Business
Updated guidance for STV Studios
Updated guidance for STV Studios.
About this update from Stv Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n 20 June 2022\n \n \n \n \n STV Group PLC\n \n \n \n \n Updated guidance for STV Studios\n \n \n \n \n STV Studios to exceed 2023 growth target\n \n \n \n \n \n \n \n \n \n \n \n \n ·\n \n \n STV Studios and Tod Productions announce major new scripted series for Apple TV+\n \n \n \n \n ·\n \n \n Hit Channel 4 drama Screw also recommissioned for second series\n \n \n \n \n ·\n \n \n £40-45m of Studios revenue now secured for 2023, in excess of £40m target\n \n \n \n \n ·\n \n \n STV Studios now producing 9 returning series, bringing improved revenue visibility\n \n \n \n \n \n \n ·\n STV Group plc today announces a major new 8-part returnable drama series for AppleTV+, Criminal Record, starring Peter Capaldi and Cush Jumbo and produced by Tod Productions and STV Studios. This is STV Studios' second commission for one of the global streaming services after major reality show Zodiac Island (working title) which is currently in production for discovery+.\n \n \n \n \n \n ·\n C4 also recently confirmed the recommission of STV Studios' highly acclaimed prison drama Screw for a second series to be filmed later this year in Glasgow.\n \n \n \n \n \n ·\n On the back of these significant new series commissions and a strong start to 2022, STV Studios will exceed its stated 3-year target to more than quadruple production revenues to £40m by the end of 2023 compared to the baseline year of 2020 (£8.7m).\n \n \n \n \n \n ·\n STV Studios, led by Managing Director David Mortimer, has already won 20 programme commissions so far in 2022 and is now producing 9 returning series for a range of TV networks and streamers, up from 4 in 2020 and providing significantly improved revenue visibility.\n \n \n \n \n \n ·\n Following a record year for STV Studios in 2021 where revenues trebled to £26.6m and the division recorded its first meaningful adjusted operating profit of £1.3m, over £20m of Studios revenue has already been secured for 2022 and £40-45m for 2023. STV Studios' adjusted operating profit is expected to be at least £3m in 2023, more than double the level of 2021.\n \n \n \n \n \n STV Chief Executive Simon Pitts said:\n \n \n \n \n \n \n \"These exciting new commissions demonstrate that STV Studios is starting to deliver on its ambition to become a world ...