David Mortimer Promoted; ‘Criminal Record’ Producer Predicts Strong 2024 Profits

David Mortimer has been promoted at STV Studios as the Criminal Record producer predicts “strong H2 profitability.”

Mortimer has risen from MD to CEO of STV Studios, just days after ex-ITV exec Rufus Radcliffe was announced as the new CEO of STV, replacing Simon Pitts, who steps down next month.

This promotion occurs alongside STV’s report of robust half-year results for the first half of 2024. The public company, which includes linear channels, streaming, and STV Studios, saw turnover rise by 20% to £75.3M ($98.9M). Adjusted operating profit increased by a third to £10.6M.

STV Studios itself experienced a 38% revenue boost, reaching £37.5M. The company stated it is on track to double Studios revenue to £140M by the end of 2026, with a 10% margin target. Although its operating profit was a modest £0.1M, the company attributed this to drama activity and the performance of acquired production companies, anticipating “strong H2 profitability” due to expected seasonal gains in the second half.

Mortimer’s team has had a strong year, highlighted by the renewal of Apple TV+’s Criminal Record, a debut Netflix commission titled The Witness, and a significant four-season order from the BBC for Northern Irish police drama Blue Lights. Additionally, STV Studios is developing another BBC drama about the Piper Alpha oil rig disaster.

STV Studios has also recently taken full control of factual producer Hello Halo, increasing its stake from 30% to a majority 51%.

Simon Pitts, departing on October 31 to join Global, remarked, “Our production investment strategy is yielding tangible results, with STV Studios continuing its strong revenue growth in the first half. We’ve secured high-value recommissions such as Criminal Record for Apple TV+ and The Fortune Hotel for ITV. Our future order book stands at £101m in programme commissions, the strongest it has ever been.”

Regarding Mortimer’s promotion, Pitts expressed his delight, noting that the former BBC and NBC exec will be driving the studio’s continued growth both domestically and internationally.

In 2022, STV acquired Greenbird from Keshet, which expanded the number of its labels from eight to 20.

The source of this information is from a publication.

Source: Publication Name