Live Company Group PLC (LON:LVCG) has reported lower losses following what the firm said was a “transformational” year for its business.
For the year ended December 31, 2019, the media group reported a pre-tax loss of £1.8mln, lower than the £2.1mln loss in the prior year, while revenues increased to £5.4mln from £4.9mln in 2018.
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By the end of the year, Live Company said it had secured 12 contracts with zoos across the UK and US for its BRICKLIVE tours, which the company said will form a “key source of recurring revenue”, providing long lead times and good financial visibility.
The firm added that it had also secured multi-year partnerships with four partners for its BRICKLIVE intellectual property, as well as contracting for 60 BRICKLIVE shows and events across the world, which increased to 71 events at the end of the year.
Looking ahead, while the coronavirus pandemic has meant many 2020 tours have been postponed, the company said it had seen “significant inbound enquiry for business improvement districts” for the second half of the year current year and expected addition inquiries and the districts looked to increase footfall and support the recovery of local businesses.
The group added that due to the “unprecedented uncertainty” it had withdrawn its guidance for 2020 and 2021 and said the market conditions increased the risk of a delay to its strategy which could impact its liquidity.
“We face a challenging year ahead post COVID-19, though as governments rally around the world to ensure the global economy gets back on its feet, we have a unique opportunity to provide edutainment to our customers to assist in getting people back out to visit the high streets, shopping centres, zoos and tourist attractions”, said Live Company chairman David Ciclitira.
“I very much believe that our team is up for the challenge as we remain committed to delivering shareholder value. We continue with our build programme and are seeking to further develop our consumer sets business, as well as other products for home use, which has seen significant demand during recent times”, he added.