Live Company Group - Quarterly Operational Update
("LVCG", the "Company" or the "Group")
Quarterly Operational update
· Significant cost saving initiatives delivered during the quarter
· BRICKLIVE Animal Paradise now open at
· New contracts agreed for
· Working Capital of
New Contracts and H1 revenues
The Company is pleased to announce two new contracts one for the
As previously announced, the Company was beginning to demonstrate strong growth in Q1 but this fell rapidly away in March as the effects of the COVID-19 measures began to take hold with unprecedented trading conditions to follow. With the closure of all Zoos, exhibition centres and retail hubs globally Q2 was understandably a challenging quarter for the Company and this was reflected in revenues although they have been building over the quarter. Overall, the cost reductions set out below, have mitigated the decrease in revenue.
A number of events booked for Q2 have naturally been postponed to the second half of 2020 and the first half of 2021 as a result of COVID-19.
However, green shoots are now emerging globally, with Zoos, exhibition centres and retail hubs reopening and the Company looks forward to updating shareholders in due course as new contracts are agreed and trading hopefully returns to normal.
Cost Saving Initiatives
In order to mitigate the impact on the
· Identified total savings of
· Made further use of the Coronavirus Job Retention Scheme to furlough 61 out of our total 77 staff, with different staff being furloughed in different groups at different times up to the end of June.
· Extended the temporary 50% pay cut for staff earning above the
· Some part-time staff continued to be paid exclusively in shares
· Unfortunately, it has also been necessary to make a total of 29 redundancies across the Group, this represents an annualised saving of
Increase in working capital
As previously announced the Company has also increased its working capital over the quarter with:
Existing Warrants Instrument
As announced on
Over recent weeks the conversations with existing and new clients and partners have been extremely positive and I look forward to updating shareholders in due course."
Sarah Ullman, Chief Operating Officer
Roland Cornish/Rosalind Hill Abrahams
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
LIVE COMPANY GROUP
The Group is a network of partner-driven fan-based shows using BRICKLIVE created content worldwide. The Company owns the rights to BRICKLIVE - an interactive experience built around the creative ethos of the world's most popular construction toy bricks. BRICKLIVE, which is fast becoming a leading children's education and entertainment brand, actively encourages all to learn, build and play, and provides inspirational events and shows where like-minded fans can push the boundaries of their creativity. Bright Bricks is the Group's production centre for building brick based models. The Group is an independent producer of BRICKLIVE and is not associated with the
This information is provided by RNS, the news service of the
Quick facts: Live Company Group PLC
Market Cap: £8.04 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE