David Mortimer Promoted as STV Studios Continues to Show Strong Growth in 2024
David Mortimer has taken a major leap in his career at STV Studios, being promoted from Managing Director to CEO. This news comes just days after former ITV executive Rufus Radcliffe was named CEO of STV, set to replace Simon Pitts in October. Mortimer’s promotion aligns with a period of significant growth for the company, as STV reported solid results for the first half of 2024, with impressive numbers that signal a bright future.
STV, which operates across multiple platforms, including traditional TV, streaming, and its own production arm, STV Studios, has shown remarkable progress. The company’s total revenue grew by 20%, reaching £75.3 million. Meanwhile, its adjusted operating profit surged by 33%, landing at £10.6 million. A significant part of this success comes from the performance of STV Studios, which saw its revenue rise by a striking 38% to £37.5 million. This division is well on track to meet its target of doubling revenue by 2026, a goal that reflects the company's forward momentum.
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Mortimer’s leadership in overseeing high-profile projects, such as the renewal of Criminal Record on Apple TV+ and the development of the Netflix series The Witness , demonstrates his strategic value to STV Studios. Additionally, STV has continued expanding its portfolio by increasing its stake in production companies like Hello Halo, where it recently took majority control.
This growth is part of a broader company strategy to expand not only within the UK but also internationally. With successful recommissions from major platforms like Apple TV+ and ITV, STV’s future looks brighter than ever. Simon Pitts, who will be stepping down as CEO in October, expressed his confidence in Mortimer's abilities, highlighting that he is the right person to continue driving STV’s growth. Pitts also noted that STV Studios’ strong order book of £101 million reflects the company’s success in attracting major commissions.
While the company faces the usual industry challenges, such as the uneven performance of some acquired production companies, it is projecting strong profitability for the rest of 2024. Moreover, STV’s strategic investments and its growing portfolio of high-quality content position it well for long-term success. The company is on track to achieve its ambitious financial goals by 2026, which include reaching a £140 million revenue target for its Studios division.
STV has also thrived in the digital space, with its streaming platform, STV Player, experiencing a record-breaking first half, driven in part by Euro 2024 coverage. STV's digital advertising revenue continues to grow, contributing to the company’s overall profitability. As Mortimer steps into his new role, the future of STV Studios, and indeed the entire company, seems more promising than ever, with both domestic and international markets responding favorably to its strategies and content offerings.
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