STV says Studios unit to exceed growth target

STV Group plc on Monday announced updated guidance for STV Studios, which it said would exceed its 2023 growth target.

STV Studios and Tod Productions announced a new scripted series for Apple TV+ and the Channel 4 drama Screw has been recommissioned for a second series.

STV said £40 million to £45 million of Studios revenue is now secured for 2023, in excess of the £40 million target.

“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,” said STV.

“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+ …

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 …

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).”

STV CEO Simon Pitts said: “These exciting new commissions demonstrate that STV Studios is starting to deliver on its ambition to become a world class producer for the biggest TV networks and streamers and the UK’s leading nations and regions production company.

“We are confirming, 18 months ahead of the target date, that STV Studios will exceed its growth target to quadruple revenues to £40m by the end of 2023.

We are delighted to be making a major new returnable scripted series for Apple, Criminal Record, in partnership with Elaine Collins and Tod Productions, as well as a second series of our hit prison drama Screw, filmed in Glasgow for C4.

We now produce 9 returning series in total across STV Studios, providing significantly improved revenue visibility, allowing the division to scale successfully and profitably, as well as make a material contribution to STV Group’s overall objective of delivering 50% of operating profit from outside traditional broadcasting by 2023.”