REG - STV Group PLC - Updated guidance for STV Studios

STVAnnouncement

20/06/2022 14:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220620:nRST5152Pa&default-theme=true

RNS Number : 5152P  STV Group PLC  20 June 2022

 

20 June 2022

STV Group PLC

Updated guidance for STV Studios

STV Studios to exceed 2023 growth target

 

 

·   STV Studios and Tod Productions announce major new scripted series for
Apple TV+

·   Hit Channel 4 drama Screw also recommissioned for second series

·   £40-45m of Studios revenue now secured for 2023, in excess of £40m
target

·   STV Studios now producing 9 returning series, bringing improved revenue
visibility

 

·    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+.

 

·    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 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.

 

·    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.

 

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 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."

 

There will be a virtual Capital Markets Event focusing on STV Studios at 2pm
on Monday 27 June. If you would like to register interest at this stage,
please email angela.wilson@stv.tv (mailto:angela.wilson@stv.tv) , and more
information on the event will follow, including joining instructions.
Materials presented during this event will subsequently be made available in
the Investor Relations section of the STV website.

 

The information contained within this announcement is deemed by the Company to
constitute inside information for the purposes of the UK version of EU
Regulation No. 596/2014 as it forms part of UK domestic law as defined in the
European Union (Withdrawal) Act 2018 ("UK MAR").

ENDS

Enquiries:

STV Group plc:

Kirstin Stevenson, Head of Communications, Tel: 07803 970106

 

Camarco:

Geoffrey Pelham-Lane, Partner, Tel: 07733 124226

Ben Woodford, Partner, Tel: 07790 653341

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCXBLFLLQLFBBL