STV Group PLC - Glasgow-based television broadcaster - Says STV Studios business to exceed 2023 growth target, with GBP40 million to GBP45 million already secured, ahead of stated three-year target to more than quadruple production revenues to GBP40 million by the end of 2023 compared to 2020.
"Following a record year for STV Studios in 2021 where revenues trebled to GBP26.6 million and the division recorded its first meaningful adjusted operating profit of GBP1.3 million, over GBP20 million of Studios revenue has already been secured for 2022 and GBP40 million to GBP45 million for 2023. STV Studios' adjusted operating profit is expected to be at least GBP3 million in 2023, more than double the level of 2021," it adds.
Chief Executive Simon Pitts notes STV Studios now produces nine returning series in total across, which provides "significantly improved" revenue visibility,
This, he adds, allows 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."
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By Paul McGowan; paulmcgowan@alliancenews.com
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