STV Studios has reported that it will exceed its stated three-year target to more than quadruple production revenues to £40m by the end of 2023, compared to the £8.7m baseline year of 2020.
A stock market update explained that up to £45m of revenue has already been secured for next year, in excess of a previous £40m target.
STV also confirmed a new eight-part drama series for Apple TV+ starring Cush Jumbo and Peter Capaldi, produced by Tod Productions and STV Studios.
This follows the news earlier this month that STV Studios secured a recommission of drama series Screw for Channel 4.
STV Studios has already won 20 programme commissions so far in 2022 and is now producing nine returning series for a range of TV networks and streamers, up from four in 2020.
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 - more than £20m of studios revenue has already been secured for 2022.
STV Studios' adjusted operating profit is expected to be at least £3m in 2023, more than double the level of 2021.
David Mortimer, managing director of STV Studios, said: “This is an exciting time for STV Studios, with news of this significant new commission from Apple TV+ and a second series of our prison drama, Screw, for Channel 4.
“Returning and returnable drama series are key to the transformation of STV Studios - 2021 was a record year for us and with these two strong commissions, alongside a growing suite of unscripted series, the next period promises to be busier and more successful still.”
STV chief executive 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 now produce nine 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.”
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