Live Company Group PLC (AIM:LVCG) provided an operational update on its four business divisions, stating that revenue from its BRICKLIVE events in 2022 will be in line with the prior year.
The event group said that, despite a reduction in tours last year, revenue from its BRICKLIVE events is expected to remain in line due to a focus on higher value and longer rental duration.
According to a statement, the next stage is to grow the number of tours held to pre-pandemic levels by entering new markets, including the Middle East.
Live Company intends to offer three events in major European cities this year for its K-POP division, expected to generate revenues of £1mln, with dates and locations to be announced in due course.
StART ART, which Live Company acquired in 2022, will focus on “marketing, sponsorships, and licence fee” in 2023, with the Korean branch of this division aiming to operate three revenue-generating shows in Korea, Thailand and Singapore, it said.
The group’s live sports and entertainment division, LCSE, performed in line with expectations in 2022 and this year its strategy is to source sponsorships for its events.
However, Live Company said it still felt the effects of Covid last year and, as result, will deliver a loss for 2022.
It said a number of cost-saving initiatives have been activated, including redundancies, the removal of non-core and loss-making activities and the payment of contractors in shares.
Live Company also said it is in the process of reviewing its existing debt structures with the view of renegotiating repayment schedules in line with its cash flow.
Further tranches of investment by one of the group’s licensees, Jason Lee, is expected in the first quarter.