Live Company Group PLC (LON:LVCG) has said its first quarter revenues remain on target despite “difficult and unprecedented trading conditions” caused by the coronavirus pandemic.
In an update on Wednesday, the media firm reported “strong growth” in the first three months of the year, with £3.3mln of contracted revenue for 2020 and £1.1mln for 2021.
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The company also said that while a number of its BRICKLIVE events have been postponed to the second half of 2020 and the first half of 2021 due to the pandemic, none have been cancelled. LVCG currently has 32 BRICKLIVE events scheduled for 2020 against a target of 75 for the year.
The firm also said that it is continuing construction on more of its themed tours, predicting a “significant business uptick” once lockdown measures are lifted.
Live Company also announced the appointment of non-executive director Trudy Norris-Grey as deputy chairperson with immediate effect, as well as Richard Collett as finance director and Sarah Dees as chief operating officer.
Meanwhile, Live Company said its chairman, David Ciclitira, has agreed to lend the firm £500,000, which will be drawn down immediately to provide general working capital, and will assume historic liabilities of around £58,000 in return for a cash payment of £29,000.
The group has also agreed to amend the terms of a new £1mln loan facility and equity sharing agreement with two of its investors to defer all payments due between April and 1 August.
Live Company said it has also introduced a number of cost-saving initiatives to preserve its financial resources as a result of the pandemic, including furloughing around half of its full-time employees, pay cuts for its staff and directors and several redundancies saving it £250,000 annually.
“The board continues to monitor the situation closely and we have incorporated a number of cost savings initiates from director level downwards, in order to preserve cash and to ensure that we are still able to be fully operational for our first events, once the situation and governmental guidance allows. Our sales and marketing efforts are continuing, with venues and partners for bookings later in 2020 and in early 2021”, Ciclitira said.
“The loan that I have made available to the Group, during these difficult times, demonstrates my ongoing commitment and belief in the Group, its management and employees and its strategy”, he added.
The company’s shares were 15.2% lower at 14p in mid-morning trading on Wednesday.
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