STV Group chief executive Rob Woodward has suggested shareholders are in line for further increases in dividends as the board is confident of the financial strength of the business.

That came as Mr Woodward confirmed a 300 per cent rise in the payment from 2p to 8p for 2014 and the media group reported a 14 per cent hike in underlying pre-tax profits from £15.2 million to £17.3m.

Total revenue was up seven per cent from £112.1m to £120.4m as the group benefited from an improved advertising market, helped by the football World Cup.

Net debt was cut to £29m with the company planning further reductions in that through the course of this year.

Mr Woodward said: "When we brought the company back to dividend in 2013 that we would plan a progressive dividend policy and that is what we are delivering. We are moving to an expected dividend of 10p in 2015."

The main consumer division, which includes the core STV channel along with various digital activities, was up from £98.6m to £107.1m. Within that digital revenue grew from £4.3m to £5.3m while national advertising was eight per cent ahead at £77.8m and Scottish advertising showing a three per cent uplift to £12.6m.

The STV Glasgow local television channel was said to have brought in £600,000 in revenue since its launch in the middle of last year and is expected to be running at a breakeven level in the second half of this year.

Mr Woodward said STV Glasgow and its Edinburgh equivalent were attracting a combined monthly audience of one million people with a significant number of younger viewers. Advertisers have also reacted positively to the launches with more than 100 new clients using STV's services.

Mr Woodward said: "They are another platform from which to build connections to different audiences from that to which we have traditionally enjoyed. We are off to a good start in Glasgow and off to an equally strong start in Edinburgh."

STV also has bids in to run local television licences in Dundee, Aberdeen and Ayr.

Mr Woodward hailed the second series of crime drama Broadchurch, which stars David Tennant and Olivia Colman, for giving the company's catch-up television service a boost in numbers.

He said: "High end drama continues to perform very well right across the ITV network."

The STV Productions arm saw revenue decline from £13.5m to £13.3m although operating profits were flat at £400,000

Mr Woodward pointed out returning commissions for entertainment formats Catchphrase, The Lie and Antiques Road Trip along with documentary productions and collaborations with other companies.

However securing success in the drama genre was seen to be a priority for that part of the business.

Mr Woodward said: "STV Productions has a strong history as a drama producer. We are delighted to welcome Sarah Brown [as head of drama] into the team and her recruitment absolutely underscores our belief in our ability to secure returnable drama series produced in Scotland for the UK networks and international [audiences]."

While national advertising revenue is running 11 per cent ahead in the first quarter of the current trading year thanks to the favourable timing of Easter Mr Woodward said there will be a decline in the second quarter as a result of comparisons with the World Cup.

Mr Woodward said: "On balance [there will be] a modest increase and that probably carries on throughout the rest of the year. We will receive a boost in the third quarter thanks to the Rugby World Cup, less than from the football one, but particularly because Scotland is participating."

Digital revenue was said to be 30 per cent ahead in the first quarter.

It was also confirmed that veteran stockbroker Jamie Matheson, formerly of Brewin Dolphin, will leave his non-executive director role at STV after the next annual general meeting, having been on the board since 2007.

Mr Woodward said STV had created just short of 100 jobs during 2014 through staffing up for the Glasgow and Edinburgh launches along with additions to its digital media and technology development arms.

He said full-time staff numbers were around 450 and STV had worked with 600 freelances across the 12 months.

Jane Anscombe, analyst at Edison Investment Research, said: "STV is successfully leveraging its brand across multiple platforms including online and mobile and over 55 per cent of Scots use at least three of its services every month."