down net debt but suggested shareholders may not have to wait too much longer for dividend payments to resume.

Chief executive Rob Woodward told the company's annual meeting that the board regularly reviewed when payments might re-start and expected it to be on the agenda again when STV's net debt to earnings before interest tax and depreciation (Ebitda) ratio dipped below two times.

Mr Woodward confirmed the business was on course to reduce the net debt to Ebitda ratio to 1.5 times within the next 18 months.

STV's Ebitda was £19.5 million in 2012, while net debt at the year-end was £45.3m.

As STV last paid a dividend in 2006, Mr Woodward said at the meeting he was "sympathetic" to shareholder concerns about when dividends may resume.

A trading update showed airtime revenue in the first quarter of 2013 was around 3% ahead, but April is expected to be down 4%, with STV predicting a flat performance across the full year.

Mr Woodward said: "It is reflective of what we see in the wider economy. The good news is the [revenues] are stable and over the years we have become adept at operating in a stable market.

"There is a little more fluctuation and volatility in the Scottish market but over the year we would expect it to perform in line with the UK average."

Revenue in video on demand and digital display and classified advertising are expected to be up around 20% between January and May this year.

The STV Local network of websites is due to relaunch later this year, with content for Edinburgh, Glasgow, Aberdeen and Dundee targeted at mobile devices.

The launch of local television services for Edinburgh and Glasgow is pencilled in for 2014.

Mr Woodward said the firm's content business remained a key part of its strategy and hailed the performance of shows including Catchphrase, Fake Reaction, Antiques Road Trip and Scotland Tonight, as well as highlighting the forthcoming Fire in the Night film to mark the 25th anniversary of the Piper Alpha disaster.

He said: "Scotland benefits from us having a strong content business. Last year we would have employed around 700 people on a freelance basis in the production of content.

"The stronger TV production becomes, it has a knock-on positive for the creative sector across Scotland, which is why we have put so much attention on trying to grow that business."

Shareholders gave strong support to Mr Woodward's re- election as a director, with more than 99% backing him.

A new executive value creation plan, which could hand Mr Woodward, chief financial officer George Watt and other senior managers nil-cost options worth up to 7.5% of any rise in the company's value if the share price hits a certain level, was also backed, although around 14% of votes on the scheme were withheld.

Mr Woodward said: "We have an open transparent dialogue with all our shareholders."

STV added it had reached agreement with its current banking syndicate to extend facilities to March 2016 subject to an extension of the Channel 3 Licence.

That decision is expected to be made later this year by regulator Ofcom.