Revenue and profit both surged at Big Talk Studios, which helped make the likes of Shaun of the Dead and Hot Fuzz, during 2023.
The business, which was founded by Nira Park in 1994 and acquired by ITV Studios in 2013, has reported a revenue of £35.7m for the 12 months, up from £24m.
Newly-filed accounts with Companies House also show the London-based studio made a pre-tax profit of £1m, a rise from £313,597.
Big talk Studios’ most recent work includes The Completely Made-Up Adventures of Dick Turpin starring Noel Fielding, Hugh Bonneville and Tamsin Greig for Apple TV+, and Stephen Merchant’s BBC / Amazon series The Outlaws.
The studio has previously made BAFTA award-winning comedies Rev. and Him & Her, Friday Night Dinner and the revival of Cold Feet.
It has worked on films such as Shaun of the Dead, Hot Fuzz and Scott Pilgrim vs the World.
‘External environment expected to remain competitive’
A statement signed off by the board said: “The company will continue to follow its strategy to work proactively with broadcasters and streamers to develop and sell ideas for new and returning series.
“The external environment is expected to remain competitive in 2024 but the directors remain confident that the company is well placed with the broadcasters to exploit opportunities that become available.”
Another ITV-owned studio World Productions, which has made the likes of Line of Duty, The Diplomat and Bodyguard doubled its profit in 2023 thanks to deals with Netflix and the BBC.
Mainstreet Pictures, which is also owned by ITV and is behind the latest series of popular detective drama Unforgotten, enjoyed a bumper 2023 with its revenue rising to its highest level for eight years.
Earlier this year ITV snapped up a majority stake in the TV production company behind smash hit shows including Sherlock, Men Behaving Badly and Amazon Prime’s The Devil’s Hour.
ITV has added dozens of production companies to its group over the past couple of years, including Nicola Shindler’s Quay Street Productions, Happy Prince, led by Dominic Treadwell-Collins, Ben Stephenson’s Poison Pen Studios and natural history and factual entertainment firm Plimsoll Productions.
In July, ITV reported a sharp increase in profit over the half-year as its studio business boomed on the Euros and hit-show Love Island.
On an adjusted basis, pre-tax profit rose over 50 per cent to £178m in the six months to July, despite a marginal three per cent decline in revenue, to £1.9bn. Earnings before interest, taxation and amortisation (EBITA) also jumped 39 per cent to £212m.
ITV said its studios business, which has produced TV shows ranging from Mr Bates vs the Post Office to Love Island, is expected to deliver record profit annual profit, driven by higher sales and in spite of the impact of 2023’s US writers’ and actors’ strikes, which will delay around £80m of revenue.